“FAST”, which stands for Instant and Continuous Transfer of Funds, developed by the Central Bank of the Republic of Turkey, is undoubtedly the easiest way to transfer money. Thanks to this system, you can send or receive money from different banks without any time limit. The biggest disadvantage of the system is that it has certain limits. Fortunately, this FAST transaction limit is being adjusted. Here are the details…
FAST transaction limit will be 20.000 TL
A new regulation came from the Central Bank and BRSA for the 2023 FAST transaction limit. According to the latest reports, banks operating in Turkey were told to increase the 5,000 TL limit to 20,000 TL. Thus, the FAST transaction limit for 2023 was determined as 20,000 TL. It is expected that the relevant institutions will make the announcement in a short time and start accepting transactions from the new limit.
Especially considering the developments in the economy, this study did not come as a surprise. Fast transaction limit was last regulated in February of last year. The limit, which was 2.000 TL, increased to 5.000 TL. However, the minimum wage has risen twice since then, and the amount of money sent has increased along with the hikes. It should be reminded again that the official announcement of the development has not been made yet. Therefore, a last-minute surprise is a possibility, albeit remote.
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What is FAST?
Wire transfer and EFT is a concept that people who use mobile-internet banking are very familiar with. However, those who sent money through these methods had to comply with a number of restrictions and protocols offered by banks. Unfortunately, the worst of these was the time limit.
People could not make transactions outside of working hours. Even if you made a payment today, you had to wait the next day for it to happen. FAST was activated to eliminate this problem. Thanks to FAST, which stands for Instant and Continuous Transfer of Funds, payments up to the limit can be made instantly, regardless of the hour or day, even through different banks.