FAST

FAST (Fast And Secure Transfers) is a new funds transfer service which allows you to transfer funds almost immediately with another participating bank. You will no longer need to wait for 2 to 3 business days for funds to be transferred between different banks.

Benefits of FAST

Almost instant funds transfers. Funds transfers between accounts of the participating banks can be sent or received almost instantaneously.
Improve your cash flow when your customers pay you using FAST.
Almost instant confirmation to give you peace of mind that your funds have been successfully transferred.
Ease of account reconciliation with end-to-end transaction references.
Secure and convenient – FAST is easier and more convenient than GIRO, cash or cheques to make and receive payments.

How to access FAST?

You can access FAST via one of the following ways:
1. UOB's internet banking system for business
2. UOB's branches

Participating Banks

FAST will be offered by the following banks:


	ANZ Bank Bank of China Limited BNP Paribas CIMB Bank Citibank DBS Bank Deutsche Bank Far Eastern Bank HL Bank HSBC MayBank Mizuho Bank Limited OCBC Bank RHB Bank Royal Bank of Scotland Standard Chartered Bank Sumitomo Mitsui Banking Corporation The Bank Of Tokyo-Mitsubishi Ufj, Ltd United Overseas Bank

FAQs

Fast And Secure Transfers (FAST)
Frequently Asked Questions (FAQs)
(For Corporate/Business Customers)

A. Background

Question

Answer

What is FAST?

FAST (Fast And Secure Transfers) is a new electronic funds transfer service that enables customers of the participating banks to transfer Singapore Dollar funds from one bank to another in Singapore almost instantly.

Why is there a need for FAST?

FAST was introduced in response to the increasing demand from consumers and businesses for funds transfers that are faster and more efficient. Currently, it can take up to three working days for customers to transfer money from one bank to another.

When will FAST be launched?

FAST was launched on 17 March 2014.

Which are the participating banks of FAST?

FAST is offered by the following banks - ANZ Bank, Bank of China Limited, BNP Paribas, CIMB Bank, Citibank, DBS Bank, Deutsche Bank, Far Eastern Bank, HL Bank, HSBC, MayBank, Mizuho Bank Limited, OCBC Bank, RHB Bank, Royal Bank of Scotland, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, The Bank Of Tokyo-Mitsubishi Ufj Ltd, United Overseas Bank

Why are there only 19 banks participating in FAST?

The decision to participate in FAST is based on individual banks' commercial considerations. The 19 participating banks account for the bulk of eGIRO transactions in Singapore. More banks may join at a later date.

Will eGIRO continue to be made available?

Yes. You can still transfer funds using eGIRO.

How does FAST compare with other payment modes?

a. FAST enables almost immediate receipt of funds. You will know the status of the transfer by accessing your bank account via UOB's internet banking platform for business.

Payment Type	Receipt of Payments
FAST	Almost Immediate, 24x7 basis
Cheque	Up to 2 working days
eGIRO	Up to 3 working days

b. FAST is available anytime, 24x7, 365 days.

Are transfers via FAST secure?

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

What are the operating hours of FAST?

Most participating banks offer FAST 24x7.

For further details of operating hours of FAST offered by UOB, please refer to section B.

10.

Who can use FAST?

Customers with savings or current accounts at the participating banks can use FAST.

11.

How do I use FAST to transfer funds?

Businesses can access FAST via UOB's internet banking platform for business customers.
You will need the recipient's name and bank account number to transfer funds.

12.

Can I use FAST if I have the recipient's name only and not the account number?

No. The recipient's bank account number is required to use FAST. The recipient's name is for reference purposes only.

13.

Can I make a funds transfer from a FAST participating bank to a non-FAST participating bank?

No, FAST only enables funds transfer between accounts of the participating banks in Singapore. Funds between a participating and a non-participating bank can be transferred via eGIRO.

14.

Can I use FAST to transfer funds to a bank account overseas?

No, FAST can only be used for Singapore Dollar funds transfers between bank customer accounts of the participating banks in Singapore.

15.

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

You will know the status of the transfer by accessing your bank account via UOB's internet banking platform for business.

16.

What happens if I made a wrong funds transfer?

Bank customers should exercise due care when keying in the amount and bank account number, similar to using current electronic funds transfer services via ATM or internet banking. Funds transferred via FAST will be credited to the recipient's bank account almost instantly.

Please contact our Corporate Call Centre at 1800-226 6121 immediately if you have made a wrong funds transfer.

B. UOB FAST Payments


Question		Answer

1.	How to effect FAST payment?	UOB/FEB offers non-individual customers the following channels for FAST payment: a. UOB Business Internet Banking (BIB) • Single Transaction b. UOB Business Internet Banking Plus (BIBPlus) • Single Transaction • Standing Instruction • Post Dated Transaction c. UOB/FEB Branches • FAST Application Form for same day FAST payment • FAST Standing Instruction Form for recurring FAST payments

2.	Can I effect FAST payment via ATM?	FAST payments via UOB ATMs are currently not available for UOB Corporate/Debit ATM card.

3.	How do I effect FAST payment via BIB?	You are required to create the list of beneficiaries' accounts which your company will be effecting FAST payments by submitting the Pre-Approved Beneficiary Form to the Bank. You can download the Form from the FAST transaction screen in BIB.

