Say “Hello” to instant outbound domestic transfers

Deborah Tan-Pink

 · 03/22/2021  · 03/22/2021

Fund transfers from your Revolut account to any local FAST-enabled bank account are now instant

If you’ve transferred funds from your Revolut account to a local bank account before, you might have noticed that the transaction took about 2 - 3 days to appear.

From today, local outbound transfers from Revolut to local bank accounts are FAST-enabled, which means your transfers will appear instantly in the recipient’s account.

How to make a local outbound transfer on Revolut? Follow these simple steps:

  1. Fire up your Revolut app and select “Send” to make an outbound transfer
  2. If you have not created a beneficiary account, click on “Add Beneficiary” and complete the relevant fields
  3. Once the beneficiary is created, select the beneficiary tile, and make an SGD outbound transfer while selecting today’s date
  4. Review the transfer page detail and confirm the outbound SGD transfer
  5. Confirm with the beneficiary that the money has been transferred. He or she should see the transfer

What is FAST?
FAST (Fast and Secure Transfer) is an electronic funds transfer service that allows you to transfer SGD funds almost instantly to any local bank within Singapore within Singapore. There will also be a maximum limit of S$200,000 per transaction.

Will I be charged for making an outbound transfer via FAST?
No, you will not be charged for making an outbound FAST transfer from Revolut.

When will the money reach my beneficiaries’ account?
Just like other FAST payments in Singapore, your outbound transfers will be almost instant.

Will this transfer be limited by the Payment Services Act’s stock and flow caps?
SGD local transfers to your personal bank account will not be limited by the PSA caps but transfers to accounts that are not your personal accounts will be subjected to the PSA caps.

Is there a max/min limit for a single transfer?
The maximum limit for a FAST transfer is S$200,000 per transaction.

What should I do if the transfer doesn’t arrive?
First, don’t panic. There are a number of reasons why a transfer doesn’t arrive. If you’ve sent a FAST transfer to an incorrect third-party bank account number, it will be returned almost immediately. If your transfer hasn’t arrived at the beneficiary’s account, please contact our agents who will be more than happy to help.