In November last year, Grab announced that it is launching a new remittance offering under its financial services arm in early 2019.
As the region’s first wallet-to-wallet remittance product, this new service allows both banked and unbanked senders to remit money to receivers in another country using their GrabPay wallets.
Currently, you can only send money from your GrabPay Wallet to another GrabPay Wallet in the Philippines.
According to Grab, it charges “$0 transfer fees” and offer “competitive exchange rates”.
Users will be able to see exactly how much the recipient will get in their local currency before they confirm the transfer; and can only send up to S$999 per remittance.
‘PayNow For Remittance’
Grab asserts that it’s a very convenient and hassle-free service.
With GrabPay, there’s no need to visit a bank branch or a remittance centre to verify your account.
Users simply need to complete a one-time account verification before they can enjoy Grab’s remittance service.
They simply need to open the Grab app and log in with their SingPass ID or fill out a short form.
For transfers, it works just like PayNow. There’s no need for bank account numbers — users can simply key in the transfer amount and enter recipient’s mobile number or select an existing contact from ‘Contact Book’.
Instead of same-day transfers, receivers can access transferred funds instantaneously.
Recipients can then use the money for any Grab service or transfer to their own bank account.
For bank transfers, please note the following:
- For BDO customers, transfers will be posted to their bank account within 3 hours.
- For non-BDO customers, transfers will be posted to their bank account:
- On the same day if the request is submitted before 11AM
- On the next working day if the request is submitted after 11AM
Featured Image Credit: Grab