General
What is PayNow?
PayNow is a new service that enables you to easily receive funds via electronic channels - namely internet banking and mobile banking, using your National Registration Identity Card (NRIC) or mobile phone number instead of a bank account number. You may also transfer funds to another individual via electronic channels using their NRIC or mobile phone number.
What are the benefits of PayNow?
PayNow is a convenient way to receive and transfer funds.
Transfer funds – By using PayNow, you can pay another individual who has registered for PayNow using their NRIC or mobile number. You do not need to know their bank account number, bank name or branch name to make the transfer.
Receive funds - Likewise, by registering for PayNow you can receive funds by providing your NRIC or mobile number to the paying party. You do not need to give them your bank account number, bank name or branch name.
Can I share the PayNow transfer details with my payees?
Yes, you can share the transfer receipt with your payee by tapping the share icon on the top right.
Is there a limit amount I can send through PayNow?
You can send up to S$200,000 per transaction, capped at your daily 3rd party transfer limit, whichever is lower.
Can I make international funds transfer via PayNow?
No. PayNow is only available for local (Singapore dollar) funds transfers.
Can I use PayNow to send money abroad?
No, PayNow service cannot send money abroad. It can only be used to make payments to SGD denominated savings and current accounts. To send money abroad, please use our International Transfer service on the mobile app.
What is the cut off timing for incoming Fast And Secure Transfers (FAST)transaction to accrue interest on the same day?
The interest accrual for the incoming FASTtransfer amounts would be based on the fund received prior to the cut off times for the respective days mentioned below:
- Weekdays - 22:00 hours
- Saturdays - 17:00 hours
- Sundays (non-business day) - Based on Saturday's cut-off time
- Public holidays (non-business day) - Based on previous working day's cut-off time
Illustration:
- For incoming FAST transfers made on a Saturday after 5pm, though funds will be reflected in the beneficiary accounts on the same day, value date1 of the deposit will commence on Monday or the next business day. (if Monday is a Public Holiday)
- For outgoing FAST, please check with the receiving bank on the value date of your FAST, as this may be subject to their respective cut-off time or business days.
How do I add or save a new payee?
You can add or save a PayNow payee while sending a PayNow payment. Follow these steps using the HSBC Singapore app:
- Log on to the app and select the 'Pay and Transfer' tab
- Select the 'Pay via PayNow' option and choose the account to pay from
- Tap 'Pay a new PayNow payee' and select the payee type
- Enter the PayNow ID details and follow the on-screen instructions to save the payee and complete the payment
Note: Adding a payee is optional. You can make a one-time payment without saving the payee.
What is the 'Recent Payee' feature on the 'Pay and Transfer' page?
The 'Recent Payee' section displays your latest 8 transactions, allowing you to quickly complete a payment by simply tapping on a recent payee.
Note: This section includes all third-party transfers such as FAST, MEPS, GIRO, PayNow, international payments and transfers to other HSBC accounts/cards. It excludes Pay a Bill, Transfer to your own accounts and one-time PayNow payments if you choose not to save the payees.
