PayNow is undeniably an easy payment/fund transferring service to use. The service will permit you to transfer SGD cash to anyone else given that the person is an account holder of any of these nine banks: Maybank, ICBC, Standard Chartered, BOC, DBS/POSB, UOB, Citibank, OCBC, and HSBC.
It features easy cashless multi-purpose payment, ranging from transferring funds to other people’s bank account to paying for taxi. However, is it possible to change its limit? If so, specifically to DBS. How to change DBS PayNow limit?
Changing PayNow Limit: Is It Possible?
As an instant way to transfer funds in SGD to a payee, PayNow has gained popularity as a payment method in Singapore. As long as the person has registered his/her mobile number or simply a NRIC/FIN, and is an account holder of any Singaporean participating bank, then a quick transfer can be done.
Despite its usefulness, it seems like PayNow has also its daily transfer limit amount. This might be a hassle for some people, so they may wonder how to change DBS PayNow limit. Moreover, they wonder whether PayNow offers a changeable limit or not.
The answer for their question (or maybe yours as well) is yes, it is possible to change the PayNow limit. The methods of changing it will be explained below.
Change the DBS PayNow Daily Limit
Before going far with that question, you should know your limit for your PayNow. It turns out that the daily transfer limit of your DBS PayNow is the same amount as your daily local transfer. As per the PayNow transfer itself, you can expect a large sum of S$200,000 per transfer.
The default daily transfer limit from a DBS to DBS/POSB account is S$3,000; while from DBS to other Singaporean banks is S$1,000. Both conditions have the upper limit of S$200,000 daily.
So, if you want to change the limit of your PayNow, it is basically the same way as changing the limit of your daily transfer. As you increase your daily transfer limit, your PayNow transfer limit will be altered automatically.
Change Fund Transfer Limit
Via Digibank Mobile
- First of all, log in to your DBS account mobile banking user ID and PIN. You can also log in using touch/face ID.
- Tap More.
- Then, under the Transfer Settings, choose Local transfer limit.
- Pick any of the transfer type you’d like to change: (1) to DBS/POSB accounts, or (2) other banks.
- Set a new daily transfer limit then tap Next.
- Review the change as you proceed. If everything has all set, then tap Change daily limit now.
Via Digibank Online
- Log in to your account first using your user ID and PIN.
- As you logged in, hover your pointer to Transfer tab. From the drop-down menu, pick More transfer services’.
- You will see Manage Recipients and Transfer column on the center. Then, choose Change Local Transfer Limit.
- You’ll be prompted the authentication process. Simply complete it to proceed.
- Pick your transfer type (DBS-DBS/POSB transfer) or (DBS-other banks) and determine the amount limit.
- Click Next to continue the process. Review the change and submit it.
So, this is how to change your DBS limit, which also works as a procedure to answer ‘how to change DBS PayNow limit? As you click submit, you once again will be prompted with authentication process. This is a required step to complete your limit change process.