Independent Reserve allows you to deposit Singapore dollars (SGD) instantly with PayNow. Continue reading to learn more about PayNow and how to use it to deposit SGD.
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What is PayNow?
PayNow is a secure funds transfer service that allows retail and corporate customers to send and receive money into their participating bank account with their Unique Entity Number (UEN) for corporate customers, NRIC/FIN and/or mobile number. It is available on most major banking apps and websites in Singapore.
What is the difference between PayNow and FAST?
- Instant transfers: Similar to FAST, you can instantly receive your SGD funds in your Independent Reserve wallet with PayNow.
- Convenience: With PayNow, you can easily top up your Independent Reserve wallet by scanning our QR code or key in our UEN on your PayNow-compatible banking app.
- Cost Savings: Depositing SGD of any amounts up to SGD 200,000 into your Independent Reserve account using PayNow is free.
- Withdrawal: PayNow withdrawals are not available at the moment. You will still have to rely on FAST for any SGD withdrawals.
Below is a quick table summarising the key differences between PayNow and FAST:
| PayNow | FAST | |
| Deposit method |
|
Add Independent Reserve as a recipient in your bank account by:
|
| Deposit fees | Free |
|
| Deposit limits | SGD 50,000* | SGD 50,000* |
| Withdrawal fees | N.A. |
|
| Withdrawal limits | N.A. | SGD 200,000* |
*Reach out to our support team to increase your daily deposit and withdrawal limits, subject to approvals.
How do I deposit SGD using PayNow?
To instantly deposit SGD into your Independent Reserve account using PayNow or FAST, follow these steps:
On web browser
1. Log in to your Independent Reserve account.
2. On your dashboard, click Quick Deposit.
3. Select PayNow as your deposit method. Or learn how to deposit SGD using FAST.
4. Launch your PayNow-compatible banking app and select the PayNow function. You may either scan the QR code or enter our UEN details on your banking app.
5. Follow the prompts to complete your deposit.
6. Click I made a transfer once you have completed the funds transfer on your banking app.
Your deposit will be credited to your Independent Reserve account instantly.
On the Independent Reserve mobile app:
1. Launch the IR mobile app and log in to your account.
2. Tap on Wallet at the bottom right of the menu.
3. Tap Quick deposit.
4. Tap PayNow from the pop-up menu.
You could either deposit SGD by entering our UEN or tap on Show PayNow QR code to deposit using the QR code method.
Using UEN
1. Tap the copy icon to easily copy the details onto your mobile phone clipboard.
2. Launch your PayNow-compatible banking app and select the PayNow function.
3. Follow the prompts to complete your deposit.
4. Click I made a transfer once you have completed your funds transfer on your banking app.
Using QR code
1. Tap Show PayNow QR code from the previous screen.
2. Click Save QR code to save a copy of the QR code onto your mobile’s photo album.
3. Launch your PayNow-compatible banking app and select the Scan to pay function. Click on Album in your banking app to retrieve your saved QR code. Follow the prompts on your banking app to complete the funds transfer.
4. Click I made a transfer once you have completed your funds transfer on your banking app.
Your deposit will be credited to your Independent Reserve account instantly.
Important notes:
- You must have a bank account in Singapore to use PayNow.
- Please ensure that the recipient detail is “Independent Reserve SG” before you confirm any funds transfer on your banking app.
- Enter the reference number exactly as displayed on your screen to prevent any delays in receiving the funds in your Independent Reserve Wallet.
- There may be a limit to the amount of money you can transfer using PayNow or FAST, depending on your bank.
- There is a daily limit of SGD 50,000 you can transfer to your Independent Reserve account. Message our support team to increase your daily limit. Any deposit limit increase is subject to approval.
