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Fast and Secure Transfers (FAST)

Speed up your fund transfers with Bank of China FAST service


FAST (Fast and Secure Transfers) is a new electronic funds transfer service that lets you transfer SGD funds almost instantly from Bank of China Internet Banking to another FAST participating bank within Singapore, up to a maximum of S$100,000 per transaction.

1. When will Bank of China FAST be launched?

Bank of China FAST service will be launched at 9.00am on 18 September 2015.

2. Which are the participating banks in FAST?

  • FAST is offered by these 19 banks: 
    1. ANZ Bank
    2. CIMB Bank
    3. Citibank
    4. DBS Bank/POSB
    5. Deutsche Bank
    6. Far Eastern Bank
    7. HSBC
    8. Maybank
    9. OCBC Bank
    10. RHB Bank
    11. The Royal Bank of Scotland
    12. Standard Chartered Bank
    13. Sumitomo Mitsui Banking Corporation
    14. United Overseas Bank
    15. Bank of China (new)
    16. Bank of Tokyo Mitsubishi (new)
    17. BNP Paribas (new)
    18. ICICI Bank
    19. Industrial and Commercial Bank of China Limited

3. Can I perform funds transfers to non-participating FAST banks?

You can transfer funds to a non-participating FAST bank via GIRO or MEPS.

4. Are transfers via FAST secure?

FAST is secure and adopts the same security standards established by the banking industry in Singapore for all funds transfers.

5. What are the operation hours of FAST?

FAST is available 24 x 7 via Bank of China Internet Banking.

6. Do I have to pay to use FAST?

Fees will be waived for FAST funds transfers performed via Internet Banking.

7. What happens if I make a wrong funds transfer?

Customers should exercise due care when keying in the SGD amount and the bank account number. Funds transferred via FAST will be credited to the recipient’s bank account almost immediately.

Please ensure that the recipient and recipient bank account details are verified carefully before proceeding with your FAST funds transfer.

Please contact our 24-hour customer service hotline at 1800 66 95566 or + (65) 677 95566 (from overseas) for assistance on Bank of China Internet Banking.

8. Are there minimum and maximum transaction limits for using FAST?

The minimum transaction is SGD1 and the maximum transaction allowed is S$100,000. The default daily limit for customers is set at S$100,000.

9. What are the valid account types that I can use to perform FAST funds transfers?

All Savings and Current account types can be used to perform FAST funds transfers.

10. What is the difference between FAST, GIRO and MEPS?

The table below shows the funds transfer time lapse for each transfer method. The daily transaction limit and per transaction limit is capped at S$100,000.

Funds Transfer Duration 2 - 3 business days Within same business day if transfer is made before 3pm Within minutes
Daily Transaction Limit S$100,000

11. How do I perform a FAST funds transfer?

You will need to pre-register the payee in Payee Management before you can perform a funds transfer.

Click on Transfer & Remittance > Payee Management > Frequent Payees for Domestic Transfer > New Payee. Provide your Payee Bank Name and Payee Account Number during registration for 3rd Party Funds Transfer.

Click on Transfer & Remittance to select your Bank of China debiting account and select your crediting account from Other Payee from other Banks.

Select your Transfer Method (GIRO/MEPS/FAST), provide your pay-out amount, purpose code and description and click on “Submit”.

For transfer amounts less than SGD10,000, you will need to provide an OTP generated from eToken. For transfer amounts of SGD10,000 and above, you will need to perform 2FA authentication using the eToken.

The maximum transfer amount per FAST transaction is S$100,000. This is the same daily limit for Bank of China funds transfer to other banks in Singapore.

12. How will I know if my funds transfer via FAST is successful?

Simply log in to Bank of China Internet Banking to check the status of your online FAST transaction 5 minutes after the online transaction is completed. Click Transfer & Remittance > Internet Banking Transaction Enquiry to check the final status. 

You will also receive an SMS to inform you on the status of your FAST funds transfer.

13. What are the purpose codes?

The purpose of transfer is required to be filled in for FAST transactions. This is the full list of purpose codes for easy reference.

BEXP Business Expenses FWLV Foreign Worker Levy
BONU Bonus Payment GDDS Purchase Sale of Goods
CBTV Cable TV Bill GOVI Government Insurance
CCRD Credit Card Payment GSTX Goods & Services Tax
CHAR Charity Payment HSPC Hospital Care
COLL Collection Payment IHRP Instalment Hire Purchase Agreement
COMM Commission INSU Insurance Premium
CPKC Car Park Charges INTC Intra Company Payment
CSDB Cash Disbursement INTE Interest
DCRD Debit Card Payment INVS Investment & Securities
DIVD Dividend IVPT Invoice Payment
DNTS Dental Services LOAN Loan
EDUC Education MDCS Medical Services
FCPM Payment of Fees & Charges NITX Net Income Tax
OTHR Other SUPP Supplier Payment
PHON Telephone Bill TAXS Tax Payment
PTXP Property Tax TBIL Telco Bill
RDTX Road Tax TCSC Town Council Service Charges
REBT Rebate TRAD Trade Services
REFU Refund TREA Treasury Payment
RENT Rent TRPT Transport
SALA Salary Payment UBIL Utilities
STDY Study WHLD With Holding

14. What do I do when I encounter an error message when performing a FAST transaction?

Please contact our 24-hour customer service hotline at 1800 66 95566 or + (65) 677 95566 (from overseas) for assistance on Bank of China Internet Banking.

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