Fast & Inter Bank GIRO FAQs

What is this Interbank GIRO upgrade?

As part of an industry-wide initiative to improve payment efficiency in Singapore, we are upgrading our Interbank GIRO systems and infrastructure to serve you better.
The upgraded GIRO will offer greater interoperability and allow more details for customer’s reconciliations.

When will the new Interbank GIRO be in effect?

The new Interbank GIRO will be available on 23 March 2015.

How will these changes reflect on my account? What are the new features of this upgrade?

Key changes of the new Interbank GIRO include the following:

1. Bank/Branch codes – they will no longer be required in your GIRO application forms and Personal and Internet Banking GIRO transfers.
2. A new Customer Reference field – this field has been introduced for customers to enter more details for each transaction. This is for greater clarity of payment instructions in bank statements.
3. New Purpose Codes – which will replace the current 3-letter Interbank GIRO codes. These new Purpose Codes will provide more details on the purpose of the transaction.

What are the benefits of the new Interbank GIRO?

It offers customers the following benefits:

1. Ease of setting up payment instructions without the need to know the branch code.
2. Support for more payment information for ease of identification and reconciliation.
3. Greater clarity of payment instructions in bank statements.

I noticed a purpose code is now required for funds transfer. What is this purpose code?

The new ‘Purpose Code’ replaces the current 3-letter Interbank GIRO code. It is required for more clarity on the purpose of the transaction and payment instructions with the Bank.

Will my bank account number be affected?

No. Your account number with Standard Chartered remains the same.

I heard that there are some changes to the method / format when entering payments to HSBC, OCBC and SBI accounts, what are these changes? Do I need to amend all previous beneficiary account numbers for payments to HSBC, OCBC and SBI?

After 23 March 2015, if you are adding a new HSBC, OCBC or SBI account to make transactions, you will need to provide the full account number, which includes the bank’s old branch code prefixed as the first 3 digits. For example, the full account number of a HSBC account is ‘146123456789’

1. Pre interbank GIRO upgrade, when adding a payee, it would be entered as:
   1. HSBC branch code: ‘146’
   2. Account number: ‘123456789’
2. Post interbank GIRO upgrade, the full account number would need to be entered i.e. ‘146123456789’.

For HSBC, OCBC and SBI payees that you have added before 23 March 2015, the Bank will be amending the codes internally, hence no further action is required on your end.

Bank	Pre Interbank Giro Upgrade		Post Interbank GIRO upgrade
	Branch Code	Account Number entered	Full Account Number now needs to be entered
HSBC	146	123456789	146123456789
OCBC	550	123456789	5501234567
		123456789	5501234567
SBI	277	12345678901	27712345678901

Will existing GIRO arrangements be affected by this upgrade? Can existing Interbank GIRO forms continue to be used

Your existing Interbank GIRO arrangements will not be affected by this upgrade.
Yes, existing GIRO forms will continue to be accepted in the interim. We will soon have the new Interbank GIRO forms available in our branches and on our websites.

Will my payment instructions that I send prior to the Interbank GIRO upgrade (forward value date or otherwise) and in transit be processed post upgrade as per usual?

Yes.

Is Interbank GIRO Secure?

Banks have reliable and secure systems in place, and Interbank GIRO is a safe and secure channel for making payments. You should also always check your bank statements to ensure that the deductions have been made properly. If you find any wrong deductions, you should contact your bank and Billing Organisation immediately.

Which are the banks offering Interbank GIRO?

Interbank GIRO is offered by the following 46 banks in Singapore:

