Touch ‘n Go eWallet (TNG eWallet) has updated its Premium tier wallet with four times the wallet size. Previously capped at RM5,000, you can now reload up to RM20,000 to your verified TNG eWallet. The monthly transaction limit is also increased up to RM20,000 per month, allowing you to use the eWallet to purchase higher-value items.
To upgrade your TNG eWallet with the higher limit, just tap on the profile icon on the top left corner on the home screen. Next, tap on My Tier and you should see the option to upgrade to an eWallet size of RM20,000 with a monthly limit of RM20,000 and an annual limit of RM300,000. If you haven’t already, you’ll need to verify your account through an e-KYC process that requires your IC.
To recap, an unverified TNG eWallet accounts can only hold a maximum amount of RM200 and there’s a monthly transaction limit of RM4999.99. The next tier is the Pro level (previously Premium), which lets you maintain a maximum balance of RM5,000 while the monthly transaction limit is RM5,000.
According to TNG’s FAQ, the monthly transaction limit does not include transportation transactions, RFID, and PayDirect usage. That explains why the updated Premium account has a higher RM300,000 annual transaction limit despite only having a monthly cap of RM20,000. As a result, the maximum retail transaction a Premium account holder can spend in a year is RM240,000 (12 months x RM20,000), while the remaining allowance can be utilised for transport, RFID and PayDirect transactions.
Despite the increased eWallet size for Premium, TNG eWallet’s Go+ investment product is still capped at RM9,500. If you wish to withdraw money from the eWallet, you may do so via Go+ which allows you to cash out to the eWallet or directly to your saved bank account. There are no admin fees to cash out but it will take at least one business day to transfer to a bank account. Go+ cash out to eWallet is reflected instantly.
One of the biggest Wallet sizes in the country
With the RM20,000 eWallet size, TNG eWallet is currently one of the biggest among the popular eWallet players in Malaysia. As a comparison, GrabPay has a maximum wallet size of just RM1,500 for their verified Premium wallet. Meanwhile, Boost has a maximum wallet size of RM4,999 for its Premium account and BigPay can hold up to a maximum of RM10,000.
It is worth highlighting that MerchantTrade Money’s multi-currency card and eWallet platform has been offering a maximum wallet size of RM20,000 since last year after obtaining regulatory approval.
[ SOURCE ]