can i register paynow with different banks
熊猫速汇PandaRemit - 2025-12-31 20:00:52.0 7
Yes, you can register PayNow with different banks. While you cannot link the same specific proxy (e.g., your mobile number) to two banks simultaneously, you can link your NRIC to one bank and your mobile number to another. This flexibility allows you to manage funds efficiently, enabling seamless payments via PayNow for services like Panda Remit, which is regulated by the MAS to ensure your cross-border transactions are secure.
How PayNow Proxies Work in Singapore
PayNow operates using unique identifiers known as "proxies." To maintain accounts with different banks, you must assign a unique proxy to each institution. The available proxies for individuals are:
- Mobile Number: Can be linked to Bank A.
- NRIC/FIN: Can be linked to Bank B.
- Virtual Payment Address (VPA): Available with certain non-bank financial institutions (NFIs).
Step-by-Step: How to Configure PayNow for Multiple Banks
If you wish to split your PayNow receivables between two different accounts (e.g., DBS and OCBC), follow this 3-step guide:
- Check Current Registration: Log in to your primary bank app (e.g., DBS/POSB digibank) and navigate to "PayNow Settings" to see if both your Mobile and NRIC are linked to the same account.
- Deregister One Proxy: If both are linked to Bank A, select the proxy you wish to move (e.g., NRIC) and choose "Deregister."
- Register with Bank B: Log in to your second bank app (e.g., OCBC or UOB). Navigate to PayNow settings and register your NRIC. You now have Mobile linked to Bank A and NRIC linked to Bank B.
Comparison: Panda Remit vs. Competitors for PayNow Remittance
Once your PayNow is set up, you can use it to fund international remittances instantly. Below is a comparison of how Panda Remit stacks up against other major players in Singapore when funding via PayNow.
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| PayNow Support | Seamless Integration | Supported | Direct Debit | Wallet Top-up |
| Transfer Speed | As fast as 2 minutes | Varies (Hours to Days) | Instant to Same-Day | Instant to Wallet |
| Exchange Rates | Market-leading rates (Zero hidden fees) | Mid-market rate + Fees | Bank FX Rates (Usually lower) | In-app FX Rates |
| Regulation | MAS Licensed (MPI) | MAS Licensed | MAS Licensed | MAS Licensed |
Why Security Matters: The Panda Remit Advantage
When linking your bank accounts and making transfers, security is paramount. Panda Remit is a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS) under license number PS20200501. We utilize bank-grade SSL encryption and strict anti-fraud protocols, ensuring that whether you are sending money to Alipay in China or a bank account in India, your funds are protected.
Furthermore, by using PayNow with Panda Remit, you benefit from our 24/7 real-time processing, where funds can arrive at the destination in as little as 2 minutes.
Explore More on Singapore Remittance
If you are looking to optimize your financial transfers in Singapore, you might also be interested in:
- How to change PayNow daily transfer limits? – Most banks allow you to adjust this via their app settings to accommodate larger remittances.
- Is there a fee for using PayNow? – Generally, PayNow transfers within Singapore are free, making it the ideal funding method for zero-fee remittance offers.
Ready to experience fast, secure, and high-rate global transfers? Register with Panda Remit Singapore today and maximize your money.
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.