Bank	SWIFT BIC
Australia & New Zealand Banking Group Ltd	ANZBSGSXXXX
Bangkok Bank Public Company Limited	BKKBSGSGXXX
Bank of America, National Association	BOFASG2XXXX
Bank of China Limited	BKCHSGSGXXX
The Bank of East Asia Ltd	BEASSGSGXXX
Bank Negara Indonesia (Persero) P.T	BNINSGSGXXX
Bank Of India	BKIDSGSGXXX
Bank Of Tokyo-Mitsubishi UfJ, Ltd	BOTKSGSXXXX
BNP Paribas	BNPASGSGXXX
Chinatrust Commercial Bank Co. Ltd	CTCBSGSGXXX
CHINA CITIC BANK INTERNATIONAL LIMITED	KWHKSGSGXXX
CIMB Bank Berhad	CIBBSGSGXXX
Citibank NA	CITISGSGXXX
Commerzbank Aktiengesellschaft	COBASGSXXXX
Credit Agricole Corporate And Investment Bank	CRLYSGSGXXX
DBS Bank Ltd	DBSSSGSGXXX
Deutsche Bank AG	DEUTSGSGXXX
DNB Bank ASA	DNBASGSGXXX
Far Eastern Bank Ltd	FAEASGSGXXX
First Commercial Bank	FCBKSGSGXXX
HL Bank	HLBBSGSGXXX
The Hong Kong And Shanghai Banking Corp Ltd	HSBCSGSGXXX
ICICI Bank Limited	ICICSGSGXXX
Indian Bank	IDIBSGSGXXX
Indian Overseas Bank	IOBASGSGXXX
Industrial & Commercial Bank Of China	ICBKSGSGXXX
Intesa Sanpaolo S.P.A.	BCITSGSGXXX
JP Morgan Chase Bank, N.A.	CHASSGSGXXX
Korea Exchange Bank	KOEXSGSGXXX
Landesbank Baden-Wurttemberg	SOLASGSGXXX
Malayan Banking Bhd	MBBESGSGXXX
Mizuho Bank Limited	MHCBSGSGXXX
National Australia Bank Ltd	NATASGSGXXX
Nordea Bank Finland Plc	NDEASGGXXX
Oversea-Chinese Banking Corporation Limited	OCBCSGSGXXX
RHB Bank Berhad	RHBBSGSGXXX
Skandinaviska Enskilda Banken AB	ESSESGSGXXX
Societe Generale	SOGESGSGXXX
Standard Chartered Bank	SCBLSGSGXXX
State Bank of India	SBINSGSGXXX
Sumitomo Mitsui Banking Corporation	SMBCSGSGXXX
Svenska Handelsbanken AB	HANDSGSGXXX
The Royal Bank of Scotland Plc	ABNASGSGXXX
UBS AG	UBSWSGSGXXX
UCO Bank	UCBASGSGXXX
United Overseas Bank Ltd	UOVBSGSGXXX

USEFUL TIPS

1. Read and understand the terms and conditions before you sign up for Interbank GIRO.
2. Check your bank statements regularly to ensure that deductions have been properly made.
3. Keep note of the billing dates of all your Interbank GIRO arrangements. Ensure that there are sufficient funds in your GIRO bank accounts for deduction to be made on the billing dates.
4. Review GIRO arrangements periodically and terminate the direct debit authorisations that are no longer required.

General

What is FAST?

FAST (Fast And Secure Transfers) is a new electronic funds transfer service that enables customers to transfer SGD funds almost immediately from one participating bank to another in Singapore.

Which are the participating banks of FAST?

FAST is offered by 19 banks - ANZ Bank, Bank of China, The Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, CIMB Bank, Citibank, DBS Bank/POSB, Deutsche Bank, Far Eastern Bank, HL Bank, HSBC, Maybank, Mizuho Bank, OCBC Bank, RHB Bank, The Royal Bank of Scotland, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and United Overseas Bank

Why is there a need for FAST?

FAST is introduced in response to the increasing demand from consumers and businesses for faster funds transfer services. Currently, it can take up to three working days for customers to transfer money from one banking account to another across banks.

How does FAST compare with other payment methods?

a. FAST enables almost immediate receipt of funds. You will know the status of the transfer by accessing your bank account via internet banking or via notification service offered by the participating bank.

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.

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

No, FAST only enables funds transfer between accounts of the 19 participating banks in Singapore. Funds between a participating and a non-participating bank can be transferred via Interbank GIRO.

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

The status of your funds transfer will be available via Online Banking and Breeze.

When will FAST be launched?

FAST will be launched at 8.00 am on 17 March 2014.

What are the operating hours of FAST?

Most participating banks offer FAST 24x7, 365 days. Standard Chartered will offer FAST 24x7, 365 days.

Are FAST transfers secure?

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

Can I use FAST if I have the payee’s name only and not the account number?

No, the payee’s bank account number is required for FAST transfer.

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

Can I make payments to my Standard Chartered credit card, Balance Transfer or CashOne loan via FAST?

You can use FAST to make payments to your Standard Chartered credit card, Balance Transfer or CashOne loan from other participating banks' internet banking platform* and your available limit will get updated almost immediately except for the time periods listed out in the table below.

During our scheduled server maintenance, your payment to Standard Chartered credit card, Balance Transfer or CashOne loan via FAST may not be processed. Please see below for details:

Every Monday - Sunday (excluding 3rd Monday of the month )	3am - 5am	If payment is made during this period, your available limit may only be updated 15 - 20 minutes later instead of near instantly.
Every Sunday	3am - 5am	We may not be able to process any incoming credit card, Balance Transfer or CashOne loan payments made via FAST during this period.
Every 3rd Monday of the month

* Subject to the participating banks'capability to support FAST payments to credit cards and personal loan account

I have made a FAST payment to my Standard Chartered credit card / Balance Transfer / CashOne loan. Why is my outstanding balance and transaction history not updated immediately?

We need at least 1 working day to reflect the updated outstanding balance and transaction history on Online Banking.

How do I access FAST?

