If you’re a Touch ‘n Go (TNG) e-wallet user, you’ve probably been getting constant reminders and notifications to update the app to the latest version. It turns out that TNG introduced a few new features that would restrict how you can cash out your eWallet balance. They have now divided your e-wallet balance with transferable and non-transferable compartments.
Since TNG introduced its Go+ investment feature, the app allows users to cash out their balance to a local bank account and is likely still the only major e-wallet in Malaysia to do so. Before that, TNG only has one e-wallet balance, whether it is recharged by online banking, debit or credit card, and you can recharge up to the maximum allowed wallet size of RM20,000 without clear wallet-to-wallet restrictions, or wallet-to-bank account transfers.
With the latest update, the TNG eWallet will now prominently display your maximum transferable amount on various interfaces. If you tap for more information, the app will break down the definition and balance of transferable and non-transferable eWallet buckets. Transferable funds are essentially top-ups made from all sources except credit cards and government initiatives which may include eTunai and eBelia. If you top up with a credit card or have received funds from the government, it will be considered non-transferable.
The limitation of the non-transferable balance is that you cannot use it to transfer it to other e-wallets, withdraw funds to bank accounts, or use it for Go+ or other investment products. You can still use it for other normal merchant transactions or toll payments for RFID and PayDirect. It’s worth pointing out that TNG does not yet completely restrict the use of top-up balance by credit cards, as they have their own “FUP”.
According to their FAQ, they provide a quota for all users who have completed their account verification (e-KYC). If your account is at the “Pro” level or the previous “Premium” level with a portfolio size of RM5,000, you are entitled to a quota of RM2,000 per month which will reset on the 1st day of the month. For users of the highest Premium tier with a wallet size of RM20,000, you get a monthly quota of RM5,000. Any excess credit card top-ups beyond the quota will be considered non-transferable. This means that if you have a quota of RM5,000 but have completed a credit card top-up of RM8,000, the remaining RM3,000 will not be transferable.
Despite the division, the total balance of the electronic wallet will always be displayed on the home screen, whether it is transferable or not.
We tried to top up a combination of RM100 via credit card, RM50 via debit card and RM100 via online banking, and were able to get a balance of RM250 under the transferable compartment. This is because we have not reached our quota of RM5,000 as a Premium account user. You can read more about the new transferable and non-transferable feature of TNG eWallet here.