PayNow and FAST Transfers: Limits, Mistaken Transfers and Getting Money Back

By The Ledger desk · Last verified 7 October 2026

FAST (Fast And Secure Transfers) moves Singapore dollars between participating banks and e-wallets almost instantly, 24 hours a day. PayNow runs on top of FAST and lets you pay someone using their mobile number, NRIC or FIN, UEN or virtual payment address instead of an account number, and it is free for retail customers. As of the Association of Banks in Singapore’s July 2026 FAQ, FAST allows up to S$200,000 per transaction, but your bank’s own daily limits usually apply first. If you send money to the wrong person, the transfer cannot simply be reversed: tell your bank immediately, and it will contact the recipient’s bank, but the money is returned only with the recipient’s consent.

Instant transfers are a joy until a digit goes astray. The good news is there is a clear process, with set timelines, for chasing a mistaken payment.

Quick facts

• FAST launched on 17 March 2014 and is available 24×7 at most participating banks and payment institutions.
• The FAST scheme limit is S$200,000 per transaction, subject to your bank’s daily, monthly or annual limits.
• PayNow is free for retail customers and works with mobile numbers, NRIC or FIN, UEN and virtual payment addresses.
• Funds arrive almost instantly, which is why mistakes are hard to undo.
• For a mistaken transfer, the recipient’s consent is needed before the money is returned.
• Under MAS guidelines, banks must pass on your report within two business days.

PayNow and FAST: how they differ

Feature	FAST	PayNow
What you enter	Recipient’s bank and account number	Mobile number, NRIC or FIN, UEN, or virtual payment address
Speed	Almost instant	Almost instant (it runs on FAST)
Availability	24×7 at most participants	24/7, 365 days
Scheme limit	S$200,000 per transaction	Set by your bank within FAST’s limit
Fees	Set by each bank; usually none for personal transfers	Free for retail customers
Name check before sending	No	Yes, the registered name is shown so you can check it

Your bank’s limits matter more day to day than the S$200,000 scheme cap. Check and adjust them in your banking app; lower limits also reduce what a scammer could take.

Sent money to the wrong person? What to do

1. Contact your bank at once through its app, hotline or branch, with the date, amount, reference and the details you entered.
2. Your bank informs the recipient’s bank within two business days.
3. The recipient’s bank informs the recipient within two business days and, within five business days, asks whether they agree to return the money.
4. Your bank tells you the response within seven business days of your report.
5. If the recipient agrees, the money is sent back; DBS, for example, says it returns funds within seven working days once consent is given.
6. If the recipient refuses or does not reply, you may consider a police report, as DBS advises, or a civil claim such as at the Small Claims Tribunals.

A worked example: the timelines

You report a wrong S$800 PayNow transfer on Monday 12 October 2026. Counting business days only, your bank should alert the recipient’s bank by Wednesday 14 October, and you should hear the recipient’s response within seven business days, by Wednesday 21 October. If the recipient consents, allow up to a further seven working days for the money to arrive. Public holidays push these dates back.

Mistaken transfer, scam or unauthorised payment?

Situation	What it is	Where to turn
You keyed in the wrong number	Erroneous transaction	Your bank’s wrong-transfer process, which needs the recipient’s consent
Someone used your account without your permission	Unauthorised transaction	Report to your bank at once; MAS guidelines limit your liability in many cases, for example to nothing for losses up to S$1,000 caused by a third party
You were tricked into paying a scammer	Authorised payment induced by fraud	Your bank and the police immediately; recovery is not guaranteed

On the other side, if money lands in your account by mistake, tell your bank and return it. Singapore courts have jailed people for knowingly keeping money transferred to them in error.

The WahLiao Verdict

PayNow’s name check is your best friend: read the name on screen every single time before you tap send, and use saved payees for people you pay often. Set your daily transfer limit to what you really need. If a transfer does go astray, report it within minutes, keep a screenshot, and follow up on the business-day timelines above; most honest recipients return the money once their bank asks.

Questions people ask

Can my bank reverse a PayNow transfer without the recipient?

Generally no. The money has already reached the recipient’s account, and their consent is needed before it is returned.

What is the maximum I can send by PayNow?

FAST allows up to S$200,000 per transaction, but your bank sets lower daily limits by default. Check and change yours in your banking app.

Do PayNow transfers cost anything?

PayNow is free for retail customers. FAST fees are a commercial decision for each bank or e-wallet provider.

Can I send PayNow to an e-wallet?

Yes, to participating e-wallets. A virtual payment address tells you whether the PayNow registration belongs to a bank or an e-wallet account.

Sources: Association of Banks in Singapore, FAST FAQ (July 2026) and PayNow; Monetary Authority of Singapore, E-Payments User Protection Guidelines, as published by Citibank Singapore; DBS, wrong funds transfers; Mothership, court case on keeping a mistaken transfer. The Ledger explains; it does not advise.

Read next: Scammed Through a Phishing Link? How the Shared Responsibility Framework Works · Small Claims Tribunals: How to Claim Up to S$20,000 Without a Lawyer · Back to The Ledger

For what’s worth it this week, with the bill shown, read The WahLiao Week.