FAST can be accessed using electronic devices such as tablet, smart phone or personal computer. You will need the recipient’s name and bank account number to transfer funds.

Will eGIRO continue to be made available?

Yes. You can still transfer funds using eGIRO.

Who can use FAST?

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

Adding of Payee for FAST

I have an existing payee where the beneficiary bank is one of the participating banks. Do I still need to create new payee to perform a FAST transaction?

No, if you have already added the designated payee previously; you may simply click on the "Transfer IBFT" link to transfer funds to the payee and then select FAST to perform the FAST transaction.

I need to perform a funds transfer to a FAST participating bank, what do I need to do?

You will first need to add the payee as a new funds transfer payee if the payee is not in your list of existing payees. After the payee is successfully added, you can proceed by clicking on the "Transfer IBFT" link.
If the payee is in your list of existing payees, you may simply click on the "Transfer IBFT" link to transfer funds to the payee and then select FAST to perform the FAST transaction.

What do I require to add an Interbank Funds Transfer payee?

You would need to have the following information and your token card with you:

1. Beneficiary Name
2. Beneficiary Account Number
3. Beneficiary Bank Name
4. Beneficiary Branch code

Why is it still mandatory to provide the branch code information when I am adding a FAST payee, when FAST transactions no longer require branch code information for clearing?

Branch code is not required for clearing for FAST transactions, however it is still required for other 3rd Party Funds Transfer (Interbank Funds Transfer) services.
As the existing payee list applies to both FAST and other 3rd Party Funds Transfer (Interbank Funds Transfer), you are still required to enter the branch code so that you can have the choice of opting for FAST or other 3rd Party Funds Transfer (Interbank Funds Transfer) for transfer or payment of funds to the payee.

How can I add a 3rd Party Funds Transfer (Interbank Funds Transfer) payee?

You can add a new payee for 3rd Party Funds Transfer (Interbank Funds Transfer) via Online Banking as well as Breeze.

I am not able to find the branch code for my payee account in the dropdown menu for Payee Branch Code.

You would need to call us to inform us of the branch code details.

I am unable to add a new HSBC/OCBC payee.

For HSBC and OCBC payee, you are required to separate the branch code from the account number.
HSBC: - Please use the first 3 digits of the account number as the Branch Code. Key in the remaining 9 digits of the account number or 9 digits of the account number.
OCBC: - Please use the first 3 digits of the account number as the Branch Code. Key in the remaining 7 or 9 digits of the account number.

I am unable to select my new payee for transfer after adding the new payee

The payee addition is being processed at the moment, please try again later.

Initiating FAST transaction

How do I perform a FAST transaction?

At the 3rd Party Funds Transfer (Interbank Funds Transfer) page, when entering the details of your payment, the FAST option will be available if the beneficiary bank is one of the FAST participating banks. Tick on the box [FAST (Fast and Secure Transfer)], complete the remaining fields and proceed to submit the transaction.

What is the limit per transaction, can I request for a further increase in the limit?

The limit of SGD 50,000 per transaction applies to all FAST participating banks. We are unable to increase the limit per transaction. However, please note that the maximum amount you may transact a day is still subject to your current personalized daily limit, which may be lower.

What can I do if I need to transfer more than SGD 50,000 using FAST?

Please note that the maximum amount you can transfer per transaction using FAST is fixed at SGD 50,000 on an industry wide basis (subject to your personalized daily limit). Should you wish to transfer larger sums, please visit your nearest Standard Chartered Bank Branch.

Why can't I choose FAST for my transaction?

You will not be able to choose FAST if the beneficiary bank is not one of the FAST participating banks.

Why do I have to fill in Purpose of Transfer?

The purpose of transfer field is required to be filled in for FAST transactions, and the purpose code that you have selected will be reflected in the account transaction history for each FAST transaction, for your easy reference.

Do I have to fill in a 'Description'?

The description field is optional. If you enter a description, it will be used as a reference when you enquire at the [Payments / Transfers History]. The description you entered for FAST transaction will also be reflected as part of the transaction narration.

Can I perform a future dated FAST transaction?

Yes.

Can I have a recurring FAST transaction?

Yes. Please note that the start date for any recurring transaction cannot be the same day. The earliest start date is the following day.

How do I edit a post-dated / recurring FAST transaction?

You may go to [Payments / Transfers History], and click on “Edit” for the scheduled transaction which you wish to edit. This is only available for transactions which have not been processed i.e. transactions with "Scheduled" status.

Why am I prompted for a token card / Transaction Signing Pin (TSP) during my transaction?

This is because the amount that you intend to transfer has exceeded the threshold limit you have maintained with the Bank. You may inquire or revise your threshold limit via Online Banking - My Preferences.

I am unable to use my foreign currency account as a source account. Why is that so?

