FAST (Fonların Anlık ve Sürekli Transferi, “Instant and Continuous Transfer of Funds”) is Turkey’s real-time interbank payment system, developed and operated by the Central Bank of the Republic of Turkey (TCMB). It allows customers to transfer money between different banks 24 hours a day, 7 days a week, with funds arriving in the recipient’s account within seconds — including nights, weekends, and public holidays.
FAST launched in a bank-employee-only pilot phase on 18 December 2020 and opened to the general public on 8 January 2021. It now operates as an independent system alongside Turkey’s older Electronic Fund Transfer (EFT) system, rather than replacing it.
How FAST Works
When a customer initiates a FAST transfer through their bank’s mobile app or internet banking, the request is routed through TCMB’s FAST infrastructure rather than the traditional EFT clearing system. The key operational differences are:
- Settlement in seconds: Funds become available in the recipient’s account almost immediately, rather than the batch-processing delays associated with EFT.
- True 24/7 availability: EFT transfers submitted outside business hours wait in a queue until the next business day. FAST has no such window — a transfer sent at 2 a.m. on a Sunday settles just as fast as one sent at noon on a Tuesday.
- Bank-independent infrastructure: FAST runs on infrastructure built and operated directly by TCMB, separate from the EFT system, which allows it to guarantee near-instant settlement regardless of which banks are involved.
Transaction Limits
As of the most recent TCMB update, FAST transaction limits are:
- 100,000 TL per transaction for standard peer-to-peer and account-to-account transfers
- 250,000 TL per transaction for merchant payments made via FAST-TR Karekod (Turkey’s standardized QR code payment method)
These limits are set at the system level by TCMB and cannot be raised on a per-customer basis. Individual banks can, however, set their own daily cumulative limits below the TCMB ceiling for risk management purposes — so a customer’s practical daily limit depends on both the TCMB maximum per transaction and their own bank’s policies.
Fees: FAST vs. EFT vs. Havale
Understanding FAST costs requires distinguishing between three types of transfer common in Turkish banking:
- Havale: a transfer between accounts at the same bank — typically free or low-cost.
- EFT: a transfer between different banks, processed only during business hours, priced on a tiered scale based on transaction size.
- FAST: a transfer between different banks, available 24/7. During normal business hours, FAST fees are generally aligned with EFT fees. Outside business hours — a window known as the “Late Liquidity Window” (Geç Likidite Penceresi) — banks are permitted to charge up to 50% more for FAST transfers, which is why sending a large FAST transfer late at night or on a weekend can cost more than the same transfer during the day.
Layered Services Built on FAST
Beyond simple transfers, TCMB has progressively added “layered services” (katman servisleri) on top of the core FAST infrastructure:
- FAST Request-to-Pay (Ödeme İste): allows a payee to initiate a request for payment from a payer, who then confirms and authorizes the transfer — reversing the traditional flow where only the payer can initiate a transaction. This service was first rolled out for person-to-person payments, with e-commerce, e-instruction, and corporate billing use cases planned for later phases.
- FAST-TR Karekod: a standardized QR code format that lets merchants accept FAST payments at the point of sale, positioning FAST as a genuine alternative to card networks for in-person retail payments.
FAST’s Role in Turkey’s Fintech Ecosystem
FAST’s participant base has expanded well beyond traditional banks. By 2023, the number of participants reached 36, following the addition of 10 licensed Payment and Electronic Money Institutions — meaning FAST is no longer purely a bank-to-bank rail, but an interbank settlement layer that licensed fintechs can plug into directly.
This matters for the broader ecosystem in a few ways:
- Merchant payments: FAST-TR Karekod gives merchants and e-commerce platforms a lower-cost alternative to card acceptance, since instant bank transfers avoid card network interchange fees.
- Open banking synergy: Payment initiation services built on open banking APIs frequently route the underlying transfer through FAST, since it offers the fastest settlement available in the Turkish system.
- Cash displacement: With near-universal 24/7 availability, FAST has become one of the primary tools driving the shift away from cash in both retail and person-to-person payments in Turkey.
Frequently Asked Questions
Is FAST available on weekends and holidays? Yes. FAST operates 24 hours a day, 7 days a week, including weekends and public holidays, with no processing delays.
What is the maximum amount I can send via FAST? The TCMB-set limit is 100,000 TL per transaction for standard transfers, and up to 250,000 TL for merchant payments made via FAST-TR Karekod. Your bank may set a lower daily limit for your account.
Is FAST free to use? Fees vary by bank. During normal business hours, FAST fees are typically comparable to EFT fees. Outside business hours, banks can charge up to 50% more under the Late Liquidity Window policy.
How is FAST different from EFT? EFT only processes during business hours and can take longer to settle, especially for transfers submitted late in the day or on non-business days. FAST settles in seconds, 24/7, using infrastructure operated independently by TCMB.
Can fintech companies use FAST directly, or only banks? Licensed Payment Institutions and Electronic Money Institutions can participate directly in FAST, not just traditional banks. Participation requires the relevant BDDK license.
