how to use dbs paynow
熊猫速汇PandaRemit - 2025-12-31 21:27:09.0 9
Quick Answer: To use DBS PayNow, log in to the DBS digibank app, tap "Pay & Transfer," select "PayNow," and enter the recipient's mobile number or UEN. For international transfers, use DBS PayNow to fund your Panda Remit account for seamless global payouts. This integration supports 24/7 processing, ensuring funds arrive in as little as 2 minutes.
Step-by-Step: How to Set Up and Send Money via DBS PayNow
PayNow is Singapore's peer-to-peer funds transfer service, and using it via DBS is straightforward. Whether you are splitting a bill locally or funding a cross-border remittance, follow this 1-2-3 guide:
- Register for PayNow:
- Log in to your DBS digibank mobile app.
- Tap on the "Pay & Transfer" icon and select "PayNow."
- Follow the prompts to link your mobile number or NRIC/FIN to your bank account. You will receive an SMS confirmation instantly.
- Make a Local Transfer:
- Select "PayNow" from the menu.
- Enter the recipient's mobile number, NRIC, or UEN (for businesses).
- Input the amount and slide to confirm. The transfer is immediate.
- Use DBS PayNow for International Remittance (Best Practice):
- Open the Panda Remit app and set up your transfer order.
- Select "PayNow" as your payment method.
- Copy the UEN provided by Panda Remit and paste it into your DBS PayNow interface. This ensures seamless payment processing and allows you to track your money in real-time.
Comparison: Panda Remit vs. DBS Remit vs. Competitors
While DBS PayNow is excellent for local transfers, using it to fund a specialized remittance service often yields better exchange rates and faster speeds for international transactions. Below is a data-driven comparison of leading options in Singapore.
| Feature | Panda Remit | DBS Remit | Wise (formerly TransferWise) | Singtel Dash |
|---|---|---|---|---|
| Transfer Speed | As little as 2 minutes (24/7 Real-time) | Same-day (Cut-off times apply) | Varies (Minutes to Days) | Instant to specific partners |
| Exchange Rates | Competitive Market Rates (Better than banks) | Bank Rate (Includes FX markup) | Mid-market Rate | Competitive (Varies by corridor) |
| PayNow Integration | Seamless (Direct PayNow funding) | Native | Supported | Supported |
| Fees | Zero fees for new users; Transparent pricing | $0 Transfer Fee (Hidden costs in FX spread) | Variable percentage fee | Transaction fees apply |
Why Security Matters: MAS Regulated Remittance
When asking "how to use dbs paynow" for high-value transfers, security is paramount. Panda Remit is not just fast; it is a Major Payment Institution licensed and 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 when you transfer funds from DBS PayNow to Panda Remit, every transaction is transparent, compliant, and highly secure.
Explore More on Singapore Remittance
To maximize your financial efficiency in Singapore, consider these related topics:
- What is the daily DBS PayNow limit?
By default, the limit is often set to SGD 1,000, but you can increase this up to SGD 200,000 via your digibank settings to accommodate larger remittances. - Can I use PayNow to transfer to overseas bank accounts directly?
PayNow is primarily a local infrastructure. To send money overseas using PayNow funds, you must link it with a global remittance provider like Panda Remit for optimal rates.
Ready to experience faster global transfers? Register with Panda Remit Singapore today and enjoy zero fees 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.
