What is FAST?
FAST (Fonların Anlık ve Sürekli Transferi) is an instant payment system developed and operated by the Central Bank of the Republic of Türkiye (CBRT). It enables users to transfer money between bank accounts in Turkish Lira instantly, 24/7, including weekends and holidays. FAST supports both personal and business transactions, aiming to provide a safer and more efficient alternative to traditional bank transfers (EFT and wire transfers) within Türkiye. Users can initiate transfers using account numbers, IBANs, or easy addresses like phone numbers or email addresses, offering flexibility and convenience. The platform is regulated and overseen by the CBRT, ensuring compliance with security and regulatory standards.
How to use FAST?
- Log in to your bank’s mobile app or internet banking platform.
- Select the FAST (instant payment) option.
- Enter the recipient’s IBAN or phone/email if registered as an easy address.
- Input the amount to transfer.
- Confirm transaction details and approve.
- Receive immediate confirmation of completed transfer.
The pro's of using FAST
- Instant transfers, 24/7, including weekends and holidays.
- No need for account numbers if using registered phone or email as easy address.
- Regulated by Türkiye’s central bank, providing enhanced payment security.
- Convenient for both personal and business transactions.
- Lower transaction limits reduce risk in case of fraud.
The con's of using FAST
- Only supports transfers in Turkish Lira; international currencies (USD, EUR) not available.
- Transfer amount is subject to daily transaction limits set by the CBRT.
- Service is limited to participating banks within Türkiye.
- Not suitable for high-value corporate transactions due to transfer caps.