How to Handle OCBC PayNow Transfer Limits for Supplier Payment to India
熊猫速汇PandaRemit - 2025-12-18 18:34:35.0 10
OCBC PayNow users often discover that their daily transfer limit, typically capped at around S$1,000 by default and up to S$10,000 after adjustment, is insufficient for supplier payments exceeding S$8,500 to India. These limits can trigger delays, manual verification, or temporary account holds when attempting larger or frequent transactions.
When handling business-related remittances, such as paying an Indian supplier for raw materials or services, OCBC’s PayNow system may not accommodate the required transfer volume efficiently. The restrictions exist primarily for domestic peer-to-peer use, not international business settlements.
OCBC PayNow vs. PandaRemit Comparison
| Feature | OCBC PayNow | PandaRemit |
|---|---|---|
| Daily Limit | Up to S$10,000 (after token setup) | Based on user verification and compliance checks |
| Speed | Instant (local only) | Minutes to hours (cross-border) |
| Cross-border Capability | Not supported | Supported to India and 80+ countries |
| Complexity | Hardware token required for higher limits | Fully digital via app |
Understanding OCBC’s Daily Limits and Hardware Token Requirements
OCBC’s PayNow operates under a cumulative daily cap. Even with manual limit increases, users must authenticate large payments using a physical hardware token. This system ensures security but becomes cumbersome for corporate transactions, particularly when dealing with foreign suppliers who expect swift fund receipt. PayNow’s design suits local transfers among individuals or small domestic businesses, but not international supplier settlements requiring foreign exchange processing.
For instance, if a Singapore company needs to remit S$12,000 for a shipment to India, OCBC PayNow cannot process it directly due to both limit and cross-border restrictions. Businesses then face the hassle of splitting payments, triggering compliance reviews, and enduring multi-day delays.
The PandaRemit Solution
PandaRemit provides a compliant, MAS-supervised alternative for cross-border supplier payments. Unlike fixed PayNow caps, PandaRemit’s transfer limits vary according to user verification level, destination country, and ongoing anti-money laundering (AML) and know-your-customer (KYC) checks. For higher-value transfers, additional supporting documents may be requested to ensure compliance with Singapore and Indian regulations.
By routing transfers through regulated remittance rails instead of domestic payment systems, PandaRemit allows users to send funds to India more efficiently and with competitive exchange rates. Its digital-first design eliminates the need for hardware tokens and offers 24/7 transaction processing. This makes it particularly reliable for suppliers requiring timely payments without breaching OCBC PayNow’s transfer restrictions.
FAQ
Is PandaRemit safe for sending large amounts for supplier payment?
Yes. PandaRemit is a licensed remittance service operating under Monetary Authority of Singapore (MAS) regulations. It uses bank-level encryption and compliance checks to ensure all large transfers are legitimate and secure.
How to increase OCBC PayNow limit for one-time supplier payment?
You can raise your OCBC PayNow limit through internet banking or the OCBC mobile app by enabling a hardware token. However, the limit typically cannot exceed S$10,000 for individual accounts, making it unsuitable for high-value supplier payments.
Time difference between OCBC and PandaRemit for India transfers
OCBC PayNow transactions are instant domestically but cannot send funds overseas. PandaRemit’s transfers to India typically complete within minutes to a few hours, depending on compliance checks and bank processing times.
