Grab has been evolving so much recently.
From launching a card, introducing new features to the app, to going public through a SPAC deal…
Recently, Grab announced that a $1 processing fee will be charged for GrabPay Wallet top-ups, starting 1 June 2021.
Here’s a quick guide to which top-ups will be charged, and which would still be free.
TL;DR: All About Grab’s New $1 Processing Fee for GrabPay Wallet Top-Ups
| GrabPay Wallet Top-Up | |
|---|---|
| Will Be Charged $1 Processing Fee | Visa credit cards |
| Will Not Be Charged $1 Processing Fee | Visa credit card top ups of $400 and above |
| Top up using Mastercard and American Express Credit Card | |
| All debit cards | |
| Transfer from other GrabPay users | |
| Top up From Bank Account via PayNow VPA or Linked UOB Accounts | |
In short, do not top up your GrabPay wallet with a Visa credit card!
So if you have a Visa credit card that is linked to your GrabPay wallet, do change it out before 1 June 2021 to avoid potential processing fees.
How To Keep Your GrabPay Top-Ups Free
1) Top up using Mastercard and American Express credit cards
2) Using Visa Credit Card for top-ups of $400 and above
3) Top up using debit cards
4) Transfer from other GrabPay users
5) Top up from bank account via PayNow VPA or linked UOB accounts
All of these seem pretty straightforward, right?
Other than PayNow VPA which might seem a little foreign…
If you’re wondering what that is, here’s a quick introduction!
What Is PayNow VPA?
According to Grab’s website, PayNow VPA refers to PayNow Virtual Payment Address, which is a unique identifier that can be linked to GrabPay wallets.
Once it is linked, PayNow transfers can be made to your VPA from your preferred banking app.
It is similar to how we make PayNow transfers using mobile numbers!
You can set a PayNow VPA to top up your GrabPay wallet straight from your bank.
Using this method will allow you to still top up your GrabPay wallet for free.
Here’s a quick guide to set up PayNow VPA:
Moving GrabPay Wallet Funds With Transferrable Balances
In case you missed it, Grab users can transfer the funds from their GrabPay wallet to their own bank account, other bank accounts, and e-wallets in Singapore.
A quick recap to the destinations these funds can be transferred to:
| Destination | |
|---|---|
| PayNow-linked bank account | PayNow and Grab accounts need to be linked to the same mobile number |
| PayNow | PayNow-registered users via mobile number, NRIC/FIN, or Unique Entity Number (UEN) |
| Other Bank Accounts | Via the recipient’s bank name, account number and account holder’s name Supported banks: 1) DBS Bank/POSB 2) OCBC Bank 3) United Overseas Bank 4) Standard Chartered Bank 5) CIMB Bank 6) Citibank NA 7) Citibank Singapore Ltd 8) ANZ Bank 9) Deutsche Bank 10) HL Bank 11) The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (HSBC) 12) HSBC Bank (Singapore) Limited 13) ICICI Bank Limited Singapore 14) Industrial and Commercial Bank of China Limited 15) Maybank Singapore Ltd 16) Malayan Banking Berhad 17) Mizuho Bank 18) Bank of China 19) RHB Bank 20) BNP Paribas 21) Sumitomo Mitsui Banking Corporation 22) The Bank of Tokyo Mitsubishi UFJ 23) Sing Investments & Finance Ltd |
| E-Wallets | Supported wallets: Singtel Dash, TransferWise, LiquidPay, MatchMove |
And a quick glance of which funds can be transferred out:
| What Funds From GrabPay Wallet Can Be Transferred Out? | ||
|---|---|---|
| Non-Transferable Balance | Transferable Balance | |
| Wallet Balance Is Topped up By | - Credit Cards - Foreign Debit Cards | - Local Debit Cards - Top up via QR Code (PayNow UEN) - Top up via PayNow VPA - Top up via UOB host-to-host - Funds received via P2P - Admin top ups, appeasement, marketing incentive top ups |
| Balance | CANNOT be transferred out via Peer to Peer or cashout to bank account CAN be used to pay for Grab services e.g. rides, GrabFood, etc. | CAN be transferred out via Peer to Peer or cashout to bank account CAN be used to pay for Grab services e.g. rides, GrabFood, etc. |
You can make up to 2 transfers a day, and the maximum transfer amount is $5,000, which is the same as the GrabPay Wallet spending limit.
E-Wallets in Singapore: Top-Up Fees Soon?
We’ve seen the rise in digital wallets and mobile payment options, providing us with a wide range of modes of payment today.
And we don’t really see processing fees for top-ups made to these wallets for now.
Let’s hope it stays this way…
If you’re looking for a credit card to use with your e-wallets, we’ve got you covered too!
Head over to SeedlyReviews to find out what kind of credit cards are available in Singapore and choose your favourite out of ’em!
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