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Sunday, September 25, 2022
HomeSocial NewsTnG eWallet now has new restriction on credit cash-out and transfers

TnG eWallet now has new restriction on credit cash-out and transfers

Touch ‘n Go (TnG) has recently introduced a couple of new feature that will restrict the way you can cash out your eWallet balance. They have not split your eWallet balance into transferable and non-transferable buckets.

Since TnG introduced its Go+ investment feature, the app allowed users to cash out their balance to a local bank account and it is probably the only major eWallet in Malaysia to do so.

Before the having Go+, TnG has only a single eWallet balance, regardless if it is reloaded by online banking, debit, or credit card, where you can reload up to the permitted maximum wallet size of RM20,000. There are also no clear restrictions for wallet to wallet, or wallet to bank account transfers.

However, this latest update will now clearly display your maximum transferrable amount on various interfaces. If you tap for more info, the app will break down the definition and balance of Transferable and Non-transferable eWallet buckets.

According to their FAQ, transferable funds are are basically reloads made from all sources except for credit card and government initiatives which may include eTunai and eBelia. This means that if you are reloading via credit card or receiving funds from the government, it will be considered non-transferable.

The limitation of non-transferable balance is that you cannot transfer these funds to other eWallets, cash out to bank accounts, or use it for Go+ or other investment products. Despite the limitation, you can still use it for other normal merchant transactions or toll payments for RFID and PayDirect.

Meanwhile, TnG is providing a quota for all users who have completed their account verification (e-KYC). If your account is on a “Pro” or the previous “Premium” level with a RM5,000 wallet size, you are permitted a quota of RM2,000 per month which will reset on the first day of the month.

For users on the highest Premium tier and a RM20,000 Wallet size, you are given a monthly quota of RM5,000. The excess of credit card reloads above the quota will be considered non-transferable.

This quota means if you have made a credit card reload of RM8,000, the remaining RM3,000 will be non-transferable.

Nonetheless, the TnG eWallet will still show your total balance on the home screen, whether it is transferable or non-transferable.

Learn more about TnG eWallet’s new Transferable and Non-Transferable feature here.

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