Confused by PayNow, FAST, GIRO and eGIRO? Here’s how each rail works, when to use it, typical limits and fees to expect—plus how to keep remittance costs down.
Contents
- The rails at a glance
- When to use which rail
- Typical limits & timings
- How to move money overseas cheaply
- Safety tips & dispute basics
The rails at a glance
- FAST: real-time interbank transfer rail.
- PayNow: overlay on FAST using mobile/NRIC/UEN proxies for instant transfer.
- GIRO: batch debit/credit for bills and payroll (not instant).
- eGIRO: digital authorisation of GIRO mandates—faster setup, fewer paper forms.
When to use which rail
| Situation | Recommended Rail | Why |
|---|---|---|
| Split a dinner bill | PayNow (to mobile) | Instant, simple proxy |
| Pay a contractor or small business | PayNow to UEN / FAST to account | Instant; UEN identifies the business |
| Monthly utilities or telecom bills | GIRO / eGIRO | Automated, reliable |
| One-off large local transfer | FAST | Real-time up to bank’s limit |
| Send money overseas | Bank remittance / specialist provider | Compare fee + FX spread |
Typical limits & timings (indicative)
- FAST/PayNow: bank-specific daily limits; many banks support up to S$200,000 for FAST on retail—check your bank settings.
- GIRO: not instant; allow 1–3 business days for first pull; eGIRO can speed up setup.
Cross-border transfers: keep costs down
- Two parts form your cost: a transfer fee and the FX spread.
- For frequent corridors, compare your bank’s remittance schedule with a reputable FX/remittance provider; run a small test before moving large sums.
- If receiving abroad, confirm receiving bank fees and expected credit date.
Tools: Account Fees · Our upcoming Currency Converter (Tools page) · Compare Two Banks
Safety tips & disputes
- Verify payee names (PayNow shows registered name).
- For large transfers, send S$1 first, confirm receipt, then send the rest.
- Enable transaction alerts and daily transfer limits.
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About the Author
Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source.
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