Looking to cash out money from your AutoInvest account to your GrabPay wallet to use for rides around town, food deliveries, and shopping sprees at stores that accept GrabPay? You can! For the savers, good news, these funds are also transferable to your bank account.
Find out how in 3 simple steps!
Step 1: Access AutoInvest
Firstly, click on the “Payment” tab on the Grab app home page.
Thereafter, select “Invest” under the “Financial services” section.
Next, click on “My Plans”.
Click “View”. Here, you’ll be able to see information about your AutoInvest account, such as the amount of money invested, your return on investment, your investment portfolio, and recent transfers.
Step 2: Transfer Money To Your GrabPay Wallet
Click on the ‘Transfer’ button to enter the amount you’d like to transfer to your GrabPay wallet.
Key in the amount you’d like to transfer. The minimum amount you can transfer is $1. If the withdrawal amount is larger than 90% of your Portfolio Value, it will result in a full withdrawal of all the investments in your portfolio.
It takes between 2 to 4 working days for Grab to process your transfer. We’re all about giving you more control and flexibility in managing your finances. That’s why there are no lock-in periods or penalties. Transfer your funds to your GrabPay wallet whenever you wish.
Checking On Your Withdrawals
If you wish to view your recent transfers, simply scroll down from your AutoInvest app page to view the ‘Recent Transfers’ section.
Click on “Show all” to view all transfers.
Click on a specific transfer to view the full details.
Here, you’ll see the details of your withdrawal, such as the amount withdrawn, where it was transferred from and to, the date of withdrawal, transfer ID, and the type of investment portfolio that was sold to make the transfer.
And that’s it! You’ve just learnt how to transfer funds from your AutoInvest account to your GrabPay wallet.
Step 3: Transfer Money From Your GrabPay Wallet To Your Bank Account
After the funds are transferred from your AutoInvest account to your GrabPay wallet, you can proceed to transfer them to your bank account!
First, click on the “Transfer” tab.
Next, click on your bank account.
For bank account transfers, you can choose to either transfer by mobile number, NRIC or UEN, or via bank account number.
For E-Wallet transfers, there are 4 different types of E-Wallets to choose from – LiquidPay, Matchmove, Singtel Dash and Wise. You’ll be glad to know that there are no charges when transferring money to an E-wallet.
Summary
Transferring funds from your AutoInvest account to GrabPay Wallet and subsequently to your bank account is designed to be easy and fuss-free, so you’re always in control. Likewise, managing your money is effortless with AutoInvest, as it gels micro-investing with your daily Grab transactions! Whether you’re booking a ride or ordering a meal, simply set aside a small amount of your choice ($1, $2 or $5) to be invested into a smart, low risk portfolio managed by best-in-class asset managers.
Begin your investment journey with AutoInvest today. Get started by activating it on your Grab app.
To learn more about AutoInvesting and other useful finance knowledge, check out our blog!
Meanwhile, here are answers to the most commonly asked questions about withdrawals:
In order to perform a successful withdrawal and transfer the proceeds to your GrabPay Wallet, please take note of the following:
- You have to ensure that your GrabPay Wallet balance will not exceed S$5,000 after the transfer;
- The minimum transfer amount is S$1.00;
- If the withdrawal amount is larger than 90% of your Portfolio Value, it will result in a full withdrawal of all the investments in your portfolio; and
- If less than S$1.00 remains in AutoInvest after deducting the partial withdrawal amount, it will result in a full withdrawal of all the investments in your portfolio
- You can only withdraw your full balance when no other withdrawals are being processed (The withdrawal process will take 2 to 4 working days to be completed).
- If one or more of the above requirements are not met, you will not be able to withdraw from your investments and transfer the proceeds to your GrabPay Wallet.
- We will collect withdrawal requests placed anytime between 00.00 – 23.59
- At 11.00AM on the next working day, we will send a sell instruction to the Asset Management Company so they can initiate a sell process.
- Different funds have different withdrawal timings, and we’re investing in a few funds. It will take 2 to 4 working days for the withdrawal process to be completed.
- Once all Asset Management Companies have successfully processed the withdrawal, GrabInvest will automatically transfer your withdrawal amount to your GrabPay Wallet.
- You can also track the status of your withdrawal request under the “Recent Transfer” section in the AutoInvest page.
Partial Withdrawal
A partial withdrawal means you initiate a withdrawal of anything equivalent to or less than 90% of the Portfolio Value of your AutoInvest plan. To initiate a partial withdrawal, you first indicate the amount you wish to withdraw. We will then instruct the Asset Management Company to withdraw that indicated amount from your investment funds. Based on the next available price, the units to be redeemed will be determined. The exact amount will be transferred to your GrabPay Wallet in 2 to 4 working days.
Example: Benny has an AutoInvest plan. The Portfolio Value is S$500.
He initiated a withdrawal of S$300 from his AutoInvest plan.
On the next working day, GrabInvest will instruct the Asset Management Company to redeem S$300 from Benny’s investment funds.
Benny will see S$300 transferred to his GrabPay Wallet in 2 to 4 working days.
Full Withdrawal
GrabInvest will trigger a full withdrawal if:
(a) you are withdrawing larger than 90%of your Portfolio Value; or
(b) less than S$1 would remain in the AutoInvest plan upon receiving your withdrawal request.
This means, GrabInvest will withdraw 100% of your AutoInvest plan. GrabInvest will instruct the Asset Management Company to sell all the units in your investment funds at the next available price.
You will get your money in your GrabPay Wallet in 2 to 4 working days.
Please note that the actual amount that you receive upon withdrawal might not be the same as the Portfolio Value shown in the AutoInvest page (which you can access through the “Invest” menu in the Grab app). This is due to market price fluctuations and decimal rounding. All details such as executed price and units can be found under ”Investment Status” in the “Transfer Details” page in the AutoInvest page.
Example 1: Lucy has an AutoInvest plan with Portfolio Value of S$1,000.
She initiated a withdrawal of S$950 from her AutoInvest plan.
Since S$950 is 95% of the Portfolio Value, GrabInvest will instruct the Asset Management Company to redeem all of her investment funds. The Asset Management Company will sell the units of the investment funds at the next available price. The redemption proceeds that Lucy receives may be more or less than the Portfolio Value as indicated when she made the withdrawal request.
She will receive the redemption proceeds in her GrabPay Wallet in 2 to 4 working days.
Example 2: Lucy has an AutoInvest plan. Her Portfolio Value balance is S$2.
She initiated a withdrawal of S$1.50 from her AutoInvest plan.
Since the Portfolio Value after withdrawal is only S$0.50 (below S$1.00), GrabInvest will instruct the Asset Management Company to sell all of her investment funds.
The Asset Management Company will sell the units of the investment funds at the next available price. The redemption proceeds that Lucy receives may be more or less than the Portfolio Value as indicated when she made the withdrawal request.
She will receive the redemption proceeds in her GrabPay Wallet in 2 to 4 working days.
Once a withdrawal request is initiated, it will take 2 to 4 working days for the money to be transferred to your GrabPay Wallet. You can check the status of your withdrawal in the “Recent transactions” section on the Payment tab of the Grab app.
Got more questions about AutoInvest withdrawals? Get them answered by checking out our full FAQ page.
