Are Banks Starting To Feel The Crypto Heat?

I noticed a message from my bank when i was online today, it was an update on revised bank charges for FAST and GIRO transfers.

It is a big change from the previous rates for the FAST transfer, which used to cost $5 per bank transfer, starting from 1st April it will be $0.50 per FAST transfer.

For slower GIRO transfers instead of $2 per transaction it will cost $0.20. Here is the official announcement:

Although they do mention that they want to encourage online transactions, I think the crypto world may be starting to have an effect here in Singapore. Just wanted to share. :slight_smile:

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It’s happening everywhere.

In the US, there’s now a service called Zelle for rapid bank-to-bank transfers for personal accounts. Many major US banks who compete with each other signed up to provide this shared service, which is quick and cheap.

They never cooperate for any other purpose.

And they never did this before the age of Cryptos and PayPal and Venmo…

Yes, banks everywhere are feeling the heat!

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