Instant interbank transfers from Monday

The 14 are ANZ Bank, CIMB Bank, Citibank, DBS Bank, Deutsche Bank, Far Eastern Bank, HSBC, Maybank, OCBC Bank, RHB Bank, The

Royal Bank of Scotland, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank.

Banks are setting a maximum of $10,000 per transaction.

The instant interbank transfers, called FAST for fast and secure transactions, can be done both online and mobile for most banks, but OCBC Bank said customers can also do so at its ATMs.

Pranav Seth, OCBC Bank's head of e-business, said the bank has seen a growth of 64 per cent in online banking funds transfer transaction volume over the past three years, therefore giving this service free of charge will benefit many of its retail customers.

"Apart from Internet banking, we are also offering FAST on our ATMs, thus making this service widely available and more convenient. This new service also removes the need for them to enter the bank branch code for the recipient, one of the key pain points experienced by customers previously," he said.

United Overseas Bank (UOB) said the ATM capability will be available sometime next month.

A DBS spokeswoman said FAST will be available at its branches, Internet and mobile banking, but not at its ATMs.

Currently, instant fund transfers happen only for transactions between accounts held in the same bank. At present, it can take up to three working days for customers to transfer money from one banking account to another in a different bank.

For corporate customers, UOB said there will be a minimal $5 charge while Maybank said business banking customers will be charged 20 cents per transaction.

OCBC said corporate customers will pay $5 per transaction but this will be waived until June 30.

DBS will reveal its charges for corporate clients later.

The 14 are ANZ Bank, CIMB Bank, Citibank, DBS Bank, Deutsche Bank, Far Eastern Bank, HSBC, Maybank, OCBC Bank, RHB Bank, The

Royal Bank of Scotland, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank.

Banks are setting a maximum of $10,000 per transaction.

The instant interbank transfers, called FAST for fast and secure transactions, can be done both online and mobile for most banks, but OCBC Bank said customers can also do so at its ATMs.

Pranav Seth, OCBC Bank's head of e-business, said the bank has seen a growth of 64 per cent in online banking funds transfer transaction volume over the past three years, therefore giving this service free of charge will benefit many of its retail customers.

"Apart from Internet banking, we are also offering FAST on our ATMs, thus making this service widely available and more convenient. This new service also removes the need for them to enter the bank branch code for the recipient, one of the key pain points experienced by customers previously," he said.

United Overseas Bank (UOB) said the ATM capability will be available sometime next month.

A DBS spokeswoman said FAST will be available at its branches, Internet and mobile banking, but not at its ATMs.

Currently, instant fund transfers happen only for transactions between accounts held in the same bank. At present, it can take up to three working days for customers to transfer money from one banking account to another in a different bank.

For corporate customers, UOB said there will be a minimal $5 charge while Maybank said business banking customers will be charged 20 cents per transaction.

OCBC said corporate customers will pay $5 per transaction but this will be waived until June 30.

DBS will reveal its charges for corporate clients later.

The 14 are ANZ Bank, CIMB Bank, Citibank, DBS Bank, Deutsche Bank, Far Eastern Bank, HSBC, Maybank, OCBC Bank, RHB Bank, The

Royal Bank of Scotland, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank.

Banks are setting a maximum of $10,000 per transaction.

The instant interbank transfers, called FAST for fast and secure transactions, can be done both online and mobile for most banks, but OCBC Bank said customers can also do so at its ATMs.

Pranav Seth, OCBC Bank's head of e-business, said the bank has seen a growth of 64 per cent in online banking funds transfer transaction volume over the past three years, therefore giving this service free of charge will benefit many of its retail customers.

"Apart from Internet banking, we are also offering FAST on our ATMs, thus making this service widely available and more convenient. This new service also removes the need for them to enter the bank branch code for the recipient, one of the key pain points experienced by customers previously," he said.

United Overseas Bank (UOB) said the ATM capability will be available sometime next month.

A DBS spokeswoman said FAST will be available at its branches, Internet and mobile banking, but not at its ATMs.

Currently, instant fund transfers happen only for transactions between accounts held in the same bank. At present, it can take up to three working days for customers to transfer money from one banking account to another in a different bank.

For corporate customers, UOB said there will be a minimal $5 charge while Maybank said business banking customers will be charged 20 cents per transaction.

OCBC said corporate customers will pay $5 per transaction but this will be waived until June 30.

DBS will reveal its charges for corporate clients later.

The 14 are ANZ Bank, CIMB Bank, Citibank, DBS Bank, Deutsche Bank, Far Eastern Bank, HSBC, Maybank, OCBC Bank, RHB Bank, The

Royal Bank of Scotland, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank.

Banks are setting a maximum of $10,000 per transaction.

The instant interbank transfers, called FAST for fast and secure transactions, can be done both online and mobile for most banks, but OCBC Bank said customers can also do so at its ATMs.

Pranav Seth, OCBC Bank's head of e-business, said the bank has seen a growth of 64 per cent in online banking funds transfer transaction volume over the past three years, therefore giving this service free of charge will benefit many of its retail customers.

"Apart from Internet banking, we are also offering FAST on our ATMs, thus making this service widely available and more convenient. This new service also removes the need for them to enter the bank branch code for the recipient, one of the key pain points experienced by customers previously," he said.

United Overseas Bank (UOB) said the ATM capability will be available sometime next month.

A DBS spokeswoman said FAST will be available at its branches, Internet and mobile banking, but not at its ATMs.

Currently, instant fund transfers happen only for transactions between accounts held in the same bank. At present, it can take up to three working days for customers to transfer money from one banking account to another in a different bank.

For corporate customers, UOB said there will be a minimal $5 charge while Maybank said business banking customers will be charged 20 cents per transaction.

OCBC said corporate customers will pay $5 per transaction but this will be waived until June 30.

DBS will reveal its charges for corporate clients later.