GrabPay Wallet To Gradually Roll Out Transfer Feature Starting 8 Feb
Grab is a major player in the ride-hailing and food delivery business in Singapore.
For ease of use, many deposit money into their GrabPay wallets.
Starting from Monday (8 Feb), Grab allows funds to be transferred to bank accounts via PayNow and FAST, straight from GrabPay wallets.
Transfer funds from GrabPay Wallet to bank accounts and PayNow
Transferring money into and out of your GrabPay Wallet will soon be a lot more convenient.
According to Grab, they are launching new features like GrabPay Wallet transfers and PayNow top ups, which will be rolled out progressively to users.
From 8 Feb, funds can be transferred from GrabPay directly to:
- Local bank accounts
- PayNow registered users
- Other GrabPay Wallet users
- Other selected e-wallets like Singtel Dash, Liquid Pay, TransferWise and MatchMove
Verify identity before transferring
Grab specified there will be no minimum transfer amounts or transaction fees for these transfers.
You’ll be able to makeup to 2 transfers a day with your GrabPay Wallet with a maximum limit of $5,000.
However before you do so, you will have to verify your identity using SingPass or under MyInfo on the Grab app and upgrade to the Premium GrabPay Wallet.
You will also have to set up a GrabPIN to ensure secure transfers.
Not all funds are transferrable
Do note that not all funds within your GrabPay Wallet is transferrable.
While top-ups into your wallet using credit cards or foreign debit cards can be used to pay for Grab services, they cannot be transferred.
You can check your transferrable and non-transferrable balance by tapping on the ‘transfer’ button under the payment tab.
There, you’ll also be able to find the different options to transfer your funds to.
Transfer feature will be rolled out progressively
Not to fret if you don’t see the transfer feature on your app just yet. The GrabPay Wallet transfer feature will be gradually rolled out to users starting from 8 Feb.
So you can look forward to these updates that will allow for more convenient and seamless transfers soon.
In the meantime, you can find out more about this new feature here.
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Featured image adapted from BetterSpider.