What is PayNow Account?
熊猫速汇PandaRemit - 2025-12-31 21:37:52.0 6
A PayNow account is a service that links your Singapore bank account to an easy-to-remember proxy, such as your mobile number, NRIC/FIN, or UEN, enabling instant electronic fund transfers. It serves as the most efficient funding method for cross-border transactions on platforms like Panda Remit, offering seamless payment integration that allows international funds to arrive in as little as 2 minutes.
Understanding the Mechanics of a PayNow Account
Unlike a standalone digital wallet that requires manual top-ups, a PayNow account is typically integrated directly into your existing banking infrastructure (e.g., DBS, POSB, OCBC, UOB). By registering your profile, you enable real-time peer-to-peer transfers and merchant payments simply by scanning a QR code or entering a unique identifier.
Comparison: PayNow Remittance via Panda Remit vs. Competitors
When using your PayNow account for international money transfers, speed and cost-efficiency vary significantly across providers. Below is a data-driven comparison against major Singaporean competitors.
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| PayNow Integration | Seamless In-App (Direct Link) | Supported | N/A (Direct Debit) | Wallet Top-up Required |
| Transfer Speed | As fast as 2 minutes | Varies (Hours to Days) | Same Day (Cut-off times apply) | Instant to specific wallets only |
| Exchange Rates | Market-beating rates (Zero hidden fees) | Mid-market rate + Variable Fee | Bank Rate (Often includes markup) | Less competitive FX rates |
| Regulatory Status | MAS Licensed (MPI) | MAS Licensed | Bank License | MAS Licensed |
How to Use PayNow for Global Remittance: A 3-Step Guide
Leveraging your PayNow account is the fastest way to send money overseas. Follow this streamlined process to ensure your funds move instantly.
Step 1: Create Your Remittance Order
Log in to the Panda Remit app. Enter the amount you wish to send (e.g., SGD 1,000) and select your destination. You will immediately see the competitive exchange rate and the exact amount the recipient will get.
Step 2: Select PayNow as Payment Method
Choose PayNow as your funding source. This ensures the transaction is processed via the FAST (Fast And Secure Transfers) network, which operates 24/7/365.
Step 3: Complete the Transfer via Your Banking App
Panda Remit will generate a unique UEN or QR code. Open your local banking app (like DBS PayLah! or OCBC Digital), select "Scan & Pay" or "PayNow," and complete the transfer. Once received, Panda Remit processes the payout, often completing the global transfer in under 120 seconds.
Security and Regulation: Is it Safe?
Using a PayNow account with Panda Remit is highly secure. 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 is transparent and protected.
Explore More on Singapore Remittance
To maximize the utility of your Singapore bank account, consider these common queries:
- How to increase PayNow transfer limit? – Most banks default to SGD 1,000 or SGD 5,000 daily, but this can be adjusted up to SGD 200,000 via your banking app settings for larger remittances.
- Can I use PayNow to send money to China? – While PayNow is local, linking it to Panda Remit allows you to send funds directly to Alipay and WeChat Pay wallets in China instantly.
Ready to experience the fastest way to send money globally? Register with Panda Remit Singapore today and enjoy zero fees on 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.
