The Difference Between BI-FAST and Real Time Online and How to Deposit via BI-FAST on Bittime

In inter-bank transfer activities, you may often see two options that are similar but actually different, BI-FAST and Real Time Online. 

At first glance, both are fast and practical, but if you look deeper, there are several important differences that you need to know.

Especially if you frequently make deposits to crypto platforms, understanding the difference between BI-FAST and real time online can help choose the most efficient transfer method, including how to deposit via BI-FAST to a virtual bank account at Bittime.

What is BI-FAST Transfer?

BI-FAST is an interbank funds transfer service developed directly by Bank Indonesia. This system is part of the national retail payment infrastructure designed to allow transactions to be conducted real-time, secure, efficient, and available 24 hours.

BI-FAST was introduced in December 2021 as a modernization of legacy systems such as the SKNBI. Going forward, more retail clearing services will be transferred to BI-FAST as the banking industry becomes more prepared.

With an automated clearing system managed by Bank Indonesia, BI-FAST ensures that funds sent will reach the recipient quickly and accurately.

Read Also: How to Buy & Stake USDT to Avoid Negative Portfolio

What is Real Time Online Transfer?

Meanwhile, Real Time Online is an inter-bank transfer service that is already well known to the public.

This service allows funds to move from the sender's account to the recipient's account directly in seconds through the interbank network.

Because the process is instant and available at almost all banks, Real Time Online is often the main choice for fast transfers, even though the fees are relatively more expensive than BI-FAST.

Read Also: How to Stake Palapa (PLPA) on Bittime: A Complete Guide

Differences Between BI-FAST and Real Time Online Transfers

Here are the differences in BI-FAST and Real Time Online transfers that you need to know:

1. Transfer Speed

Both are fast, but Real Time Online is usually superior in terms of speed because funds can be entered in seconds. 

Meanwhile, BI-FAST is still considered real-time, but the process can take a few minutes because follows the Bank Indonesia clearing mechanism.

2. Security Level

From a security perspective, BI-FAST transfers have added value because they are under the direct supervision of Bank Indonesia.

The BI-FAST system is equipped with advanced security features such as fraud detection, money laundering prevention, and terrorism financing.

Meanwhile, Real Time Online transfers are also secure, but do not have a centralized monitoring system like BI-FAST.

3. Transfer Fee

This is one of the most noticeable differences. Real Time Online transfer fees are generally around IDR6,500 per transaction. Meanwhile, BI-FAST is much cheaper with costs around IDR2,500 per transaction, depending on bank policy.

4. Transaction Limit

BI-FAST excels in terms of limits. This service allows transfers of up toRp. 250 million per transaction. In contrast, Real Time Online usually has a maximum limit of aroundRp. 25 million per transaction.

5. Service Availability

Real Time Online is now available at almost all banks, making it easier to find. BI-FAST still relies on bank participation in the BI system, although most major banks now support this service.

6. Proxy Address

BI-FAST supports proxy address features, which uses a mobile phone number or email address instead of an account number. This feature is not yet available on the Real Time Online service, which still requires the recipient's account number.

Read Also: How to Buy USDT with QRIS: Easy Steps for Beginners!

When Should You Use BI-FAST?

BI-FAST is suitable for use when you want to:

- Interbank transfers at lower costs.

- Sending large amounts of funds.

- Conducting transactions outside bank operating hours.

- Get extra security from the Bank Indonesia system.

Read Also: How to Transfer Palapa Tokens (PLPA) on Pionex via Bittime

How to Deposit via BI FAST on Bittime

In addition to regular transfers, BI-FAST can also be used for deposits to crypto platforms.How to deposit via BI FAST to a virtual bank account at Bittime which is easy and fast:

1. Login to the Bittime App

Open the Bittime app and log in to your account. On the main page, select the "IDR Deposit”.

2. Select Virtual Bank Account

Select the method “Virtual Account (VA)”, then select the destination bank such as Mandiri, BRI, CIMB Niaga, or Permata. Enter the deposit amount (minimum Rp. 10,000), then clickDeposit Now.

3. Copy the VA Number

The system will display a unique Virtual Account number. Copy this number correctly to avoid transfer errors.

4. Transfer via BI-FAST

Log in to your bank's mobile banking or ATM:

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

- Enter the Bittime VA number and destination bank.

- Select method "BI-FAST”.

- Enter the nominal amount according to the instructions.

- Confirm transaction.

5. Automatic Balance Deposit

If the transaction is successful, the IDR balance will be credited to the Bittime wallet in minutes and ready to use for trading.

Read Also: How to Buy Codatta (XNY) on Bittime: A Complete Guide for Beginners

Conclusion

Understand the difference between BI-FAST and real time onlineIt's crucial to choose the transfer method that best suits your needs. BI-FAST excels in terms of cost, limits, and security, while Real Time Online is faster and more widely available.

For investment matters,How to deposit via BI FAST to a virtual bank account at BittimeIt's a practical choice because it's affordable, fast, and available 24/7. With BI-FAST, the deposit process is more efficient without having to worry about bank operating hours.

Read Also: How to Buy DeAgentAI (AIA) on Bittime Easily for Beginners

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 the difference between BI-FAST and real time online?

BI-FAST is cheaper and has a larger limit, while real-time online is faster and more widely available.

Is BI-FAST safe to use?

Yes, BI-FAST is directly supervised by Bank Indonesia and is equipped with an advanced security system.

How much does a BI-FAST transfer cost?

The average is around IDR 2,500 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.