Digital Banking in Singapore
Have you been in a situation where you are rushing to meet your friends for dinner but need to do a simple bank transaction first? The banks are already closed, there is no ATM nearby and you are running late!
Or perhaps after the dinner, you realise you do not have enough cash to pay for your share of the bill? Or getting the correct amount of change to each individual person is a big hassle?
That’s when digital banking comes in handy! Nowadays, almost everyone carries a mobile phone everywhere. We use it for phone calls, texting, surfing the web and connecting with friends on social media. Why not use it for banking and fund transfers too?
Every major bank has its own mobile banking app that gives you all the basic banking services combined with the convenience of your mobile phone. Now you won’t have to worry about missing a transaction deadline. Sending money becomes as easy as sending a text message! For more information on your bank’s mobile banking app and its features, you can check your bank’s website.
Another commonly used fund transfer service is PayNow. Users who have set up PayNow and have linked it to their bank accounts will be able to send and receive money from one bank to another in Singapore by simply using their mobile numbers or Singapore NRIC/FIN, almost instantly. Customers of the following participating banks can use PayNow:
- Bank of China
- DBS/POSB Bank
- HSBC Bank
- OCBC Bank
- Standard Chartered Bank
And don’t worry – PayNow is safe and secure as long as you take the necessary precautions such as double checking the display name of the payee and not making a transaction over public Wi-Fi networks.
To find out how to transfer money using PayNow, watch this video: https://www.youtube.com/watch?v=en_IqoDr6lo. To set up PayNow, follow this step-by-step guide:
These two digital banking and fund transfer platforms can help you skip the queue at the ATMs, spare you the trouble of rummaging through your wallets to look for change, and pay your bills on time. It’s convenient and make your life easier. So why not try them today!