What is BI-FAST? Complete Guide on How to Deposit via BI-FAST on Bittime

As digital transactions grow in Indonesia, the need for a fast, affordable, and ubiquitous bank transfer system is growing.

While interbank transfers used to require waiting for operating hours or incurring high fees, now there's a more practical solution: BI-FAST.

In fact, this system can also be used for investment needs, including depositing via bank transfer via BI-FAST to a virtual bank account at Bittime.

So, to better understand, let's discuss each step, starting from the definition of BI-FAST to the deposit steps at Bittime.

What is BI-FAST?

BI-FAST is a national retail payment system infrastructure developed by Bank Indonesia. This service enables real-time, secure, efficient fund transfers, and is available 24/7.

BI-FAST is a modernization of previous transfer systems, such as SKNBI, which still had limitations on service hours and the speed of incoming funds.

With BI-FAST, interbank transfers can be made at any time, including nights, weekends, and even holidays.

The main reason BI developed BI-FAST was to address the public's need for faster (real-time), cheaper, anytime-accessible, and more convenient transfer services for non-cash transactions.

In addition, BI-FAST also functions as an alternative national retail payment infrastructure to strengthen Indonesia's financial system and reduce its reliance on a single channel.

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Benefits of BI-FAST for the Community

With BI-FAST, the community is greatly helped because:

- There are no operating hour restrictions.

- Funds are received immediately.

- Can be used via mobile banking and internet banking.

- Transaction limits are larger than regular online transfers.

BI-FAST also supports the development of the Digital Financial Economy (DEF), which is expected to drive national economic recovery and growth.

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The Differences Between BI-FAST and SKNBI and RTGS

Then, what is the differences between BI-FAST, SKNBI, and RTGS? Here are some differences you should know:

1. From the Transaction Amount Side

BI-FAST handles retail transactions up to Rp250 million per transaction. SKNBI handles a maximum of Rp1 billion, while RTGS is used for large transactions over Rp100 million.

2. From the Service Time Side

BI-FAST is available 24/7, while SKNBI and RTGS are still limited to bank operating hours.

3. From the Canal Side

BI-FAST can be accessed via mobile banking, internet banking, and in the future will be developed for QR, ATM, and EDC.

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BI-FAST Service Features

The following are the features of the BI-FAST service:

1. Individual Credit Transfer (ICT)

Transfer of funds from one sender to one recipient, most often used for daily transfers.

2. Bulk Credit Transfer (BCT)

Collective or bulk fund transfers, suitable for payroll or large payments.

3. Request for Payment (RFP)

A digital billing system, where the recipient sends a payment request to the sender.

4. Direct Debit Transfer (DDT)

Automatic periodic withdrawals of funds, for example for installments or insurance premiums.

BI-FAST is known for its low cost. The maximum fee charged by banks is usually around Rp2,500-Rp6,500 per transaction, depending on the bank's policy.

The maximum transaction limit is IDR 250 million per transaction, although banks can set lower limits according to risk management.

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How to Deposit via BI FAST on Bittime

In addition to interbank transfers, BI-FAST can also be used to deposit IDR balances to crypto platforms like Bittime. The process is fast, real-time, and suitable for beginners.

Here are the steps to deposit via bank transfer via BI FAST to a virtual bank account on Bittime:

1. Log in to the Bittime App

Open the Bittime app, log in to your account, then select the IDR Deposit menu on the main page.

2. Select Virtual Bank Account

Select the "VA Bank" method, then select the destination bank, such as Mandiri, BRI, CIMB Niaga, or Permata. Enter the deposit amount (minimum IDR 10,000), then click Deposit Now.

3. Copy the Virtual Account Number

The system will display a unique VA number for your transaction. Copy this number correctly.

4. Make a transfer via BI-FAST

Open your bank's mobile banking or ATM:

- Select the “Interbank Transfer” or “Virtual Account” menu.

- Enter the Bittime VA number and select the destination bank.

3. Select the “BI-FAST” or “Real-time Online” method.

4. Enter a nominal according to instructions.

5. Confirm the transaction.

5. Automatic Balance Deposit

If the transfer is successful, the IDR balance will automatically be credited to your Bittime wallet within minutes and can be used immediately for crypto trading.

Here are some important notes when making deposits via BI-FAST at Bittime:

- Estimated time is around 1-5 minutes (real-time).

- Admin fees follow the BI-FAST rates of each bank.

- Make sure the transfer amount is correct.

- Save proof of transfer in case of problems.

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Conclusion

So, what is BI-FAST? BI-FAST is a 24/7 real-time bank transfer system developed by Bank Indonesia to simplify retail transactions. Compared to the previous service, BI-FAST is faster, more affordable, and more flexible.

Meanwhile, How to deposit via BI FAST to a virtual bank account at BittimeIt's very practical and suitable for anyone looking to start investing in crypto. With its real-time processing and low fees, BI-FAST is the ideal solution for today's digital financial needs.

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How to Buy Crypto on Bittime

Want to trade sell and buy Bitcoins and easy crypto investing? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is secure and fast.

Start by registering and verifying your identity, then make a minimum deposit of IDR 10,000. After that, you can immediately purchase your favorite digital assets!

Check the course BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Additionally, visit Bittime Blog to get various interesting updates and educational information about the world of crypto. Find trusted articles on Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

FAQ 

What is BI-FAST?

BI-FAST is a national retail payment system for real-time fund transfers available 24/7.

Can all banks use BI-FAST?

Most major banks in Indonesia already support BI-FAST.

How much does a BI-FAST transfer cost?

Fees are usually around Rp2,500–Rp6,500 per transaction, depending on bank policy.

What is the minimum BI-FAST deposit at Bittime?

The minimum deposit via BI-FAST at Bittime is IDR 10,000.

How long does it take for the balance to be credited to Bittime?

Balances are usually credited within minutes in real-time.