STARTING April 25th, e-payment platform TNG eWallet users will be charged a 1% conversion fee for using their QR payment feature abroad. Previously, users only encountered this charge for manual credit card reloads exceeding RM1,000.
TNG Digital, the e-wallet’s operator, aims to curb the practice of “cashing out” credit card balances by reloading the e-wallet and transferring funds to bank accounts.
Additionally, the company seeks to offset the high costs associated with processing credit card transactions.
This applies to all cross-border transactions, meaning the fee is already included in the daily exchange rate you see at checkout.
As TNG eWallet sees increasing popularity for overseas payments, it is now available in 40 countries.
Furthermore, the company seeks to offset the high costs associated with processing credit card transactions.
Since February, there’s now a 1% fee to prevent people from moving credit card money to their bank accounts for free. TNG Digital used to cover this cost, but it adds up.
You’ll pay a small 1% fee (like many other apps) when using your eWallet to scan QR codes for payments overseas. This fee is added to the exchange rate you see before you pay, so there are no surprises.
This overseas fee does NOT apply to the Touch ‘n Go eWallet Visa card, which has its own fees.
While credit card reloads are still available, TNG Digital encourages exploring these free alternatives for a more cost-effective and secure experience.
Read More:
Simplify Touch ‘n Go refund process
Touch ‘n Go eWallet users can now go cashless in Singapore
Preparations for Aidilfitri: SmartLane System Reactivated and Road Improvements Underway
