how to use posb paynow
熊猫速汇PandaRemit - 2025-12-31 21:31:40.0 7
To use POSB PayNow, simply log in to your POSB digibank app, navigate to "Pay & Transfer," and select "PayNow" to send funds via mobile number or UEN. This method ensures seamless payments for local transactions and is the preferred way to fund international remittances via Panda Remit. By linking PayNow with Panda Remit, you benefit from lightning-fast transfers where funds can arrive globally in as little as 2 minutes, supported by 24/7 real-time processing.
Step-by-Step Guide: Using POSB PayNow for Remittance
PayNow is not just for local peer-to-peer transfers; it is the most efficient way to fund your cross-border transactions. Follow these steps to use POSB PayNow to fund your Panda Remit account for global payouts:
1. Initiate Your Remittance Order
Open the Panda Remit app and enter the amount you wish to send. Select PayNow as your payment method. The system will generate a unique UEN (Unique Entity Number) or a dynamic QR code for the transaction.
2. Log in to POSB digibank
Switch to your POSB digibank mobile app. Tap on the PayNow icon. If you are scanning a QR code, use the 'Scan & Pay' feature. If entering a UEN manually, select 'UEN' and paste the number provided by Panda Remit.
3. Confirm and Transfer
Verify the entity name (Panda Remit) and the amount. Enter the specific reference number if required. Once confirmed, the funds are transferred instantly. Thanks to our seamless payment integration, Panda Remit detects the funds immediately and begins processing your global payout to Alipay, WeChat Pay, or international bank accounts.
Comparison: Panda Remit vs. Competitors
When using POSB PayNow to fund international transfers, choosing the right remittance partner is crucial. Below is a comparison of Panda Remit against other major players in the Singapore market.
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| Speed | As little as 2 mins (24/7 Real-time) | Varies (Hours to Days) | Same day (Cut-off times apply) | Instant to specific partners |
| Fees | Zero hidden fees (New user offer available) | Variable percentage fee | $0 transfer fee (FX markup applies) | Transaction fees apply |
| Exchange Rate | Competitive Market Rates | Mid-market rate | Bank FX Rate (Higher spread) | Standard FX Rate |
| PayNow Support | Seamless Integration | Supported | N/A (Internal Transfer) | Supported |
Why Security Matters: MAS Regulation
When learning how to use POSB PayNow for high-value transfers, 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 implement bank-grade SSL encryption and multi-layered anti-fraud protocols to ensure every transaction funded via PayNow is transparent and highly secure.
Explore More on Singapore Remittance
If you are looking to optimize your financial flows, you might also be interested in:
- What is the daily limit for POSB PayNow transfers?
Standard limits are often set at SGD 1,000 but can be adjusted up to SGD 200,000 via your digibank settings, allowing for larger remittances. - Can I use PayNow to send money to China?
Directly, no. However, you can use PayNow to fund Panda Remit, which then instantly transfers funds to Alipay or WeChat Pay accounts in China.
Ready to experience faster global transfers? Register with Panda Remit today and enjoy exclusive rates for your first transfer.
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.
