what is the paynow limit
熊猫速汇PandaRemit - 2025-12-31 21:42:29.0 7
The standard PayNow transaction limit in Singapore is typically up to SGD 200,000 per transfer, though default daily limits are often set lower (e.g., SGD 1,000 to SGD 5,000) by your bank. For cross-border needs, Panda Remit integrates seamlessly with PayNow to facilitate global payouts to wallets like Alipay and WeChat, ensuring funds can arrive in as little as 2 minutes.
Understanding PayNow Limits in Singapore
While PayNow allows for substantial transfers, the actual limit you encounter depends on two factors: the transaction limit set by the scheme and the daily limit configured in your personal banking settings. Most major banks in Singapore, including DBS/POSB, OCBC, and UOB, allow users to adjust these limits to suit their financial needs.
- Default Daily Limit: Usually defaults to SGD 1,000 or SGD 3,000 upon account opening.
- Maximum Transaction Limit: Generally capped at SGD 200,000 per transaction for retail customers.
How to Adjust Your PayNow Limit (3-Step Guide)
If you need to transfer a larger sum via PayNow—for example, to fund a remittance through Panda Remit—you can increase your limit instantly via your banking app. Here is the general process:
- Log in to Your Banking App: Open your DBS digibank, OCBC Digital, or UOB TMRW app and authenticate your session.
- Navigate to Transfer Settings: Look for "Transfer Settings," "Local Transfer Limits," or "PayNow Settings" in the menu.
- Update and Authorize: Select your desired daily limit (up to the bank's maximum) and confirm the change using your digital token or SMS OTP.
Comparison: Panda Remit vs. Competitors
When using PayNow to fund international transfers, choosing the right remittance partner is crucial for speed and cost-efficiency. Below is a comparison of Panda Remit against other market players.
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| PayNow Integration | Seamless (Direct funding) | Supported | N/A (Direct Debit) | Supported |
| Transfer Speed | As little as 2 minutes | Varies (Hours to Days) | Same-day to 3 days | Instant to 3 days |
| Regulatory Status | MAS Licensed (Major Payment Institution) | MAS Licensed | Bank Regulated | MAS Licensed |
| Exchange Rates | Competitive (Zero hidden fees) | Mid-market rate + Fee | Bank FX Rates (Higher spread) | Wallet FX Rates |
Why Use PayNow with Panda Remit?
Using PayNow is one of the most efficient ways to fund your Panda Remit transactions. As a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS) (License No. PS20200501), Panda Remit ensures that your high-value transfers are handled with bank-grade security.
We implement strict SSL encryption and multi-layered anti-fraud protocols. By combining PayNow's convenience with our network, you can send money to over 40 countries with exchange rates significantly better than traditional banks, maximizing the amount your recipient gets.
Explore More on Singapore Remittance
If you are looking to optimize your cross-border payments, you might also be interested in:
- How to increase PayNow limit DBS for overseas transfers?
- What is the fastest way to send money to China via PayNow?
Ready to experience fast and secure remittance? Register with Panda Remit Singapore today to enjoy zero-fee offers 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.
