Linking your GrabPay Wallet with a bank account enables feeless fund transfers across a range of locally available platforms. Here’s everything you need to know to get started.
I thought I could use that refund to offset my next Grab ride. But when I tried, I was promoted to top-up my balance instead.
I didn’t want to do that, but there was nothing I could do at that time. So ever since then, my S$4 refund has been sitting in my Grab app, silently taunting me every time I thumbed the app open to book a ride or order late-night Korean fried chicken (you know how it is).
Thankfully, that is no longer the case!
Now that I can link my bank account to my GrabPay Wallet, I can finally right the wrong I had suffered for so long. I can now drag that smirking S$4 back into my bank account, where I can spend it the way money is meant to be spent.
(Apologies, I got ahead of myself for a moment there.)
But yes, you can now link your GrabPay Wallet to several popular bank accounts in Singapore, and in this article, we’ll be telling you all the details on going about it.
Here’s what we’ll be covering:
- What banks can you link your GrabPay Wallet to
- Instructions for linking your GrabPay Wallet to your bank account
- Advantages of linking your GrabPay Wallet
- What you need to know before using your GrabPay Wallet
- Limits and restrictions governing your GrabPay Wallet
Which banks can I link to my GrabPay Wallet?
|Bank of China||GrabPay Wallet-enabled|
|Standard Chartered Bank||GrabPay Wallet-enabled|
Out of nine major commercial banks in Singapore, six banks now allow you to link your account to your GrabPay Wallet.
These six banks are:
- Bank of China
- Standard Chartered Bank
Meanwhile, those holding bank accounts from Citibank, HSBC and ICBC, you will have to wait a little longer to link your GrabPay Wallets.
Grab has stated that they are in the process of enabling this feature with these three remaining banks and will update customers when linking becomes available for the respective users.
How do I link my GrabPay Wallet to my bank account?
You can link your GrabPay Wallet to your bank account directly on your Grab app.
Here are the steps to follow:
- Open your Grab app, enter the Payment page, and tap on ‘Top-up’.
- Under ‘All top-up methods’, tap ‘Linked Bank Account’.
- Select the correct bank. You’ll be redirected to your Internet banking login page. Log in to proceed.
- Fill in the relevant information, such as the bank account you want to link. You can also set a payment limit.
- Carefully read through the Terms and Conditions. Click Next to proceed only if you agree.
- Review the information you have submitted, then click Submit. You’re done; your account is now linked to your GrabPay Wallet!
What are the advantages of linking my bank account to my GrabPay Wallet?
You may be wondering why we’re highlighting the ability to link your bank account with your GrabPay Wallet. After all, you’ve probably been paying for your Grab charges using a credit or debit card all along, with no issues whatsoever.
That’s a fair question.
Here’s what you can do with your GrabPay Wallet.
- Pay for Grab rides, GrabFood deliveries, and in-store purchases
- Transfer funds to and from your linked bank account with no extra fees
- Transfer funds to other GrabPay Wallet users
- Transfer funds to PayNow users
- Transfer funds to other digital wallets – TransferWise, MatchMove, Singtel Dash and Liquid Pay
As you can see, the GrabPay Wallet can expand your options for payments as well as sending and receiving money.
What do I need to do before I can transfer funds using GrabPay Wallet?
Before you can start transferring funds, you’ll need to do some basic setting up on your Grab app. Here’s what you need to do.
- Fully verify your identity to upgrade to a full-featured GrabPay Wallet. The quickest and most convenient way to do so for Singaporeans is via MyInfo (SingPass).
- You’ll also need to set up your GrabPIN, which will be required as a security measure against unauthorised fund transfers.
Once you’ve done the above, you’ll be able to start transferring funds using your GrabPay Wallet.
What restrictions and limits should I note when using GrabPay Wallet?
Transferable and non-transferable balances
Funds in your GrabPay Wallet are split into two categories: transferable and non-transferable. This depends on the source from which the funds were transferred into your GrabPay Wallet.
Here’s how you can tell the difference.
|Non-transferable balance||Transferable balance|
|Funds topped-up via||– Credit cards- Foreign credit cards||– Local debit card- PayNow (QR or VPA)- Other GrabPay wallets- Admin, appeasement, or marketing top-ups|
|What funds can be used for||– Grab services, such as rides and food delivery||– Grab services, such as rides and food delivery- Transfers to bank accounts, other parties|
|What funds cannot be used for||Transfers to bank accounts, other parties||n/a|
Transfer and spending limits
You should also be aware of the limits governing the use of your GrabPay Wallet, including limits on how often you can make fund transfers, as well as how much you can transfer and/or spend at one go.
|Fund transfer to bank account or e-wallet||Two transfers per day|
|Minimum and maximum amount per transfer||No minimum amount to transfer. Maximum of S$5,000 per transfer.|
|Daily spending limit||S$5,000 per day|
|Annual spending limit||S$30,000 (transfers to own linked bank account does not count towards this limit)|
|Eligible bank accounts for funds transfer||Local bank accounts on FAST network|
Read these next:
GrabPay Wallet Update: You Can Now Make Transfers To Your Bank Account. Here’s Everything To Know
How To Dodge Grab’s Newly Announced $1 Fee On GrabPay Top-ups
How Does GrabPay Mastercard Compare To Other Credit And Debit Cards?
Mobile Wallets In Singapore: Complete 2022 Guide
Latest GrabFood Promo Codes (February 2022)
By Alevin Chan
An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.