How to instantly deposit SGD to Independent Reserve using FAST

Independent Reserve allows you to deposit Singapore dollars (SGD) instantly using FAST. Read on to find out how to use FAST to deposit SGD.

What is FAST?

FAST (Fast And Secure Transfers) is an electronic funds transfer service that allows customers of the participating banks to transfer Singapore Dollar (SGD) funds from one bank to another almost instantly. FAST is available on most major banking apps and websites in Singapore.

Sign up for an Independent Reserve account

How do I deposit SGD using FAST?

In order to deposit SGD into your Independent Reserve wallet, you must link your bank account on the platform. Learn how to link your bank account.

Deposit using Fast on web browser

• Log in to your Independent Reserve account.
• On your dashboard, click Quick Deposit.
• Select FAST as your deposit method. Or learn how to deposit SGD with PayNow.
• Log in to your FAST-compatible banking app to add Independent Reserve as a payee to your bank account. Follow the prompts of your banking app to enter our banking details.
• Click I made a transfer once you have completed the funds transfer on your banking app.

Your deposit will be credited to your Independent Reserve account instantly.

Deposit using FAST on the Independent Reserve mobile app

• Launch the IR mobile app and log in to your account.
• Tap on Wallet at the bottom right of the menu.
• Tap Quick Deposit.
• Tap FAST from the pop-up menu.

Tap the copy icon to easily copy the details onto your mobile phone clipboard.

• Launch your compatible banking app to add Independent Reserve as a payee to your bank account. Follow the prompts of your banking app to enter our banking details.
• Click I made a transfer once you have completed the funds transfer on your banking app.

Your deposit will be credited to your Independent Reserve account instantly.

Important notes:

• You must link your bank account(s) before using FAST to deposit funds into your Independent Reserve wallet.
• Please only transfer funds to the designated Independent Reserve bank account number assigned to your Independent Reserve account.
• There is a fee of SGD2.50 for deposits under SGD1,000. The withdrawal fee is fixed at SGD1.50 per withdrawal for any withdrawal amounts. Visit the fees page for more information.
• There may be a limit to the amount of money you can transfer using FAST, depending on your bank.
• There is a daily limit of SGD 100,000 you can transfer to your Independent Reserve account. Message our support team to increase your daily limit. Any deposit limit increase is subject to approval.
• If the funds you have transferred from your bank have not been reflected in your Independent Reserve account please contact our support team.

How to link your bank account on Independent Reserve

You must link your bank account(s) before you make any deposits or withdrawals of Singapore dollars (SGD) or US dollars (USD) using FAST or SWIFT. You may follow the same steps for linking your account on the Independent Reserve mobile app.

1. Log in to your Independent Reserve account.
2. Click on your username, then click Settings. 
3. Click on the Connected Accounts tab.
4. Then click Add bank account.
5. Select either an SGD Bank Account (FAST/MEPS Transfers) for SGD deposits and withdrawals or a SWIFT Bank Account for USD deposits and withdrawals.

For SGD deposits and withdrawals:

1. Select the bank from the drop-down menu.
2. Add in your bank account number.
3. Type in the Account Holder’s name. Please note that the bank account name must match your Independent Reserve account’s name.
4. The beneficiary address will be automatically filled based on the address you provided when you registered for the account.
5. Click Save.

Once you have successfully added your bank accounts, they will appear on the Connected Accounts tab.  You may link multiple bank accounts.

Note:
> You must have a bank account in Singapore to use FAST.
> Beneficiary address is your residential address as it is on your bank’s records.