For as long as money was a concept, people have been coming up with new ways to move money around — physically or otherwise. It comes as a surprise to no one that cryptocurrency’s relationship with money is deeply entrenched and not likely to decouple in the foreseeable future — part of its name literally means money.
Having plenty of options is always nice, but moving money in a crypto exchange does not just involve depositing money; the other half of the equation is withdrawing your funds. Part of our mission to enable easy access to the crypto economy is making moving your SGD in and out of Coinhako super simple. It’s important that we know our options well so we can decide which option works best for our purpose — and that’s exactly what we’re doing with two of our most popular payment options PayNow and FAST.
What is PayNow?
Launched on 10 July 2017, PayNow provides peer-to-peer funds transfer services for retail and corporate customers of various participating banks and participating Non-Bank Financial Institutions (NFIs) in Singapore.
Aside from paying for food, several merchants have also taken it upon themselves to ensure that PayNow does not become a one-trick pony by supporting the payment method on their platform.
What is FAST?
FAST stands for Fast And Secure Transfers, an electronic funds transfer service that enables customers of the participating banks to transfer funds (in SGD) from one bank to another in Singapore almost instantly.
FAST can be used for interbank funds transfers of up to $200,000 per transaction, depending on daily or monthly withdrawal limits. It’s available completely free of charge.
Besides both being ways that users can use to deposit their funds to their Coinhako account, these two methods share a couple of other similarities.
For one, you can use both methods to transfer up to SGD 200,000. Users will also be able deposit using either methods without worrying about deposit fees (because it’s free for both).
How are they different?
Now that we know how similar the two methods are, you’re probably wondering what sets them apart.
- Transfer limit
Each method is subject to different limits — PayNow only allows transfers of SGD 5,000 per transaction if recipients are not added, while FAST transfers are subject to limits set by each user’s respective bank.
2. Transaction time
If you’ve paid for your hokkien mee using PayNow at any hawker center, you’ll be familiar with how quickly funds can move. FAST, as its name implies, is also near instantaneous when it comes to moving funds, but is not as fast as PayNow.
The main difference between the two methods is that one supports withdrawal and the other doesn’t — PayNow withdrawals are not currently available on Coinhako at the moment, so users have to rely on FAST.
The credit card alternative
Don’t feel like using PayNow or FAST? You don’t have to miss out on accessing the crypto-economy. Coinhako users can fund their wallets and purchase cryptocurrencies with their credit cards too!
Now that you are familiar with the difference between the 2 methods, you’ll be able to pick the one that works best for you. No matter which one you pick, the most important thing is that you can continue trading on a safe and trusted platform.
Disclaimer: All writers’ opinions are their own and do not constitute financial advice. As a company, we do our best to provide information that is accurate and valuable. The contents of this blog post are intended for educational purposes only. Individuals are advised to perform due diligence before purchasing any cryptocurrencies as these assets are subject to high volatility, and understand the risks associated with trading cryptocurrencies.