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Funds transfer made easy

6 July 2017 / by / no comments

PayNow lets you transfer funds from one bank to another using your mobile phone or Singapore NRIC.

 

Do a funds transfer using your phone.

There will be a new peer-to-peer funds transfer service called PayNow, where customers of seven participating banks can send and receive Singapore Dollar funds from one bank to another through FAST (Fast And Secure Transfers) using just their mobile number or Singapore NRIC/FIN, almost instantly. The participating banks include Citibank Singapore Limited, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank.

This service introduced by the Association of Banks in Singapore will be available 24/7, 365 days and free to these customers starting from July 10 from 8am. The sender no longer needs to know the recipient’s bank and account number when doing fund transfers as PayNow offers a simpler and more convenient way for bank customers to pay. Cheques usually take up to two working days and Interbank GIRO can take up to three working days.

  • To access PayNow – Customers can use the participating bank’s existing Internet banking platform or mobile banking app.
  • To receive funds using PayNow – Customers should link their mobile number and/or Singapore NRIC/FIN to their bank account. This is a one-time registration step. If there are any changes to the mobile number, customers should inform their bank and the bank will automatically de-link the old mobile number from their bank account. Customers should then re-register the new mobile number with PayNow.
  • To transfer funds using PayNow – Customers need to log into their bank’s existing Internet banking platform or mobile banking app. At the PayNow transfer screen, enter the recipient’s mobile number or NRIC/FIN and the amount to be transferred. Verify the name of the recipient, and the funds are transferred almost instantly. To avoid erroneous PayNow transfers to the wrong mobile number or NRIC/FIN, please check the recipient’s name to ensure it is correct before confirming the transfer. However, if funds have been transferred to an unintended recipient, call the mobile number that was used to send money to, and advise them of the erroneous transfer and request a return of the funds. If there is no response from the unintended recipient, call your bank.

 


 

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