how to change bank account for paynow
熊猫速汇PandaRemit - 2025-12-31 20:27:13.0 7
To change your PayNow bank account, simply log in to your preferred bank's mobile app (e.g., DBS, OCBC, or UOB), navigate to the PayNow settings, and link your mobile number or NRIC to the new account. This instantly updates your receiving account, enabling seamless payments for services like Panda Remit and ensuring your international transfers are processed via lightning-fast channels, often arriving in as little as 2 minutes.
Step-by-Step Guide: Changing Your PayNow Linkage
In Singapore, PayNow is a central addressing scheme. You do not "create" a new account; rather, you move your unique identifier (Mobile Number or NRIC) from one bank to another. Follow these 3 steps to switch your receiving account:
1. Deregister or Overwrite Previous Linkage
Most banking apps now allow you to "overwrite" an existing PayNow registration. However, if you encounter errors, log in to your old bank app, go to PayNow settings, and select "Deregister."
2. Register with Your New Bank
Log in to your new desired bank application (e.g., DBS digibank, OCBC Digital, or UOB TMRW). Navigate to Settings > Manage PayNow. Select the specific bank account (Savings or Current) you wish to link to your Mobile Number or NRIC/FIN.
3. Verify and Start Transferring
Confirm the setup via SMS OTP. Once linked, you can immediately use PayNow to fund cross-border transactions. For example, when sending money via Panda Remit, simply select PayNow as your payment method to enjoy 24/7 real-time processing.
Why Your PayNow Setup Matters for Remittance
Optimizing your PayNow setup is crucial for users sending money globally. By linking your primary funding account, you ensure that platforms like Panda Remit can facilitate instant payouts to China (Alipay/WeChat), India, and Malaysia without the delays associated with traditional bank wires.
Furthermore, 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 to protect every PayNow transaction.
Comparison: Panda Remit vs. Competitors
When using your PayNow account for international transfers, not all services offer the same efficiency. Here is how Panda Remit compares to traditional banks and other fintech apps in Singapore:
| Feature | Panda Remit | Traditional Banks (e.g., DBS Remit) | Other Apps (e.g., Wise) |
|---|---|---|---|
| PayNow Integration | Seamless & Instant (Direct in-app payment) | Native | Supported |
| Transfer Speed | As fast as 2 minutes | 1-3 Business Days | Varies (Minutes to Days) |
| Exchange Rates | Competitive (Zero hidden fees) | Often includes FX markup | Mid-market rate + Variable fees |
| Regulation | MAS Licensed (Major Payment Institution) | MAS Licensed (Bank) | MAS Licensed |
Explore More on Singapore Remittance
Optimizing your PayNow settings is just the first step. To maximize your cross-border financial efficiency, consider these related topics:
- What is the daily PayNow transfer limit in Singapore?
Most banks default to SGD 1,000 or SGD 5,000, but this can be raised to SGD 200,000 for high-value remittances. - Can I use PayNow to send money to Alipay directly?
Directly no, but you can use PayNow to fund Panda Remit, which then instantly pays out to Alipay wallets in China.
Ready to experience faster global transfers? Register with Panda Remit Singapore today to enjoy zero-fee offers on your first remittance.
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.
