how to change paynow
熊猫速汇PandaRemit - 2025-12-31 20:29:29.0 8
To change your PayNow settings, log in to your bank's mobile app (e.g., DBS, OCBC, UOB), navigate to "Settings" or "Transfer Services," and select "Manage PayNow." Here, you can deregister your NRIC or mobile number from the current bank and link it to a new account. Once updated, you can enjoy Seamless Payment & Global Payouts via Panda Remit, ensuring your transfers are Regulated & Secure under MAS licensing.
Step-by-Step Guide: Changing Your PayNow Linked Account
If you wish to switch the bank account associated with your NRIC or mobile number, you cannot simply "overwrite" it. You must follow this 1-2-3 protocol to ensure the registry updates correctly across the Association of Banks in Singapore (ABS).
- Deregister from the Old Bank: Log in to the internet banking or mobile app of the bank currently linked to your PayNow. Go to PayNow Settings and select Deregister. You will receive an SMS confirmation immediately.
- Register with the New Bank: Open the app of the new bank you wish to use. Navigate to PayNow Registration, select your proxy (Mobile Number or NRIC), and link it to your preferred savings or current account.
- Verify the Change: Attempt a small transfer (e.g., SGD 1.00) to yourself using a different device or ask a friend to check if the recipient name matches your new bank details.
Comparing Remittance Options via PayNow
Once you have configured your PayNow, you can use it to fund international remittances. Panda Remit leverages PayNow for seamless funding, offering distinct advantages over traditional banks and other providers.
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| Speed | As little as 2 minutes (24/7 Real-time) | Varies (Hours to Days) | Same day (Cut-off times apply) | Instant to specific wallets only |
| Exchange Rates | Market-beating rates (Zero hidden fees) | Mid-market rate + Variable fee | Bank rate (Often includes markup) | Competitive but varies by corridor |
| PayNow Integration | Seamless In-App Payment | Supported | N/A (Direct Debit) | Supported |
| Regulatory Status | MAS Licensed (MPI) | MAS Licensed | MAS Licensed (Bank) | MAS Licensed |
Why Security Matters When Changing Payment Methods
When changing PayNow details or initiating transfers, security is paramount. Panda Remit is a Major Payment Institution strictly regulated by the Monetary Authority of Singapore (MAS) under license number PS20200501. We implement bank-grade SSL encryption and multi-layered anti-fraud protocols. This ensures that whether you are sending money to Alipay in China or a bank account in India, every transaction is transparent and protected. You can verify our global regulatory compliance here.
Explore More on Singapore Remittance
How do I increase my PayNow transfer limit?
Most banks in Singapore set a default daily limit (often SGD 1,000 or SGD 5,000). To change this, log in to your banking app, search for "Transaction Limits," and adjust the PayNow limit up to SGD 200,000 depending on the bank. This allows for larger remittances via Panda Remit.
Can I use PayNow to send money to China?
Directly, no. However, you can use PayNow to fund a Panda Remit transfer, which then pays out directly to Alipay or WeChat Pay in China within minutes. To experience these fast speeds and competitive rates, you can register for a Panda Remit account 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.
