Boost's New Update Removes Cash Out to Bank Account Option
Boost has just rolled out its latest update this morning, bringing with it both some welcome and unwelcome changes.
Good news? You can now store more credit in your Boost eWallet.
Bad news? You can no longer cash-out to your bank account.
Prior to this update, Boost was the only major eWallet that allowed you transfer funds to a local bank account - neither Grab Pay nor Touch 'n' Go provide such a feature. It was previously available for Premium Wallet users and charged a 2% fee up to a maximum of RM2 per transaction. The feature has now been nixed (today will be the last day to do so), but Premium Wallet users will still be able to transfer funds between Boost Wallets.
On the bright side, Boost has upgraded several features - for Premium Wallet users, the wallet size and monthly transaction limit have both been increased to RM4,999 respectively, while the annual transaction limit has been bumped up to RM59,999 from RM24,000. Basic Wallet users have also had their wallet sized bumped up to RM1,000 from RM200.
To upgrade from a Basic to Premium Wallet, all you have to do is verify your identity via a picture of your IC along with a video selfie. You'll also have to top up your wallet at least once, which goes without saying. If you're a foreigner, you may verify your identity with a copy of your passport instead.
While it's a bummer that such a practical feature has been removed, it is nice to see a wallet and transaction size update for the high-rollers.