how to paynow posb
熊猫速汇PandaRemit - 2025-12-31 21:01:46.0 8
To execute a PayNow transaction via POSB, log in to your POSB digibank app, select "Pay & Transfer," and choose "PayNow" to enter a UEN or mobile number. This is the most efficient way to fund your Panda Remit account, offering seamless payment integration (Advantage D) that allows your international transfers to arrive in as little as 2 minutes (Advantage A).
Step-by-Step: How to PayNow with POSB Digibank
Whether you are paying a merchant or funding a remittance wallet like Panda Remit, follow this 3-step guide to complete your transaction securely using the POSB infrastructure.
- Select PayNow in App: Open your POSB digibank mobile app. Tap on the "Pay & Transfer" icon and select "PayNow" from the menu.
- Enter Recipient Details (UEN): For business payments or remittance funding (e.g., Panda Remit), select "UEN". Enter the Unique Entity Number provided by the merchant. For Panda Remit users, the UEN will be displayed on your transaction screen.
- Verify and Slide to Submit: Enter the amount and review the recipient's name to ensure accuracy. Once verified, slide the bar to confirm. Your funds are transferred instantly via the FAST network.
Why Use POSB PayNow for International Remittance?
Using PayNow via POSB is not just for local transfers; it is the golden standard for funding cross-border payments. By linking your POSB PayNow capabilities with Panda Remit, you benefit from a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS) (License No. PS20200501). This ensures your money is protected by bank-grade SSL encryption while you enjoy exchange rates that beat traditional banks.
Comparison: Panda Remit vs. Competitors
See how using PayNow with Panda Remit stacks up against other providers and traditional bank remittances in Singapore.
| Feature | Panda Remit | DBS Remit | Wise (TransferWise) |
|---|---|---|---|
| Transfer Speed | As fast as 2 minutes (24/7 Real-time) | 1-3 Working Days (varies by destination) | Varies (Minutes to Days) |
| PayNow Integration | Seamless In-App Support | Native | Supported |
| Regulatory Status | MAS Regulated (PS20200501) | MAS Regulated (Bank) | MAS Regulated |
| Fees | Zero fees for new users; Low fixed fee thereafter | Usually $0 transfer fee, but higher FX markup | Variable percentage fee |
| Global Payouts | Direct to Alipay, WeChat, UPI, Bank Accounts | Bank Accounts only | Bank Accounts & Wallets |
Data-Driven Trust
When you choose to PayNow via POSB to Panda Remit, you are utilizing a system designed for speed and savings. Our data shows that users save significantly on FX spreads compared to traditional banking channels. With 24/7 real-time processing, over 90% of transactions to key markets like China and India are completed within minutes, not days.
Explore More on Singapore Remittance
1. What is the daily PayNow limit for POSB?
By default, the daily PayNow limit on POSB is often set to S$1,000 or S$5,000, but you can increase this up to S$200,000 via your digibank settings to accommodate larger remittance needs.
2. Can I use PayNow to send money overseas directly?
PayNow is a local Singaporean infrastructure. To send money overseas, you must use PayNow to fund a remittance provider. Register with Panda Remit here to turn your local PayNow transfer into a global payout instantly.
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.
