Best PayNow Brokers 2024

PayNow is an online payment system that allows customers of a range of banks and financial companies to make instant transfers to merchants and brokers that accept this payment method. This guide will lay out how this transaction solution works and how traders in the UK can use it to fund PayNow brokers.

About PayNow

PayNow is a digital payment solution founded in 2017 to allow users in Singapore to link up with 15 of the country’s biggest banks and financial companies to make instant transactions with participating merchants and PayNow brokers. Users make payments through their bank’s mobile app, rather than a dedicated app.

UK-based traders should note that PayNow registration requires a Singaporean National Registration Identification Card (NRIC). The payment service primarily works with banks and finance companies that have a major presence in Singapore. It also means that transactions have to go through using Singapore dollars, which may lead to additional charges for currency conversion if PayNow brokers require a different type of currency, such as GBP.

However, there are some British brokers that accept PayNow deposits, so it can be a useful payment solution for UK-based traders with links to Singapore.

Note, a couple of payment services from other countries share similar names – PayNow for Stripe is one such service, and PayNow Topup, a service catering to users in Zimbabwe and Zambia, is another.

How PayNow Works

Traders who have accounts with a participating bank or company will be able to make payments and withdrawals through their bank’s mobile app without having to download a separate PayNow app.

Supporting Banks & Payment Institutions

The following banks and institutions are partnered with PayNow: HSBC, ANZ, BNP Paribas, Bank of China, CIMB Bank, Citi, DBS POSB, Deutsche Bank, ICBC, JP Morgan, Maybank, OCBC Bank, SMBC, Standard Chartered, UOB, Trust, Grab, Liquid Group, Singtel Dash, and Xfers.

Note that while PayNow’s maximum transaction limit is $200,000 per transaction, each of these banks will have its own limits depending on the type of account you hold.

Transaction Times

PayNow users benefit from fast transaction times – their deposits should be near-instant, making this a good option compared to many of its competitors. However, withdrawals usually take longer, and the speed of these transactions will be determined by PayNow brokers.

Fortunately, CityIndex offers immediate deposits with the payment method while withdrawals typically take up to three days.

Fees & Limits

Traders can make PayNow transfers without any charges from this payment solution – a large advantage over some other payment methods.

However, brokers that accept PayNow deposits may charge their own fees for withdrawals and even occasionally for deposits. Fortunately, CityIndex offers commission-free payments with the solution.

The payment company has an umbrella maximum transfer limit of $200,000 for a single transaction, though the linked bank account is likely to impose its own limits, be they per transaction, daily or monthly.

Setup Guide

It is easy to set up PayNow for traders who have an account with a participating bank, and partner banks tend to have links to written or video guides on their websites in case you run into any difficulties.

Generally, enabling transactions involves logging into your mobile banking app, navigating to the PayNow section and clicking the button to begin the process. You will need to input some personal information, which is likely to include your NRIC number.

How To Make PayNow Deposits & Withdrawals

1. Navigate to your broker’s payment or cashier page and select the PayNow option to generate a QR code
2. Log into your mobile banking app
3. Scan the PayNow QR code
4. Enter the amount you want to pay (noting any minimum deposit requirements set by your broker)

In some cases, the brokerage’s payment page will take you to a secure gateway, allowing you to complete the transaction without using your mobile phone.

To receive money, PayNow traders will need to link their mobile number and/or NRIC ID with their bank account.

Pros Of PayNow For UK Traders

• Secure – Paying brokers that accept PayNow deposits is fast and safe for users who have accounts at major partner banks.
• Fast – Your deposits with PayNow brokers are likely to go through in a matter of seconds.
• Low Fees – Since the payment firm doesn’t charge any additional fees, any charges will come from the broker or bank. However, most brokers that accept PayNow deposits absorb any costs.
• Quick Setup – The payment solution is integrated into the mobile apps of participating banks, and the setup and registration process is fast and streamlined.

Cons Of PayNow For UK Traders

• Availability – It is only available to traders with a Singapore ID number and a bank account in the country, meaning most UK traders will opt for an alternative payment method.
• Currency – Since PayNow only processes transactions in Singapore Dollars, this is not the most convenient payment method for the majority of traders and brokers, which tend to operate in British Pounds (GBP), US Dollars (USD), or Euros (EUR).
• Broker Support – There are limited UK brokers that accept PayNow deposits since it is primarily aimed at traders in Singapore.
• No Dedicated Customer Support – Without a specific hotline or live chat service, traders will need to go through the bank they made the payment from to enquire about issues related to transactions. Alternatively, they can contact their trading broker.

Customer Support

The company has FAQs and consumer guides on its website, but no links to live chat or domestic or overseas hotline numbers. If there is an issue with a trading transaction, customers need to contact the relevant bank to seek assistance.

Alternatively, the best UK brokers that accept PayNow deposits have customer support representatives that can advise on deposit or withdrawal issues.

Security

Since the payment solution works through large banks, your data and funds are likely to be protected by numerous security protocols, and the necessity of a working NRIC number to set up an account reinforces this security.

PayNow also allows traders to set up email or SMS notifications when a payment is made, ensuring that all trading deposits using this payment method are accounted for and you will know instantly of any suspicious activity or scams.

Should Traders Deposit With PayNow?

PayNow is a tried and tested payment solution, particularly in Singapore where some large banks and brokers have integrated this system into their mobile apps, allowing customers to make instant payments.

Unfortunately, users need to have a Singaporean ID and a bank account in the country to sign up. As a result, there are only a few British brokers that accept this payment method and it’s primarily a convenient solution for Singaporean traders based in the UK.

Head to our ratings of the top brokers that accept PayNow deposits to start trading.

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