Grab Announces Direct Transfer From GrabPay Wallet To Bank Accounts, PayNow & Other e-Wallets

GrabPay is a very common payment method in today’s world. All you need to do is whip out your phone, open the Grab app, and scan to pay for your retail purchases or simply pay using GrabPay for online purchases without much hassle. 

Intending to make lives easier for its users, GrabPay has transformed over the years, more so during the critical time of COVID-19 pandemic to ensure a safer and seamless payment method for Singaporeans. There’s a lot of things that you can do using GrabPay. Apart from paying for retail and online purchases, you can also send money to fellow GrabPay Wallet users and top up from your bank account, credit cards and debit cards. 

But, one issue continued being a major hurdle to the seamlessness of GrabPay Wallet. Once you top up your GrabPay Wallet, you cannot withdraw the money back. The money is stuck in your GrabPay Wallet until you find a way to spend it. 

Worry no more! Grab recently announced a solution to this problem. GrabPay Wallet users can now transfer funds out of their GrabPay Wallet into bank accounts, PayNow, and other e-Wallets.

Announcement from Grab regarding the changes to GrabPay Wallet 

The announcement on Grab website reads, 

“Transfer money in & out of your GrabPay Wallet more easily.

“Starting 8 Feb 2021, we’re launching GrabPay Wallet transfers and PayNow VPA top ups – new features that will make transfers in and out of your GrabPay Wallet more seamless and convenient.

“These features will be rolled out progressively to GrabPay users. For more information on top-ups via PayNow, please visit our PayNow page.”

According to Grab, you can transfer funds from your GrabPay Wallet directly to your bank account, PayNow registered users, other selected e-Wallets in Singapore such as LiquidPay, MatchMove, Razer Pay, Singtel Dash, and TransferWise, as well as other GrabPay Wallet users. 

Notably, there are no minimum transfer amounts and no transaction fees. 

How can you start transferring your funds from GrabPay Wallet?

1. Upgrade to a Premium GrabPay Wallet by fully verifying your identity in the app. 
2. Set up your GrabPIN before you can transfer funds from your GrabPay Wallet. 

Things to note regarding the funds transfer

Hold on! There are some limitations with regards to the funds transfer and here they are: 

1. You can only make up to two transfers a day from your Transferable balance. This does not include top ups made via credit cards or foreign debit cards. 
2. You can only transfer a maximum amount of $5,000.

Transfer your funds from GrabPay Wallet to your bank account in 3 simple steps

1. Once you have verified your identity and set up your GrabPIN as mentioned earlier, you will get access to the 'Transfer' feature.
2. Tap on 'Transfer' and you'll see the transferable and non-transferable balance. If you tap on (i), you will be enlightened with the definitions of each balance.
3. You will see different options to transfer to. Select the account and tap ‘Confirm’. Voila! Your funds will be transferred accordingly. 

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