How much is the FAST limit, how much was it? 2023 FAST transaction 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, HOW MUCH?
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 liras. Thus, balances up to 20 thousand liras 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. The next trading day, that is, the working hour was expected for the money transfer, namely EFT, to take place. 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
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The Central Bank has announced a new limit for Instant and Continuous Transfer of Funds (FAST) transactions, allowing transfers up to 20,000 Turkish liras between accounts in different banks at any time, 24/7. FAST was introduced to eliminate the problem of people being unable to transfer money to customers of other banks outside working hours, and previously had a lower transaction limit. The updated limit came into effect on February 14, 2023.
