One of the mostly-used ride-hailing services in Singapore, Grab, has also offered an e-wallet, called as GrabPay, in order to pay for many things. To mention some of them are their own ride-hailing service, in-store shopping, or ordering food deliveries.
Due to this usefulness, people use GrabPay as their e-wallets. Topping up GrabPay is no longer a foreign thing to do. But is it possible to do the inverse – transferring the funds back to one’s account? Find out how to transfer money from GrabPay to bank account in this article below.
Transferring Back GrabPay to One’s Bank Account: Is It Possible to Do?
It is not deniable that GrabPay is an easy payment method. That is why many people stick with it, topping up their GrabPay account, and using it whenever they need to purchase this and that. However, when emergency strikes and you got no saving money, can you obtain back the money you have put into your GrabPay account?
The short answer to it is: yes, you can! Now this kind of withdrawing back GrabPay is possible to do in Singapore. Previously, this feature was only available in the Philippines and Vietnam. Per February 2021, GrabPay can be sent to any of these destinations:
- Bank accounts
- Other e-wallets, and
- A registered PayNow user.
Sounds good, already? Yes, GrabPay and two other non-bank institutions had just recently become a part of PayNow. That’s why you can also transfer your GrabPay money through PayNow.
You can transfer funds to any bank account that is part of the FAST bank transfer network in Singapore. The following banks are supported:
|United Overseas Bank
|Standard Chartered Bank
|Sing Investments & Finance Ltd
|The Bank of Tokyo Mitsubishi UFJ
|Sumitomo Mitsui Banking Corporation
|Bank of China
|Malayan Banking Berhad
|Maybank Singapore Ltd
|Industrial and Commercial Bank of China Limited
|ICICI Bank Limited Singapore
|HSBC Bank (Singapore) Limited
|The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (HSBC)
How to Obtain Your Money from GrabPay to Your Bank Account
In case you need cash in your bank account, you don’t have to worry as GrabPay can be transferred back to your bank account. However, you’ll need to verify your GrabPay account beforehand, plus setting up your GrabPIN.
You are able to verify your GrabPay account with MyInfo or SingPass directly on the app. To set the GrabPIN is also essential, since all transaction will require your GrabPIN.
After your account has been verified and you have set the PIN, the next step in this how to transfer money from GrabPay to bank account Singapore procedure is as mentioned below:
- From your GrabPay main page, go to Payment. Select Transfer afterwards.
- You will see your transferable balance next and several methods to transfer your GrabPay money. Pick Bank account as you plan to proceed with transferring to your own bank account.
- Add an account number. To do that, you can either add the number from: PayNow mobile number and Bank account number. There are 22 Singaporean banks which you can transfer your GrabPay balance to. However, you cannot transfer the GrabPay to overseas bank account.
- For the next step, input the Amount you want to transfer. Funds you obtained from your credit card cannot be transferred out due to some regulations.
- Next, you will be asked to enter your GrabPIN. GrabPIN is a 6-figure PIN that you will use in order to confirm your withdrawal.
- Once the transfer is confirmed, wait for some moment and wait for a confirmation. You will be notified when the transfer is successful.
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So that is the answer to your question, how to transfer money from GrabPay to bank account Singapore? It is not difficult to transfer money from GrabPay to your bank account. In addition, there is no fee required to transfer the funds back to your account.