There has been an important development regarding the Instant and Continuous Transfer of Funds (FAST) system, which is one of the important developments in Turkey’s financial technology field. The Central Bank of the Republic of Turkey (CBRT) recently announced that FAST transaction amount limits have been increased. Here is the new FAST money transfer limit!
FAST transaction amount limit increased to 100 thousand TL
According to the new decision of the CBRT, the upper limit for payments to be made through the FAST system will change as of April 4. Accordingly, up to 100 thousand TL of money can be sent at once. According to the previous decision, this limit was applied up to 50 thousand TL.
Moreover FAST-TR QR Code For payments to be made through the system limit 250 thousand TL will be. In this way, you will be able to send FAST payments up to 250 thousand TL to the institution of your choice 24/7.
New restriction for installment spending by credit card!
It will not be possible to make installments for international airline, travel and accommodation expenses by credit card. Here are the details.
For those who don’t know, FAST system is an instant payment system that allows money to be transferred to the recipient’s account within seconds after the payment order is approved. It has become one of the popular payment methods in internet banking as it is faster than money order or EFT.
Here is the statement made by the Central Bank of the Republic of Turkey (CBRT):
”As planned and announced to FAST participants in December 2023; Considering the interest shown by users in the FAST system and the dynamic requirements of the payments ecosystem, as of April 4, 2024, FAST transaction amount limits will be increased from 50,000 TL to 100,000 TL for money transfers, and from 100,000 TL to 250,000 TL for dynamic verification merchant payments to be made using the FAST-TR QR code. It will be increased to TL.”
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