how to change paynow account
熊猫速汇PandaRemit - 2025-12-30 16:50:46.0 8
To change your PayNow account, simply log in to the mobile banking app of the new bank you wish to receive funds in, navigate to "PayNow Settings," and select the option to link your Mobile Number or NRIC to the current account. This update allows you to utilize Seamless Payment & Global Payouts via PayNow for international remittances, where funds can arrive in as little as 2 minutes with Panda Remit.
Step-by-Step Guide: Switching Your PayNow Linked Bank
In Singapore, your PayNow proxy (Mobile Number or NRIC/FIN) can only be linked to one bank account at a time for receiving funds. To change the receiving account, you generally do not need to contact your old bank; you simply register with the new one. Follow these steps:
1. Access Your Target Bank App
Open the mobile banking application of the bank you want to switch to (e.g., DBS/POSB, OCBC, or UOB). Ensure you have your 2FA token or digital token ready for verification.
2. Navigate to PayNow Profile Settings
Locate the PayNow management section. Common paths include:
- DBS/POSB: Go to Pay & Transfer > PayNow > Your Profile.
- OCBC: Go to Settings > Manage PayNow.
- UOB: Go to Services > Manage PayNow.
3. Link and Confirm Transfer
Select the proxy (Mobile Number or NRIC) you wish to port over. The app will detect that this ID is registered with another bank and ask if you wish to change the linkage. Confirm the action. Once completed, all future PayNow transfers sent to your mobile number will be deposited into this new account immediately.
Why Your PayNow Setup Matters for Remittance
Optimizing your PayNow setup is crucial for seamless cross-border transactions. As a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS) (License No. PS20200501), Panda Remit allows you to fund international transfers directly via PayNow. This integration ensures bank-grade security while bypassing the slow processing times of traditional bank wires.
Comparison: Panda Remit vs. Traditional Singapore Banks
When using your PayNow account for international transfers, efficiency and cost matter. Here is how Panda Remit compares to standard banking options and other competitors:
| Feature | Panda Remit | Traditional Banks (e.g., DBS Remit) | Other Apps (e.g., Wise) |
|---|---|---|---|
| PayNow Integration | Seamless In-App Payment | Native Integration | Supported |
| Transfer Speed | As fast as 2 minutes | 1-3 Business Days | Varies (Minutes to Days) |
| Exchange Rates | Competitive (Zero hidden fees) | Bank Rate (Often includes markup) | Mid-market rate + Variable Fee |
| Regulation | MAS Licensed (PS20200501) | MAS Licensed | MAS Licensed |
Ensuring Security in Every Transaction
Changing your PayNow account is a sensitive action. Always ensure you are operating within the official banking app. Similarly, when using PayNow to fund your Panda Remit wallet, rest assured that we implement bank-grade SSL encryption and multi-layered anti-fraud protocols. Your financial data is protected under the strict guidelines of the MAS regulatory framework.
Explore More on Singapore Remittance
Now that you have configured your PayNow account, you might be interested in maximizing your cross-border transfer limits or understanding specific payout corridors.
- How to increase PayNow transfer limit? – Most banks default to a daily limit (e.g., SGD 1,000). You can increase this up to SGD 200,000 via your bank settings to facilitate larger remittances.
- Can I use PayNow to send money to China? – While PayNow is local, you can use it to fund Panda Remit, which then delivers funds directly to Alipay or WeChat Pay wallets in China within minutes.
Ready to experience faster, safer global transfers? Register with Panda Remit Singapore today and enjoy zero fees on your first transfer.
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.
