Sounds too good to be true, but the new Fast and Secure Transfer (FAST) service, promising "almost immediate, 24x7 basis" fund transfers between banks, starts at 8am on Monday. Maximum amount per transaction is $10k; according to CIMB, the minimum amount is just 1 cent.

The following 14 banks will have it:

ANZ Bank CIMB Bank Citibank DBS Bank/POSB Deutsche Bank Far Eastern Bank HSBC Maybank OCBC Bank RHB Bank The Royal Bank of Scotland Standard Chartered Bank Sumitomo Mitsui Banking Corporation United Overseas Bank
Of the banks' websites that promoted this, so far none have mentioned any fees or charges except for DBS/POSB:

Payments via FAST (iBanking/mBanking) Free
Payments via FAST (Branches) S$20 per transfer
Receipts via FAST Free
Personalised SMS S Personalised SMS S$0.10 (Waived till 16 April 2014).10 (Waived till 16 April 2014)

DBS: Local Funds Transfer (MEPS) | Service Charges
POSB: FAST Transfer

If any of you are trying it out, share your experiences here!

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