The Central Bank of the Republic of Turkey announced that the upper limit for the transfer service FAST, which has been in our lives for a while, has been increased. According to the decision taken, citizens will be able to transfer money in the amount of 2.000 TL via FAST as of August 4, 2021.
The banking sector in Turkey had the opportunity to meet with a revolutionary innovation a short time ago. The Central Bank of the Republic of Turkey announced that a money transfer process called “FAST” was put into practice, so that money can be transferred 24 hours a day, 7 days a week. Now, there has been an important development regarding this money transfer process.
In the statements made by the Central Bank of the Republic of Turkey, it was stated that the upper limit for money transfers to be made with the FAST system would be increased. The officials, who said that the change to be made will be effective as of August 4, 2021, announced that as of this date, money transfers up to 2.000 TL can be made via FAST.
The upper limit is 1.000 TL for now
The FAST system, which stands for “Instant and Continuous Transfer of Funds”, works in different ways from time to time in order for citizens to get used to this process and to run the system smoothly. For example, in the early periods of FAST, the upper limit was announced as 50 TL. With the subsequent decisions, it was decided to increase this amount up to 1,000 TL. With the final decision, citizens were allowed to send 2.000 TL via FAST.
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In the statements made by the officials of the Central Bank of the Republic of Turkey, it was stated that the citizens were satisfied with this system. In this context, officials who announced that the daily number of FAST transactions is around 2 million, said that 11.3 million citizens registered with the “Easy Addressing System”.