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Boost eWallet no longer allows you to cash out to bank accounts

[ UPDATE 29/05/2020 16:30 ]: Boost has explained why it no longer offer Wallet to Bank account transfers. More details here.

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Boost has completed its scheduled wallet upgrade this morning which offers a larger wallet size of up to RM4,999. Not only you can store more credit in your eWallet but you will be able to spend up to RM59,999 per annum. However, its cash-out option to bank accounts is no longer available from 18th May onwards.

Boost eWallet upgrade size

Prior to the latest changes, Boost is the only provider among the top 3 eWallet players that allows you to transfer funds to a local bank account. This was only available for Premium Wallet users and Boost charges a fee of 2% up to a maximum of RM2 for each transfer. With the new wallet update, Premium Wallet users are still able to transfer money but only between Boost Wallets.

Boost eWallet withdraw to bank

The wallet size increase is applicable for booth Basic and Premium accounts. Previously, Boost Basic came with a RM200 wallet size and it is now upgraded to RM1,000. Meanwhile, the Premium Wallet which was previously capped at RM1,500 is now bumped up to RM4,999.

To upgrade to a Premium wallet, you’ll need to verify your account by providing an IC verification which will require a selfie. For foreigners, you may verify your identification with a copy of your passport.

In case you missed it, Boost is now supported on Samsung Pay. However, it only displays a QR code and it doesn’t work on NFC terminals.

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Alexander Wong