Can money from Grab transfer to bank account?

Can Money from Grab be Transferred to a Bank Account?

Grab, a leading ride-hailing, food delivery, and payment service provider in Southeast Asia, offers a convenient way to make payments and manage your finances. However, when it comes to transferring money from your Grab account to a bank account, there are certain limitations.

Currently, it is not possible to directly transfer funds from your Grab wallet to a bank account. This feature is only available for transferable balances, which are restricted to local Singapore bank accounts. Only verified profiles are eligible for this withdrawal process.

Transferable Balances

Transferable balances refer to funds that have been earned through certain activities on the Grab platform, such as:

• Cashback rewards
• Referral bonuses
• Promotions

These funds are separate from your GrabPay balance, which is used for making payments on the platform.

Profile Verification

To be eligible for withdrawing transferable balances, you must complete profile verification. This involves providing Grab with your personal information, such as:

• Identity card or passport
• Address
• Phone number

Grab uses this information to verify your identity and ensure the security of your account.

Withdrawal Process

Once your profile is verified, you can follow these steps to withdraw your transferable balances:

1. Open the Grab app and tap on “Payments.”
2. Select “Withdraw Funds.”
3. Enter the amount you wish to withdraw.
4. Choose the bank account you want to withdraw to.
5. Confirm the withdrawal.

The funds will typically be credited to your bank account within 1-3 business days.

Limitations

It is important to note that there may be certain limitations on the amount of money you can withdraw from your Grab account, as well as any fees or charges that may apply. These limitations vary depending on factors such as your Grab tier level and the bank account you are withdrawing to.

Conclusion

While direct bank transfers from Grab are not currently supported, verified users can withdraw transferable balances to their local Singapore bank accounts. By completing profile verification and following the withdrawal process, you can easily access your earned Grab rewards and funds.