OKX deposit with PayNow in Singapore: no processing fee, open 24/7, and third-party transfers get rejected

How to deposit SGD with PayNow, step by step

On the website:

1. Log in at okx.com, go to Assets and select Deposit.
2. Select your SGD balance.
3. Choose PayNow. OKX generates a QR code tied to your account, with its own bill reference number.
4. Scan the code with your PayNow-supported banking app.
5. Enter the amount in the banking app and confirm.

In the OKX app, select Transfer on the home page, then Deposit, then the asset. You can also start from an asset on the Portfolio page. Because you cannot scan your own phone's screen, OKX suggests taking a screenshot of the QR code and uploading it to your banking app.

To check the result, go to Assets, Deposit, All deposits on the web. In the app, go to Portfolio, transactions, and filter by Cash deposit.

If you have not opened an account yet, our OKX profile has the sign-up path and the current fee summary.

What gets a PayNow deposit rejected

OKX's guide names the failure cases plainly, and most of them are decided before you press confirm.

The bill reference inside the QR code belongs to your account alone. OKX credits funds sent with it to your SGD balance once they clear checks such as KYC and transaction limits. That means reaching the bank's success screen does not prove the money has reached your balance.

The FAQ on the same page explains three messages you might see. If "Deposit SGD" is missing, cash deposits may not be open to your account. If only some payment methods appear, OKX limits them according to the identity documents you gave at onboarding. "Cash deposit unavailable" means fiat payment services are not offered in your region.

PayNow, FAST or MEPS: which route fits

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OKX's bank transfer guide covers the other SGD routes. They work differently because you send to a bank account number that OKX assigns to you. There is no QR code.

The size guidance comes from two OKX pages. The FAST guide recommends FAST below S$200,000 if your bank supports the network. The OKX SG beginner's guide recommends PayNow for instant zero-fee SGD deposits and says to use local bank transfer for large transactions above $200,000. That guide does not say whether the $200,000 means SGD or USD, so read the limit on your own screen.

We could not find a public OKX figure for the PayNow minimum or your personal maximum. OKX's limits page, updated September 24, 2026, says limits vary by method and verification level. It shows the remaining limit on each method, behind an information icon. Daily limits reset on a rolling basis, 24 hours after each transaction, and not at midnight. Weekly limits roll over 7 days and monthly limits over 30.

That rolling reset catches people out. If you hit a daily limit at 23:00, it does not clear for the portion spent until 23:00 the next day.

What S$1,000 buys, and what you pay after the deposit

OKX's public market data showed USDT-SGD at an ask of 1.2814 at 20:55 SGT on November 8. The fee table on OKX's Singapore fee page lists regular users at 0.10% maker and 0.20% taker.

• Deposit by PayNow: S$1,000, with no OKX processing fee.
• Buy at the ask: S$1,000 ÷ 1.2814 = about 780.39 USDT.
• Taker fee at 0.20%: about 1.56 USDT.
• Left in your account: about 778.83 USDT.

A maker order at 0.10% would cost about 0.78 USDT, though it may not fill right away. Prices move, and the 1.2814 quote only held for that moment. OKX's guide also offers a Simple mode for quick buys and an Exchange mode for limit orders. It says Exchange mode is for trading at the lowest cost possible. Compare the amount on each preview screen before you commit. We have a separate walk-through for buying USDT on OKX by spot or P2P.

The withdrawal default to watch

OKX's cash withdrawal page, updated August 11, 2026, has a detail worth reading before you deposit. MEPS is set as the default withdrawal method and costs S$20. OKX says you may choose other methods with no fee, and any fee comes out of the amount you withdraw.

So if you later withdraw S$1,000 and leave the default in place, your bank receives S$980. Change the method on the withdrawal screen and check the Preview page before you submit.

Before you can deposit: what OKX SG asks for

The beginner's guide lists the order. Register an account, complete identity verification, pass a knowledge test on crypto risks, and then fund it.

• Identity. You can use Singpass, a passport, or NRIC/FIN. OKX says it usually takes a few minutes to submit and up to 24 hours to complete, and it recommends Singpass as the quickest route.
• Knowledge test. OKX says Singapore rules require it to assess your awareness of the risks, so the test appears after identity verification.
• Who qualifies. SGD local bank transfers are for Singapore customers. OKX's account-opening page, updated October 16, 2026, says foreign nationals living in Singapore on an Employment Pass, S Pass, ONE Pass, EntrePass, Personalised Employment Pass, Dependant's Pass or PR can use standard sign-up. People living overseas are sent to a separate enquiry, where OKX asks them to confirm they can invest at least USD 50,000.

If a verification attempt stalls, our guide to rejected or pending OKX verification covers the usual checks.

What holding money at OKX SG means

OKX's Singapore risk and safeguarding disclosure, last updated November 1, 2026, gives the terms for money you send in. Fiat is held on trust in segregated accounts at third-party banks, and pooled with other users' fiat. The page says you may not recover the full value if the pool falls short. It also warns that you may not recover everything if the provider's business fails.

The same page draws a line around products. OKX Singapore does not offer payment token derivatives. Those are offered only by an affiliate, OKX Financial, which the page says is not licensed or regulated by any authority, including MAS. If you deposit through PayNow in order to trade perpetuals, check which entity you are dealing with first.

Quick answers

Does OKX charge a fee for PayNow deposits?

OKX's guide says PayNow transfers have no processing fees within Singapore. The fee, or "No fee", also appears on the method screen. The trading fee on your first purchase is separate.

Can I use a friend's or company's account?

A friend's account will be rejected as a third-party deposit. The name on the bank account must match your OKX account.

Why hasn't my PayNow deposit arrived?

Check All deposits first. OKX credits funds after eligibility checks and warns of delays during system or bank downtime. A rejected deposit should be back with the sender within 1 business day.

Does the OKX rebate apply to an OKX SG account?

We could not confirm that. Our partner data lists a 20% rebate with code nexu888 for OKX, but it does not separate the Singapore entity, so we have left rebate maths out of this guide. Check what applies on our OKX profile before you sign up.

For crypto deposits instead of SGD, see our guide to OKX deposit networks and minimums. OKX's beginner's guide says crypto transfers in Singapore are subject to the Travel Rule.