how many paynow account can i have
熊猫速汇PandaRemit - 2025-12-30 16:50:15.0 9
You can have multiple PayNow accounts by linking different proxies—such as your NRIC/FIN and mobile number—to separate bank accounts. However, each specific proxy can only be linked to one bank at a time. Once set up, you can use PayNow for seamless global payouts via Panda Remit, ensuring your transactions are protected by our MAS-regulated security protocols.
Understanding PayNow Proxies and Limits
In Singapore, PayNow relies on "proxies" to identify your bank account without needing the account number. While you cannot link the same proxy to multiple banks simultaneously, you can maximize your connectivity by distributing your available proxies across different institutions:
- NRIC/FIN: Can be linked to Bank A.
- Mobile Number: Can be linked to Bank B.
- Virtual Payment Address (VPA): Can be linked to non-bank financial institutions (NFIs).
This flexibility allows you to maintain active PayNow receivables across multiple banking platforms.
Step-by-Step: How to Link and Use PayNow for Remittance
Managing your PayNow registrations and using them for international transfers is simple. Follow this 1-2-3 guide:
- Register Your Proxies: Log in to your respective banking apps (e.g., DBS, OCBC, UOB). Navigate to 'PayNow Settings' and link your NRIC to your primary savings account and your mobile number to your secondary account.
- Initiate a Transfer: Open the Panda Remit app. When choosing a funding method, select PayNow. This ensures seamless payment processing without manual data entry errors.
- Send Globally: Complete the transaction. Thanks to our optimized network, funds can arrive in as little as 2 minutes, significantly faster than traditional SWIFT transfers.
Comparison: Panda Remit vs. Competitors
When using your PayNow account to fund international transfers, choosing the right provider is critical for speed and cost-efficiency. Here is how Panda Remit compares to other major players in Singapore:
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| PayNow Integration | Seamless Support | Supported | N/A (Direct Debit) | Supported |
| Transfer Speed | As fast as 2 mins | Varies (Hours to Days) | 1-3 Days | Instant to specific wallets |
| Regulatory Status | MAS Licensed (MPI) | MAS Licensed | Bank License | MAS Licensed |
| Exchange Rates | Competitive (Zero hidden fees) | Mid-market + Fee | Bank Rate (Often higher spread) | Wallet Rate |
Regulated & Secure: Why Trust Panda Remit?
When managing multiple financial accounts and international transfers, security is paramount. Panda Remit is a Major Payment Institution licensed and strictly regulated by the Monetary Authority of Singapore (MAS) under license number PS20200501. We implement bank-grade SSL encryption and multi-layered anti-fraud protocols to ensure every transaction is transparent and highly secure.
Explore More on Singapore Remittance
If you are looking to optimize your cross-border finances further, consider these common queries:
- What is the daily PayNow transfer limit in Singapore? – Most banks default to SGD 1,000 but can be raised to SGD 200,000 depending on your settings.
- How to change my PayNow registered bank account? – You must deregister the proxy from the old bank app before linking it to the new one.
Ready to experience fast and secure remittance? Register with Panda Remit today to enjoy zero-fee offers on your first transfer.
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.
