how to withdraw cpf money using paynow
熊猫速汇PandaRemit - 2025-12-31 21:32:45.0 8
To withdraw CPF money using PayNow, you must first link your PayNow to your NRIC via your bank account. Once linked, log in to the CPF portal, submit a withdrawal application, and funds will be credited instantly via FAST. Once received, you can use Panda Remit for lightning-fast transfers (arriving in as little as 2 minutes) and seamless payment integration via PayNow to send funds globally.
Step-by-Step Guide: Withdrawing CPF and Remitting Funds
The Central Provident Fund (CPF) Board utilizes PayNow (linked to NRIC) to facilitate immediate withdrawals for members aged 55 and above, or for other eligible lump-sum payouts. Follow this 3-step process to secure your funds and manage them efficiently.
Step 1: Link PayNow to Your NRIC
Before attempting a withdrawal, ensure your bank account is linked to your NRIC (not just your mobile number). Log in to your local bank app (DBS, OCBC, UOB, etc.), navigate to PayNow settings, and register your NRIC. This enables the CPF Board to transfer funds via FAST (Fast And Secure Transfers).
Step 2: Submit Withdrawal Request via CPF Portal
Log in to the CPF website using your Singpass. Navigate to my cpf Online Services > My Withdrawals. Select the withdrawal type (e.g., Withdrawal for 55 and above). When prompted for the payment mode, ensure PayNow is selected. Most PayNow withdrawals are processed instantly or within the same business day.
Step 3: Maximize Your Funds with Panda Remit
Once the CPF funds hit your bank account, you may wish to remit them to family overseas or invest globally. Instead of using traditional bank wires with high fees, use Panda Remit directly via PayNow.
- Open the Panda Remit App and set your sending amount.
- Select PayNow as your payment method.
- Enjoy competitive exchange rates and track your money in real-time.
Comparison: Panda Remit vs. Competitors
When moving your withdrawn CPF funds overseas, choosing the right provider is crucial. Below is a comparison of Panda Remit against major Singaporean financial institutions and remittance apps.
| Feature | Panda Remit | Traditional Banks (DBS/OCBC) | Wise (TransferWise) |
|---|---|---|---|
| Speed | As little as 2 minutes (24/7 Real-time) | 1-3 Business Days | Varies (Minutes to Days) |
| PayNow Integration | Seamless In-App Payment | N/A (Internal Transfer) | Supported |
| Exchange Rates | Market-leading rates (Zero hidden fees) | High markup (Often 1-3% spread) | Mid-market rate + Variable Fee |
| Regulatory Status | MAS Licensed (MPI) | MAS Licensed (Bank) | MAS Licensed (MPI) |
Why Security Matters: MAS Regulation
When dealing with your hard-earned CPF savings, security is non-negotiable. 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 move your CPF withdrawal from your local bank to an overseas account via Panda Remit, the transaction is fully compliant and secure. You can verify our global regulatory status here.
Explore More on Singapore Remittance
1. What is the maximum limit for PayNow transfers to Panda Remit?
While CPF withdrawals depend on your account balance, transferring those funds to Panda Remit via PayNow is subject to your bank's daily limit (usually up to SGD 200,000) and Panda Remit's transaction caps, ensuring flexibility for large transfers.
2. Can I transfer CPF money directly to an overseas bank account?
No, CPF withdrawals must first be credited to your Singapore bank account. However, once the funds arrive, you can use Panda Remit to instantly transfer them to Alipay, WeChat Pay, or global bank accounts.
Ready to move your funds? Register with Panda Remit Singapore today to enjoy zero-fee offers 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.
