Real-Time Gross Settlement (RTGS)

Real-Time Gross Settlement (RTGS) is an electronic funds transfer system used to send large amounts of money quickly and securely from one bank to another bank (interbank transfer). 

RTGS and ACH are both electronic fund transfer systems, with distinctions in the value of the transfer, as well as the timing:

• RTGS is used for transactions between local banks above TTD $500,000, and are typically completed on the same day, once submitted before 12 noon.
• ACH is used for transactions between banks below TTD $499,999 and are typically completed within 24 hours. 

There is no minimum value for RTGS transactions, but transactions valued at TTD $500,000 and above are preferred.

RTGS transactions submitted by 12 noon will be processed on the same day. Transactions submtted after 12 noon or on public holidays will be processed on the next business day.

Yes, a processing fee of TTD $40 applies for each RTGS transaction.

No, RTGS can only be used for local/domestic interbank transactions.

• Beneficiary’s name, bank account details and SWIFT Code
• Payment amount

Once an RTGS transaction is initiated, the process cannot be cancelled since the funds are debited immediately from your account. It is very important to verify the details before initiating the transfer.