The limits for the FAST transaction, which is a great advantage as it eliminates the time limit for people who want to send and receive money through different banks, have been rearranged. In this context, the statement regarding the FAST transaction limit came from the Central Bank. So, how much is the FAST limit?
A last-minute statement came from the Central Bank regarding the 2023 FAST transaction limit. Announcing that transactions can be carried out over the updated limit as of February 14, 2023, the CBRT announced the new limit. So, what was the new limit for Instant and Continuous Transfer of Funds, ie FAST?
HOW MUCH IS THE FAST LIMIT?
The limits for Instant and Continuous Transfer of Funds (FAST) transactions, where users can transfer money quickly and easily 7 days 24 hours between their accounts in different banks, have been increased to ₺20 thousand. Thus, balances up to ₺20 thousand can be made to any person/institution at any time, 24 hours a day, 7 days a week.
WHAT IS FAST?
People who wanted to send money to a customer of another bank through a different bank could not make transactions outside of working hours. For the money transfer, or EFT, to take place, the next trading day, that is, the working hour, was expected. This meant that the person sending money between banks on the weekend had to wait for almost two days. FAST was activated to eliminate this problem. Now, payments can be made instantly, even through different banks, regardless of the hour or day, up to the transaction limit of FAST.
Central Bank raises FAST transaction amount limit.
Source: MSN / Prepared by Irem Yildiz