From 8 February 2021, Grabpay users are able to transfer funds out of their wallet to bank accounts or other selected e-wallets. The good news is, there won’t be any fees involved.
You can make up to 2 transfers per day, maximum transfer amount is $5,000, and ONLY transfers to your own account do not count to your annual spending limit of $30,000.
What’s the catch?
Before you go and top up to the maximun of wallet limit with your Amex TCB card for 1.5% cashback and expecting to do a transfer out of your Grabpay Wallet. Hold on and read below.
You will see two categories on your app, namely: a non-transferable balance, and a transferrable balance. Meaning to say, those who funded the wallet via Credit cards or foreign debit cards cannot be transferred out.
While those that fund using local Credit cards or QR codes will be able to transfer to your desired account.
Currently, users are holding back in topping up excess funds to prevent lock-up within their account. With this new implementation, I’m sure users are willing to deposit more funds with paynow or debit cards.
This will reduce the per-transaction cost for Grab and will have more capital to grow the company.