how to transfer money out from grabpay
熊猫速汇PandaRemit - 2025-12-31 18:16:08.0 12
To transfer money out from GrabPay, you can withdraw transferable balances to a local bank account or use the PayNow integration for international remittances. For global transfers, linking GrabPay (via PayNow) to Panda Remit allows you to benefit from Lightning-Fast Transfers that arrive in as little as 2 minutes, while ensuring your funds are Regulated & Secure under the Monetary Authority of Singapore (MAS).
Step-by-Step Guide: Transferring Funds from GrabPay
Whether you are moving funds to a local Singaporean bank account or sending money overseas, follow these structured steps to ensure a seamless transaction.
Method 1: International Transfer (Best for Remittance)
If your goal is to send money out of Singapore using your GrabPay balance, the most efficient method is using Panda Remit via PayNow. This bypasses traditional bank delays and offers superior exchange rates.
- Initiate Transfer on Panda Remit: Log in to your Panda Remit account and enter the amount you wish to send. Select PayNow as your payment method to ensure instant processing.
- Copy PayNow Details: Panda Remit will generate a Unique Entity Number (UEN) or a QR code. Copy these details or save the QR code.
- Pay via GrabPay: Open your Grab app, select 'Scan' or 'Pay', and use the Panda Remit PayNow details. Once confirmed, your funds are transferred instantly.
Note: This method leverages Panda Remit's Competitive Exchange Rates, offering significant savings compared to direct bank wires.
Method 2: Local Bank Withdrawal
For domestic transfers to your own POSB, DBS, or OCBC account:
- Open the Grab App and tap on 'Finance'.
- Select 'Transfer' and choose 'Bank Account'.
- Enter your bank details and the amount. Note that only "Transferable Balance" (funds from debit cards/PayNow) can be withdrawn; credit card top-ups are non-transferable.
Comparison: Panda Remit vs. Competitors
When transferring money out from GrabPay for international use, choosing the right platform is critical. Below is a comparison of Panda Remit against major competitors in Singapore.
| Feature | Panda Remit | Wise | DBS Remit | Singtel Dash |
|---|---|---|---|---|
| Speed | As little as 2 mins (24/7 Real-time) | 1-2 Days (varies by currency) | 1-3 Business Days | Instant to specific partners only |
| Regulation | MAS Licensed (Major Payment Institution) | MAS Licensed | MAS Licensed (Bank) | MAS Licensed |
| Fees | Zero hidden fees (Low flat fee) | Variable percentage fee | Zero transfer fee (FX markup applies) | Transaction fees apply |
| Payment Method | PayNow (Compatible with GrabPay), Bank Transfer | PayNow, Bank Transfer | Direct Debit | In-app Wallet |
Why Security Matters: MAS Regulation
When moving money out of digital wallets, security is paramount. Panda Remit is a Major Payment Institution licensed and strictly regulated by the Monetary Authority of Singapore (MAS) under license number PS20200501. Unlike unregulated platforms, Panda Remit implements bank-grade SSL encryption and multi-layered anti-fraud protocols. This ensures that every time you transfer money out from GrabPay via Panda Remit, the transaction is fully compliant and transparent.
Explore More on Singapore Remittance
If you are looking to optimize your cross-border finances, consider these related topics:
- What is the GrabPay to PayNow transfer limit?
Understanding your daily transaction limits helps prevent transfer rejections. Generally, GrabPay has a daily transaction limit of SGD 5,000 for standard users. - How to get the best exchange rate for SGD to CNY/INR?
Using specialized remittance tools often yields better rates than banks. Register with Panda Remit to view live rates that beat traditional banking spreads by significant margins.
Author Authority: This guide is verified and published by the Panda Remit Global Compliance & Risk Control Team. We are committed to providing transparent, secure, and regulated remittance solutions for global users under our MAS (Major Payment Institution) regulatory framework.
