Apart from introducing its GoPinjam personal loan feature, Touch ‘n Go eWallet (TNG eWallet) recently enabled its users to make instant transfers to other users outside of its eWallet. In August 2021, TNG eWallet allowed users to receive funds via DuitNow, but now you can use DuitNow to send funds from your eWallet to other bank accounts.
Prior to this, the only way to transfer funds from TNG eWallet to a bank account was through the Go+ investment feature. However, it takes at least one business day for the transfer to complete. With the new DuitNow Transfer feature, transferring funds is immediate and always free.
How to Transfer Funds from Touch ‘n Go e-Wallet to Bank Accounts
To transfer funds from your TNG eWallet to other accounts, simply tap the Transfer icon on the home screen. By default, you should see the standard e-wallet to e-wallet transfer that uses your contact list. To transfer outside of TNG eWallet, tap DuitNow.
You will have the option to transfer via bank/e-wallet, mobile number, IC/passport, MyTentera ID or business registration number. If you choose a mobile phone number, you will only need the registered phone number of the recipient who activated DuitNow. For bank accounts, simply select the bank/provider, account number, and transfer type (funds transfer, loan payment, or credit card).
Once you confirm the transaction, the funds transfer should be completed instantly and you will receive a notification if it is successful. Note that a verified TNG eWallet account is mandatory to use the transfer function.
Unlike the normal TNG eWallet-to-eWallet transfer and other eWallet transactions, the DuitNow transfer feature will only work with your actual eWallet balance. This means that if you keep most of your funds in Go+, you will need to cash out the desired amount to your e-wallet first before making the DuitNow transfer.
In case you missed it, TNG eWallet has introduced new restrictions to limit credit card withdrawals and transfers. At the e-wallet level, the application will display the total transferable and non-transferable e-wallet balance. The amount topped up via credit card or government initiatives will be considered non-transferable. For those who use a credit card to top up, verified Premium users are allowed to transfer up to an authorized quota of RM5,000 per month. You can find out more here.