We know that parting with money has to be a well thought out affair, so we’ve kept investing with AutoInvest simple and easy for you.
Before we dive in, check out this video for a quick overview of how AutoInvest works:
How it works
Most of us have dealt with procrastination. We know how hard it is to consistently invest and monitor regularly. That’s what AutoInvest solves.
To achieve big goals, we start with small habits!
Every time you use Grab, we automatically invest an additional amount, starting from $1, from your GrabPay Wallet. The amount is invested in a low-risk investment solution that provides an estimated return of 1.8% p.a. after all fees without any hidden costs (returns are not guaranteed or protected).
You’ll automatically invest when you: Take a Grab Ride, Order GrabFood, Shop with GrabMart, Pay in-store and online with your GrabPay Wallet or GrabPay Card. Do note that no money will be invested for transactions made using Cash, PayLater or Corporate Postpaid payments.
There is no lock-in period, so you can transfer the invested monies back to your Wallet whenever you like. Your redemption proceeds can be spent via your GrabPay Wallet or GrabPay Card (can be used anywhere that accepts MasterCard). This unique ecosystem seamlessly connects your investing habit and spending.
AutoInvest helps you build a good investing habit by incorporating investing into your day-to-day activities. Such automated micro-investment solutions are ideal when you are saving for items like a pair of headphones, a Nespresso machine or that gaming console you’ve been eyeing.
Sounds good? Let’s get started!
Step 1: Finding AutoInvest in Grab
The first thing you need to do? Access the ‘Invest’ tile in your app. At present, there are two ways you can do so, via the “Home” screen or the “Payment” screen.
Step 2: Verification and creating a profile
Up next, you’ll come to a screen that explains how AutoInvest works and whether or not it’s right for you, followed by a straightforward verification process – three simple yes/no questions.
For users who have not completed the KYC (“Know Your Customer”) process before, you’ll be required to verify your identity. The verification process may take up to 3 working days.
And then finally, you’ll need to include your tax details by inputting your NRIC/FIN number.
The verification process is part of our regulatory obligations as a license holder. It allows us to know you better and is also for anti-money laundering purposes.
Step 3: Setting up your investments
Next up, we’ll get to how much you’ll invest each time you pay for a service with Grab. There are three options, starting from $1 – this is not permanent and can be changed later.
You’ll also be asked if you want to activate Auto-Top Up for your Wallet. Activate it to ensure that you’ll always have sufficient money in your GrabPay Wallet to invest, since all investment amounts are taken from your Wallet.
Once that’s done, confirm your details one more time, take some time to read the GrabInvest T&Cs, and you’re done! You’re all set to start using AutoInvest to grow your investments!
Checking on your investments
Seeing how much you have invested is also easy. Access your investments via “My Plans” in the GrabInvest screen.
You’re also able to do the following anytime you want:
- See the underlying funds your money is invested into.
- Manage your plan (invest more, invest less, activate automatic transfers, deactivate your plan).
Transfer money back to your GrabPay Wallet
Withdraw your investment to your GrabPay Wallet and spend it on anything you fancy with your GrabPay Wallet or GrabPay Card. There’s no minimum lock-in period or penalties. The withdrawal usually takes 4 working days to account for the timing of each underlying fund. We are striving to enable the transfer of your funds within 2 working days where possible.
That’s it! It’s that simple. Start building an investing habit with AutoInvest today. Activate via your Grab app here.
Still have questions about AutoInvest? Refer to our FAQs to learn more.