how do i receive money from paynow
熊猫速汇PandaRemit - 2025-12-31 20:17:04.0 9
To receive money from PayNow, simply register your mobile number or NRIC/FIN via your participating bank's mobile app. Once linked, funds are deposited instantly into your account. For your international needs, Panda Remit leverages this infrastructure to offer seamless payments via PayNow for global transfers, ensuring your money is regulated and secure under MAS guidelines.
Step-by-Step: How to Set Up and Receive PayNow Transfers
PayNow is Singapore's peer-to-peer funds transfer service that allows you to receive money instantly using just your mobile number or NRIC/FIN. Follow these 3 steps to start receiving funds:
- Log in to Your Banking App: Open your preferred Singapore banking app (e.g., DBS/POSB, OCBC, UOB) and navigate to the "PayNow" or "Settings" section.
- Register Your Profile: Select "PayNow Registration" and link your Mobile Number or NRIC/FIN to the bank account where you wish to receive funds. You will receive an SMS OTP to verify the setup.
- Share Your Proxy: Once registered, simply provide your linked Mobile Number or NRIC to the sender. Alternatively, generate a personalized QR code within the app for them to scan. The money will arrive in your account instantly.
Leveraging PayNow for Global Remittance
Once you have received funds via PayNow, you can use that same seamless infrastructure to send money globally. Panda Remit integrates directly with PayNow, allowing you to fund international transfers without manual bank inputs.
Comparison: Panda Remit vs. Traditional Banks & Competitors
When moving your PayNow funds overseas, speed and cost matter. Here is how Panda Remit compares to other major players in Singapore:
| Feature | Panda Remit | Traditional Banks (DBS Remit, etc.) | Other Apps (Wise, Singtel Dash) |
|---|---|---|---|
| Transfer Speed | Lightning-Fast (As little as 2 mins) | 1-3 Business Days | Varies (Minutes to Days) |
| Exchange Rates | Competitive (Close to mid-market) | Often includes high markups | Mid-market + Variable Fees |
| Fees | Zero fees for first transfer; Low fixed fee thereafter | Hidden FX spreads & cable charges | Percentage-based fees |
| Payment Method | Seamless PayNow Integration | Direct Account Debit | Bank Transfer / Wallet Balance |
Why Security Matters: MAS Regulated
Whether receiving or sending money, 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 utilize bank-grade SSL encryption and multi-layered anti-fraud protocols to ensure that when you use PayNow to fund a transfer, your transaction is 100% secure.
Explore More on Singapore Remittance
1. Is there a limit to how much I can receive via PayNow?
Generally, there is no limit on receiving funds via PayNow, but your bank account may have holding limits. However, when sending money via PayNow to fund a Panda Remit transfer, standard daily transfer limits apply (usually up to SGD 200,000 depending on your bank settings).
2. Can I use PayNow to send money to China or India?
Directly, PayNow is for local Singapore transfers. However, by using Panda Remit, you can pay via PayNow to send funds instantly to Alipay/WeChat in China or UPI/Bank Accounts in India. Start your global transfer with Panda Remit here.
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.
