DuitNow–PayNow Explained — Daily Caps, Fees, Timing (What Malaysians Should Know)

Date: 28 Aug 2025

Editor’s note: This explainer focuses on user experience, not marketing claims. Participation, caps, and fees vary by bank. Always verify with your provider.

What it is (and what it is not)
DuitNow–PayNow is an instant-payments corridor used by participating providers in Malaysia and Singapore. It lets you send money using familiar identifiers (mobile numbers or proxies) rather than full account numbers. It is not a guarantee that any two banks you choose will work together—support, caps, and fees are bank-specific.

How the experience typically works
• You initiate a cross-border payment from your home bank or app.
• The app shows the recipient’s name for confirmation if the proxy is valid.
• Transfers often credit within minutes during system hours, but the first few payments may face lower caps or extra checks.
• Receiving banks may hold unusual or large first-time payments for review.

Daily caps and fees (why they vary)
• Caps depend on risk policies: new device, new payee, and recent account age usually trigger lower limits.
• Fees may be a flat amount, a percentage, or zero for promotional periods; FX spreads still apply if conversion occurs.
• Some banks require additional steps to raise caps (e.g., in-app confirmations, cooling-off, or in-person verification).

Timing and reliability
• During normal hours, instant means minutes; around maintenance windows and weekends, expect delays.
• Name mismatches, unusual payment purposes, or rapid device changes can cause manual review.
• For important commitments (rent, deposits), schedule a day early until you know your route’s behavior.

A safe way to start (pilot routine)
Pilot 1: small amount on a weekday afternoon (MY/SG business hours overlap).
Pilot 2: same amount near the edge of system hours to observe timing differences.
Record: sent time, credited time, fees, and the exact SGD received. Keep IDs and references.

Common error patterns and fixes
• “Name does not match”: verify the registered proxy and standardize spelling.
• “Exceeded limit”: raise caps through in-app settings and wait out any cooling-off period.
• “Payment pending review”: provide a clear purpose if prompted and avoid repeated retries.
• “Recipient not supported”: confirm both banks participate in the corridor for your payment type.

Security and fraud hygiene
• Confirm the recipient identity in-app; do not rely on screenshots or messages.
• Treat any call asking you to change payee details or install software as a scam.
• Use alerts and keep daily caps conservative; whitelist trusted payees only after two clean transfers.

When not to use instant
• Large first-time transfers that are likely to trigger holds.
• Payments with documentation needs (tuition, property) better handled via bank-to-bank wires with references.
• Situations where you must attach long narratives or invoices—wires and email coordination are simpler.

FAQ
Q: Are instant transfers always cheaper? A: Not necessarily—fees and FX can outweigh speed. Compare all-in cost.
Q: Can I receive to a Malaysian proxy and hold SGD? A: Behavior is bank-specific. Check whether conversion happens automatically and at what rate.
Q: What happens if I typed the wrong proxy? A: If the system validated and you confirmed the name, a recall is not guaranteed. Contact both banks immediately.

Bottom line
Treat instant payments as a convenient tool, not a cure-all. Pilot, log results, and keep caps conservative until you understand your corridor.

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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. Read more articles