Response to Letter “Review daily Fast limit as cheque use declines” - The Straits Times, 10 August 2023
We thank Mr Tay Wi Keng for his suggestion to raise the daily limit for FAST (Fast And Secure Transfers) transactions beyond the current $200,000. The industry-wide limit of $200,000 is imposed on each FAST transaction and not on a cumulative daily basis. Individual banks may impose daily and specific payment limits to protect customers against risks such as fraud and scams.
2 The FAST transaction limit was last raised in 2018 to the current $200,000, in view of rising demand then. The average value of a FAST transaction in 2022 is much lower than $200,000, at around $1,300 and a significant majority of FAST transactions are for amounts under $500.
3 The FAST transaction limit serves as one of the safeguards to restrict the losses that may be suffered by consumers from fraud and scams. To further raise the FAST transaction limit, the Monetary Authority of Singapore and the banking industry would have to carefully consider the risks and the additional mitigating measures that would need to be put in place.
4 Bank customers who wish to transfer amounts above $200,000 may use Interbank GIRO or MEPS+ to do so. We encourage customers to approach their banks on how their fund transfer needs can be met.
Director (Corporate Communications)
Monetary Authority of Singapore