DBS PayNow is a convenient and secure way to transfer funds between DBS and other bank accounts in Singapore. However, you may need to change your PayNow limit if you want to send or receive larger amounts of money. In this article, we will provide a step-by-step guide on how to change your PayNow limit with DBS.
Why Change PayNow Limit?
There are several reasons why you may want to change your PayNow limit. For example, you may need to:
- Increase your limit: If you need to send or receive larger amounts of money, you may need to increase your PayNow limit.
- Decrease your limit: If you are concerned about security, you may want to decrease your PayNow limit to reduce the risk of unauthorized transactions.
- Set a new limit: If you have forgotten your PayNow limit or if it has been changed without your knowledge, you can set a new limit.
Step-by-Step Guide to Change PayNow Limit DBS
Follow these steps to change your PayNow limit with DBS:
Step 1: Log in to DBS Online Banking
- Visit the DBS Online Banking website: https://www.dbs.com.sg/personal/
- Enter your DBS Internet Banking ID and Password
- Click on “Login”
Step 2: Select “Settings”
- Once you are logged in, click on “Settings” in the top right-hand corner of the screen
- Select “PayNow Settings”
Step 3: Change Your Limit
- Under “Daily PayNow Transfer Limit”, enter the new limit you want to set
- Click on “Update”
Step 4: Confirm Your Changes
- You will be asked to confirm your changes
- Click on “Confirm”
Your PayNow limit will be updated immediately. You can now send or receive funds up to the new limit.
Things to Consider
Before changing your PayNow limit, there are a few things you should consider:
- Security: Increasing your PayNow limit may increase the risk of unauthorized transactions. Make sure you take steps to protect your account, such as using a strong password and enabling two-factor authentication.
- Convenience: A higher PayNow limit can be more convenient, but it is important to balance convenience with security.
- Fees: There may be fees associated with changing your PayNow limit. DBS charges a fee of S$2 for each change.
Frequently Asked Questions
Q: Can I change my PayNow limit without going online?
A: No, you cannot change your PayNow limit without going online. You must log in to DBS Online Banking to make changes to your limit.
Q: How long does it take for my new PayNow limit to take effect?
A: Your new PayNow limit will take effect immediately after you confirm your changes.
Q: What if I forget my PayNow limit?
A: If you forget your PayNow limit, you can log in to DBS Online Banking and select “PayNow Settings”. Your current limit will be displayed on this page.
Conclusion
Changing your PayNow limit with DBS is a simple and straightforward process. By following the steps outlined in this article, you can easily update your limit to meet your needs. Remember to consider security, convenience, and fees before making any changes to your limit.
