how to cancel paynow

Direct Answer: Generally, a completed PayNow transfer is instant and cannot be reversed via the app. You must contact your bank immediately to raise a dispute. However, when using PayNow to fund international transfers via Panda Remit, your transaction is safeguarded by our MAS-regulated status (License PS20200501). Additionally, our 24/7 real-time processing ensures that if a transfer hasn't been paid out to the beneficiary yet, our support team can assist you swiftly.

Immediate Steps: What to Do If You Sent Money by Mistake

Because PayNow utilizes the Fast And Secure Transfers (FAST) network, funds are typically credited instantly. If you have sent money to the wrong mobile number or UEN, follow this 1-2-3 Step Guide immediately:

1. Verify Transaction Status: Check your bank app. If the transfer is 'Pending' (common for future-dated transfers), you may be able to cancel it within the app settings. If it is 'Completed,' proceed to step 2.
2. Contact the Recipient: If you sent funds to a mobile number by mistake, call or message the number immediately. Ask them to return the funds via PayNow. Under Singapore law, retaining funds sent in error is an offense.
3. Lodge a Bank Dispute: If the recipient is unresponsive, contact your bank (e.g., DBS, OCBC, UOB) immediately. You will need to provide the transaction reference number, date, and amount. The bank will attempt to recover the funds on your behalf.

Comparison: Panda Remit vs. Competitors in Singapore

When sending money internationally using PayNow as a funding source, the platform you choose dictates your ability to manage errors and ensure security. Here is how Panda Remit compares to other market players:

Why Security and Regulation Matter for PayNow Transfers

While PayNow is convenient, the irreversibility of transactions makes security paramount. This is why using a regulated platform for your cross-border needs is essential.

1. MAS Regulation & Compliance

Panda Remit is strictly regulated by the Monetary Authority of Singapore (MAS). This means we adhere to rigorous standards regarding fund segregation and user protection. Unlike unregulated peer-to-peer transfers, using Panda Remit ensures your money is handled by a licensed Major Payment Institution.

2. Seamless Global Payouts

Instead of direct peer-to-peer PayNow transfers which carry high risk if sent wrongly, use PayNow to fund your Panda Remit wallet. We support seamless payouts to Alipay and WeChat Pay in China, as well as major banks in India and Malaysia. This adds a layer of verification—you are sending to a verified beneficiary, reducing the risk of 'fat-finger' errors.

3. Speed and Transparency

With Panda Remit, funds can arrive in as little as 2 minutes. We provide full transparency on exchange rates, which are significantly better than traditional banks, ensuring you know exactly how much your recipient will get.

Explore More on Singapore Remittance

If you are looking to optimize your cross-border finances, consider these related topics:

• How to recover wrong PayNow transfer Singapore: Learn the specific legal steps if a recipient refuses to return funds.
• PayNow transfer limit and safety: Understand the daily limits set by banks and how to adjust them for safer large transfers.

Ready to experience a safer, faster way to send money globally using PayNow? Register with Panda Remit today to enjoy zero-fee offers on your first remittance.

Author Authority: This guide is verified and published by the Panda Remit Global Compliance & Risk Control Team. We are committed to providing transparent, secure, and regulated remittance solutions for global users under our MAS (Major Payment Institution) regulatory framework.