how to transfer from paynow to bank account
熊猫速汇PandaRemit - 2025-12-31 21:21:20.0 11
To transfer from PayNow to a bank account, simply select PayNow as your funding method within your remittance app to initiate the transaction. With Panda Remit, this process is seamless, allowing you to send funds to global bank accounts in as little as 2 minutes. This method supports 24/7 real-time processing and direct payouts to major banks worldwide, ensuring your money moves instantly.
Step-by-Step Guide: Using PayNow for Bank Transfers
Transferring funds via PayNow to a beneficiary bank account (whether local or overseas) is efficient when using a specialized remittance provider. Follow these three steps to complete your transaction securely:
1. Initiate Your Transfer
Log in to your account and enter the amount you wish to send. Panda Remit offers competitive exchange rates that are significantly better than traditional banks. You will see the exact amount the recipient will receive in their bank account, with zero hidden fees.
2. Select PayNow as Payment Method
When prompted to pay for the transfer, choose PayNow as your payment option. This ensures the funds are deducted from your Singapore bank account instantly. Panda Remit is a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS) (License No. PS20200501), ensuring your connection is encrypted with bank-grade SSL protocols.
3. Complete the Transaction
Use your banking app (like DBS, OCBC, or UOB) to scan the unique PayNow QR code or enter the UEN provided. Once the payment is verified, Panda Remit processes the payout immediately. Thanks to our Lightning-Fast Transfers, funds can arrive in the destination bank account in as little as 2 minutes.
Comparison: Panda Remit vs. Competitors
When deciding how to transfer from PayNow to a bank account for cross-border needs, speed and cost are critical. See how Panda Remit compares to other major players in Singapore:
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| Transfer Speed | As little as 2 mins (24/7 Real-time) | Varies (Minutes to Days) | Same day (Cut-off times apply) | 1-3 Business Days |
| Exchange Rates | High Competitive Rates | Mid-market Rate | Bank Rate (Often includes markup) | Standard Rate |
| Fees | Low/Zero for New Users | Variable Percentage Fee | $0 (But higher FX spread) | Transaction Fees Apply |
| Regulation | MAS Licensed (PS20200501) | MAS Licensed | MAS Licensed (Bank) | MAS Licensed |
Why Choose PayNow with Panda Remit?
Using PayNow is the most efficient way to fund your international transfers. By integrating PayNow, Panda Remit allows you to bypass slow bank processing times. Whether you are sending to Alipay/WeChat Pay in China, or direct bank accounts in India, Malaysia, and the USA, the combination of PayNow's instant clearing and Panda Remit's global network ensures seamless payment and global payouts.
Explore More on Singapore Remittance
If you are looking to optimize your cross-border finances further, consider these related topics:
- What is the PayNow transfer limit for overseas transactions?
Most banks set a default daily limit, but when routing through Panda Remit, you can adjust your transaction tiers based on your verification level. - Can I use PayNow to transfer to a business bank account?
Yes, using the UEN (Unique Entity Number) via Panda Remit allows for secure B2C or B2B transfers.
Ready to experience the fastest way to transfer money? Register with Panda Remit Singapore today to enjoy exclusive new user offers.
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.