FAST is only available for Singapore Dollar denominated account to account transfers.

I am unable to use my Credit/Debit Card as a source account. Why is that so?

FAST is only available for Singapore Dollar denominated account to account transfers.

How do I know whether the beneficiary bank is a FAST Participating Bank?

If the beneficiary bank selected is one of the FAST participating banks, the FAST option will be available for selection.

I see that FAST charges are now S$0.00. Will I be charged in the future?

There are currently no additional charges for using FAST. In future, if charges are applicable, it will be reflected in the confirmation screen before you submit the transaction.

I encountered the following error message, what does it mean?

1. *The selected bank is currently unable to accept FAST transactions. You may choose to use the 3^rd Party Funds Transfer service instead which may take 2 - 3 working days. Alternatively, please try again later.
   The beneficiary bank is currently unable to accept FAST transactions. You may choose to effect the funds transfer using the 3rd Party Funds Transfer (Interbank Funds Transfer) service, which may take two to three working days. Alternatively, you may try again later.
   
   
2. The amount entered exceeds the FAST transaction limit of SGD 50,000. Please enter a lower amount.
   You have entered an amount greater than the FAST transactional limit of SGD 50,000 per transaction. Please enter a transaction amount lower or equal to SGD 50,000.
   
   
3. Purpose of transfer is required. (Err Code:2595)
   You have to select one of the options in the drop down menu for "Purpose of transfer".
   
   
4. Sorry, we are unable to process your request. Please ensure you have sufficient balance to perform the transaction. (Err Code:2117)
   The amount you have entered exceeds the available balance in your account. Please enter a lower transaction amount or select another account.
   
   

Upon completion of FAST

I have confirmed the details of my transaction. Where can I see the status of my transaction?

You can refer to the [Payments / Transfers History] tab for the status of your transaction via Online Banking.

You can also refer to the menu in Breeze mobile banking, and select [Transfer History] to view the transaction status.

Can I cancel the FAST transaction?

We are sorry. FAST transactions are irrevocable.

What happens if I sent the funds to an incorrect account via FAST?

As with any funds transfer service, FAST transactions are irrevocable and it is important for customers to exercise care when keying in the beneficiary’s bank account number. Customers will have to contact the beneficiary/beneficiary bank for assistance.

I wanted to do a funds transfer via FAST, but omitted to select the FAST option. Can you process the transaction as a FAST transaction for me?

We are sorry. Fund transfers are irrevocable, as such we will not be able to cancel the transaction for you and process the transaction as a FAST transaction.

I received SMS/email alert for non-FAST transactions informing that my transaction is successful. But I do not receive the same notification for FAST transaction. Why?

As the transaction status for your FAST transaction is available via Online Banking almost instantaneously, as such we will not be sending SMS/email alert to notify you. However, if the payment has been rejected, you will be notified accordingly.

How do I know why my transaction was rejected?

The reason for the rejection will be notified to you via a message sent to your online banking mailbox.

Why am I getting so many notifications of the same transaction which has been rejected?

The 3 notification modes are to ensure that should one mode fail, you will still be notified of the rejection of the transaction via other modes.

Can I unsubscribe from any of the notification?

The notifications are part of the security measures we offer for FAST, and we are not able to unsubscribe you from the notifications.

What does the status of the transaction mean?

There are 4 types of transaction status:

• Submitted - Payment instruction has been received but not processed.

• Successful - Payment is successful.

• Rejected - Payment is unsuccessful.

• Scheduled - Payment instruction has been received for payment to take place on a future date.

How do I read the FAST transaction narration in my Account Transaction History / on my statement?

The FAST transaction narration contains:

1. the payment name FAST;
2. the 4-character code for the purpose of the transfer;
3. the beneficiary name;
4. the beneficiary account number; and
5. the description entered.

I noticed a code in my transaction narration, what does the code mean?

The code that you see on the transaction narration is the 4-character code for the purpose of transfer which you have selected.

I noticed a reversal transaction for FAST transaction, why is it so?

The FAST transaction that you have performed has been rejected by either the beneficiary bank or the FAST Operator. Hence the transaction has been reversed.
The reason for the rejection will be notified to you via a message sent to your online banking mailbox.

I am expecting a FAST transfer into my SCB account. However, I was informed by the payer that the FAST transaction was rejected by SCB. Why is this so?

Please contact the Bank and provide us with the following information, and we will get back to you within the next 3 business day:

1. Originating Bank;
2. Transaction Amount;
3. SCB Account number; and
4. Time of transfer.

I submitted a FAST transaction more than 5 minutes ago and the status of the transaction still shows as ‘SUBMITTED’. What do I do?

Please contact the Bank, and provide us with the following information:

1. Transaction receipt number,
2. Debiting Account number,
3. Amount
4. Receiving Bank and
5. Receiving Account Number