The Central Bank of the Republic of Turkey (CBRT) has increased the FAST transaction amount limits.
According to the CBRT's announcement, taking into account the demand for the FAST system and the needs of the payments ecosystem, as of 4 April 2024 the FAST transaction amount limits were raised from 50 thousand TL to 100 thousand TL for money transfers, and from 100 thousand TL to 250 thousand TL for merchant payments with dynamic verification made using the FAST-TR QR code.
The upper limit is being raised to 100 thousand lira for FAST (Instant and Continuous Transfer of Funds) transactions, which enable fast interbank money transfers 24 hours a day, 7 days a week.
What Is FAST?
The FAST (Instant and Continuous Transfer of Funds) system is an instant payment system recently put into operation by the Central Bank. In FAST, payments reach the receiving account instantly, 24/7, and the parties to the payment are informed of its status immediately by their banks.
What Is the FAST Transfer Limit?
The FAST system applies an upper limit per transaction. The system was launched on 8 January 2021 with an upper payment limit of 50 TL, and it has been increased gradually; as of 4 April 2024, the upper limit per transaction has been raised to 100,000 TL. According to the Central Bank's announcement, as of 4 April 2024 the FAST transaction amount limits have been raised from 50,000 TL to 100,000 TL for money transfers, and from 100,000 TL to 250,000 TL for merchant payments with dynamic verification made using the FAST-TR QR code.
How Is a FAST Transfer Used?
You can send a 7×24 FAST payment by logging in to the mobile or internet banking application of your financial institution that is a member of the FAST system.
When entering your payment instruction, you can use the recipient's account details (name and IBAN) or, if the recipient has one, easily enter their Easy Address information instead. (Easy Address)
Your payment instruction will be carried out within seconds, and as soon as the transaction succeeds, both you as the sender and the recipient will be notified of the transaction by your banks. The transaction amount will be credited to the recipient's account instantly and the funds will become available for use.
