Sending Money Safely with instant bank transfer

Paying People Safely with instant bank transfer

PayNow is Singapore’s instant money-transfer system. It is built into participating bank apps and is generally free for personal transfers. Here is how to use it safely.

How instant bank transfer works

Instead of bank account numbers, instant bank transfer uses:

• A mobile phone number (+65 XXXX XXXX), or
• An national ID/FIN number, or
• A UEN (for businesses)

You enter the recipient’s phone number, the amount, and confirm. The money arrives in their account within seconds.

Sending money step by step (your bank digibank example)

1. Open the your bank digibank app and log in.
2. Tap Pay → instant bank transfer.
3. Enter the recipient’s mobile number (or national ID).
4. The app will show the account holder’s name — check it carefully.
5. Enter the amount.
6. Add a note if you like (e.g., “Dinner split”).
7. Tap Next → review everything → tap Confirm.

Done — money arrives instantly.

The most important safety step: check the name

Before you tap Confirm, the app shows you the name linked to that phone number. Always verify this matches the person you intend to pay. If the name is wrong or unfamiliar, do not proceed.

Common instant bank transfer scams to watch for

1. Wrong number refund scam A stranger contacts you saying they accidentally transferred money to your account and asks you to return it. You check and do see extra money. But the “accidental” transfer was made with a stolen bank account — when the bank reverses the real transaction, you lose your own money.

• Never return money to someone you do not know. Contact your bank directly to investigate.

2. Advance payment scam You are buying something online and the “seller” asks for a instant bank transfer deposit to reserve the item — then disappears. Always use in-person cash or platform escrow payment for second-hand transactions.

3. Job scam deposit A part-time job requires you to “top up” your account first via instant bank transfer before you can receive commissions. This is always a scam.

4. QR code scam A scammer sends you a QR code and says “scan this to receive your payment.” But scanning a instant bank transfer QR code means you are paying, not receiving. QR codes are for payments, not receiving money.

instant bank transfer transaction limits

Most banks have a default daily limit of $1,000–$5,000 for instant bank transfer transfers. You can reduce this limit in your banking app for extra security — especially useful if you are concerned about scams. Call your bank or adjust in the app’s settings.