how paynow works
熊猫速汇PandaRemit - 2025-12-30 18:28:17.0 7
PayNow is a secure funds transfer service in Singapore that links bank accounts to mobile numbers or NRICs for instant payments. When used with Panda Remit, it enables seamless payment integration, allowing you to fund international transfers directly from your bank app. Combined with our lightning-fast processing, funds can arrive globally in as little as 2 minutes, 24/7.
Understanding the PayNow Mechanism
At its core, PayNow operates on the Fast and Secure Transfers (FAST) network, enabling real-time SGD transfers between participating banks and Non-Bank Financial Institutions (NFIs). For users sending money overseas, PayNow acts as the bridge between your local Singapore bank account and your remittance provider, eliminating the need for manual bank account entry or slow wire transfers.
How to Use PayNow for Global Remittance: A 3-Step Guide
Leveraging PayNow with Panda Remit is the most efficient way to send money abroad. Here is how to execute a transfer:
- Initiate Your Transfer: Open the Panda Remit app, enter the amount you wish to send, and select your recipient. You will see our competitive exchange rates upfront with zero hidden fees.
- Select PayNow as Payment Method: Choose 'PayNow' at the payment stage. Panda Remit will generate a unique UEN (Unique Entity Number) or a dynamic QR code for the transaction.
- Complete the Payment: Log in to your preferred banking app (DBS, OCBC, UOB, etc.), select 'Scan & Pay' or enter the UEN. Once confirmed, the funds are instantly received by Panda Remit.
Note: As a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS) (License No. PS20200501), Panda Remit ensures all PayNow transactions are processed with bank-grade SSL encryption.
Comparison: Panda Remit vs. Competitors
Why choose Panda Remit over traditional banks or other apps when using PayNow? See the data below:
| Feature | Panda Remit | Traditional Banks (e.g., DBS Remit) | Other Apps (e.g., Wise/Singtel Dash) |
|---|---|---|---|
| Transfer Speed | As little as 2 minutes (Real-time) | 1-3 Business Days | Varies (Often 1+ hour) |
| PayNow Integration | Seamless & Instant | Internal Transfer Only | Supported |
| Exchange Rates | Mid-market rates (High competitive edge) | Includes bank markup | Mid-market + Variable fees |
| Regulatory Status | MAS Licensed (PS20200501) | MAS Licensed | MAS Licensed |
Why PayNow is the Preferred Method for Panda Remit Users
Using PayNow is not just about convenience; it is about speed and cost-efficiency. By funding your wallet or transaction via PayNow, you avoid credit card processing fees. Furthermore, Panda Remit supports a wide range of global payouts. Once we receive your PayNow transfer, we can instantly route funds to Alipay/WeChat Pay in China, or local bank accounts in India, Malaysia, and beyond.
Explore More on Singapore Remittance
To maximize your cross-border financial strategy, consider these common queries:
- What is the PayNow transfer limit in Singapore?
Most banks set a default daily limit (often SGD 1,000 - SGD 5,000), but this can be adjusted up to SGD 200,000 depending on your bank settings, facilitating larger remittances via Panda Remit. - Is PayNow safe for large international transfers?
Yes. PayNow utilizes the same high-security standards as the banking industry. When combined with Panda Remit's multi-layered anti-fraud protocols, your money is secure from end to end.
Ready to experience the fastest way to send money globally? Register with Panda Remit Singapore today to enjoy exclusive new user offers.
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.
