FAST Fund Transfer

Not sure about you but I do interbank transfers quite frequently. Usually because my main credit card’s bank is different from my savings’ bank is different from my salary crediting’s bank. Phew. Complicated ain’t it?

Interbank transfer is usually a pain in the butt. 2 working days if transfer is done before 4pm/8pm, 3 working days if done on weekends or after 4pm/8pm. It’s a hassle especially if you want to put money into sub-accounts so you won’t spend the amount accidentally (if you know what I mean ;p)!

So I logged into DBS account today to transfer some money to my Maybank account and guess what I saw? FAST Fund Transfer! What is it? INSTANT INTERBANK TRANSFER! (: Yes! It’s finally here! You can read more about it here.

Here’s how it works for DBS/POSB (:

You log in as per usual, choose your recipient and key in the amount as per normal and then…the new thing now is you have to choose the purpose of the transfer. You can choose from Personal (Credit Card Payment, Telco Bills etc) to Business (Collection Payment etc) to Others (Withheld etc).

You can also key in your comments for recipient and even choose to send a personalised SMS to him/her (:

FAST transfer interface.

FAST transfer interface.

And this is how it looks on your Account Information –

the comments and purpose appears under info.

the comments and purpose appears under info.

The comments for recipient and purpose chosen appears under Reference. Much clearer now! I can’t remember why I transfer money sometimes. So now, I know exactly how it goes!

Once the transfer has been done, you will receive a sms from DBS about you making a FAST transfer. However, I didn’t receive the other SMS from DBS informing my Maybank account though.

Anyways, here’s how the recipient side look like –

received immediately.

received immediately.

Hmm. However, I won’t know who sent me the money -.-

I’m sure the interface differs from banks but I just want to say…SUPER COOL PLEASE! (:

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