4.	Why do I need to fill up a Pre-Approved Beneficiary Form to effect FAST payment via BIB?	This is to enable the Bank to set up a drop-down list of beneficiaries for your convenient and secure FAST payments via BIB.

5.	What is Business Internet Banking Plus?	BIBPlus is a new internet banking system to replace BIB. It offers enhanced features to help you manage your business efficiently.

6.	How do I effect FAST payment via BIBPlus?	Select the FAST payment screen and input the following details: a. Name of beneficiary's bank b. Beneficiary's account number c. Payment amount d. Purpose code e. Beneficiary reference* * To ease the end-to-end reconciliation, it is important to obtain the reference from your beneficiary.

7.	What are the UOB/FEB operating hours of FAST?	FAST is available 24x7 for funds transfer effected via UOB BIB/ BIBPlus. For FAST payments submitted at UOB/FEB branches, the FAST application form to be submitted from Monday to Friday (excluding public holiday): - For ad-hoc payment, application must be submitted by 4pm for same day payment. - For recurring payment, application for Standing Instruction must be submitted 7 business days prior to the first effective date.

8.	Will there be charges if I use FAST?	Yes, there will be charges for FAST transactions performed via UOB BIB/BIBPlus. Please refer to our website, uob.com.sg for charges for manual instruction submitted at the branches. For details on FAST pricing, please call our Corporate Call Centre at 1800-226 6121, 9.00 am-6.30 pm, Monday –Friday (excluding public holiday)

9.	Are there minimum and maximum transaction limits for FAST payments?	There is no minimum transaction limit for using FAST. However, there is a maximum limit for FAST payment of not more than SGD50,000 per transfer. For payment exceeding SGD50,000, you may use eGIRO or MEPS. The company's prevailing signatory limit will apply in addition to the FAST maximum transaction limit.

10.	Is there a daily limit on the number of transactions that I can pay via FAST?	No, you can effect as many FAST payments as you need as long as they do not exceed SGD50,000 per transfer.

11.	Do I need to use any security token for FAST payments via ;BIB/ BIBPlus?	Yes, FAST payments are subject to the same security standards of funds transfers effected via internet banking for businesses which require the use of the security token.

12.	What will be reflected in my UOB Account Statement when I effect a FAST payment?	Funds Transfer – FAST <Purpose Code><Beneficiary Reference> <Channel & Transaction Reference> <Beneficiary Name>

13.	What do I do when I encounter an error message when performing a FAST transaction?	You can contact us via the following: Email: customer.service@uobgroup.com Phone: Corporate hotline 1800 226 6121 and select the FAST option.

C. UOB FAST Receipts


Question		Answer

1.	Can I receive FAST payments?	Yes, you can receive FAST payments into your UOB SGD Current Account, Savings Account and UOB Credit Cards.

2.	What are the hours that I can receive FAST payments?	You can receive FAST payment 24 x 7, including Saturday, Sunday and public holiday.

3.	Can I use the funds immediately once my account is credited?	Yes, you can use the funds immediately once your account is credited.

4.	Will there be charges for receiving FAST payments?	No, there are no charges for receiving FAST payments.

5.	What will be reflected in my UOB Account Statement when I received a FAST Payment?	Inward CR – FAST <Purpose Code & Description> <Sender's Name> <Beneficiary’s Reference>* * To ease your reconciliation, it is important to provide the sender your beneficiary reference.

6.	What are the benefits of receiving FAST payments compared to other types of payment such as cheque, and eGIRO?	a. Improve your cash flow as you collect your funds almost immediately when your customers pay you via FAST compared to cheque deposits and eGIRO which can take up to three working days. b. Ease of account reconciliation from the purpose code, description and sender's reference. c. There are no charges for in-coming FAST transfers.

7.	What do I need to provide to my clients for making FAST payment to my account with UOB/FEB?	You need to provide your clients the following: a. Bank Name : • United Overseas Bank, (SWIFT BIC UOVBSGSGXXX)^# • Far Eastern Bank, (SWIFT BIC FAEASGSGXXX)^# b. For current or savings account • Your 10 digit UOB or FEB account number c. For Credit cards* • Your 15 or 16 digit UOB Credit card number d. Your Account Name (for reference only) as all crediting will be processed by Account Number Although FAST payments will be credited to your UOB credit card almost immediately, the transaction will only be shown the following day. Your credit balance will however be reflected and available immediately. # SWIFT BIC code is only required where bank name selection is not available from sender’s bank FAST payment screen. *Subject to the participating bank's capability to support up to 16 digit account number.

8.	Are there any penalty fees for rejected items similar to current inter-bank funds transfer?	Penalty fees are currently waived for rejected FAST transactions.

D. Contact



1.	Who can I contact if I have further queries on FAST?	You may contact the following: - ABS hotline at +65 6224 4300 or - Email ABS at FAST@abs.org.sg or - UOB Corporate Call Centre at 1800 226 6121, 9.00 am – 6.30 pm, Monday to Friday (excluding public holiday).

2.	Who do I contact for media enquiries?	Please contact: Jean Khong Group Brand Performance & Corporate Communications Tel: 6539 3981 Jean.KhongLY@UOBgroup.com Kelyn Tan Group Brand Performance & Corporate Communications Tel: 6539 3967 Kelyn.TanSW@UOBgroup.com

E. Terms & Conditions
- Terms and conditions