Can I Withdraw Money From Singtel Dash?

Can I Withdraw Money From Singtel Dash

After topping up your Dash wallet, you may be looking for a way to withdraw your unused cash to your bank account.

However, is this even possible?

Can I withdraw money from Singtel Dash?

You are unable to withdraw money from Singtel Dash to your bank account. Singtel has removed this function from their mobile wallet. You can utilise your Dash balance by spending with at merchants that accept Dash QR or investing it into Dash EasyEarn.

On the Dash app, there is no option for you to withdraw your money to your bank account.

SingTel Dash Cannot Withdraw From Dash Wallet

As such, here are the 2 ways that you can use your Singtel Dash balance:

  1. Spend it via
  2. Invest it into Dash EasyEarn

A possible workaround to withdraw your money from Singtel Dash using EasyEarn

Here is a possible method for you to withdraw your money from your Singtel Dash wallet. You can deposit your money into Dash EasyEarn, and then withdraw to your bank account from there.

Singtel Dash EasyEarn Sign Up

However, there are many disadvantages for this method:

  1. You will need a minimum deposit of $2k if you haven’t signed up for EasyEarn yet
  2. You can only top up a minimum of $500 and further multiples of $500
  3. You will incur a $0.70 fee for each withdrawal you make

As such, this method is pretty troublesome. You should only use this if you wish to withdraw a large amount of money from your Dash wallet!

Why doesn’t Singtel allow me to withdraw my money from Dash?

It seems that Singtel wants Dash to become a super app, similar to GrabPay and Google Pay.

It has many different features, such as:

  1. Making both online and offline transactions
  2. Paying for public transport
  3. Remit money to 7 Asian countries
  4. Invest your money with EasyEarn (partnership with Etiqa)

Singtel has also been reported to be partnering with UOB Asset Management. They intend to launch a robo-advisory service on the Dash app as well.

All of these features suggest that Singtel intends to keep your money locked up in their ecosystem.

Singtel acquired the digital banking licence from the MAS

Singtel, in partnership with Grab, was able to acquire the digital banking licence in December 2020. This is a signal by Singtel that it intends to provide banking services.

To successfully run a banking operation, you will need to have a significant amount of capital. This is because you will need to loan out money to earn interest on your funds.

As such, Dash is one way that Singtel is able to gain some capital. Once you top up your wallet, you cannot withdraw it back to your bank account.

Singtel can then use your funds to provide other banking services. This gives them free cash flow until you make a purchase with Dash.

If everyone who uses Dash has $1 inside their Dash wallet, and Dash has 1 million users, they will already have $1 million of free cash flow!

This concept is similar to GrabPay and Razer Pay

There are other mobile wallets that do not allow you to withdraw your money to your bank account. Some of these wallets include:

  1. GrabPay
  2. Razer Pay

What’s similar between all of these mobile wallets is that they all intend to provide financial services.

Having a mobile wallet that prevents you from withdrawing your money gives these companies a lot of free cash flow!

Which other mobile wallets allow me to withdraw my funds?

You may be frustrated at not being able to withdraw your Dash wallet balance. As such, you may want to consider using these mobile wallets instead:

#1 Google Pay

Google Pay uses your credit or debit card directly to make payments to a merchant. Google facilitates the transfer without needing to have a stored wallet.

Google Pay Add Payment Method2

For any P2P or PayNow transfers that you wish to make, you can do so via 3 payment methods:

  1. OCBC
  2. Standard Chartered
  3. DBS PayLah!
Google Pay Singapore Fund Transfer Methods P2P PayNow

As such, your funds are directly taken from your bank accounts. You do not need to place your funds into a stored wallet!

Google Pay will provide some offers from time to time as well.

Google Pay Offers

The only issue is that not many merchants have taken up Google Pay compared to other mobile payments. However, Google Pay is still rather new. I believe that this payment method will pick up pace in the near future.

If you are interested in earning a $3 sign-up bonus, you can read my review on Google Pay to find out more.

#2 Fave

Similar to Google Pay, you can use your debit or credit card directly when you pay a merchant using Fave. Fave also allows you to connect your GrabPay wallet as well!

Fave Payment Methods

You are able to receive really high partner cashbacks.

Fave Partner Cashback

However, you can only redeem it when you visit the same store in the future.

What I like about Fave is that you can use your credit or debit card to make payments, even if the store does not have PayWave. This allows you to earn rewards when you use your credit or debit card!

You can view my comparison between payWave and NETS to see how these payment methods are different.

#3 PayLah!

Your PayLah! account will be linked to a bank account that you have.. As such, you can transfer your PayLah! wallet balance to your bank account at any time.

DBS PayLah Transfer To Account

Even if you do not have a DBS or POSB account, you can still send your wallet balance to a Singaporean bank account registered under MyInfo.

DBS PayLah! is one of the most widely used mobile wallets in Singapore. It is the most versatile wallet as certain stores would only have PayLah! as a digital payment option.

However since you are not using a debit or credit card to make a payment, you will not receive rewards like cashback or rewards points.

#4 BigPay

BigPay is a mobile wallet by AirAsia, and they have a mobile wallet too. You are able to withdraw money from your BigPay wallet to your bank account.

BigPay Transfer To Local Bank

However, you will incur a $1 flat fee for each transaction.

Should I top up my Dash wallet?

You may be wondering if it is worth topping up your Dash wallet. Here are some key pointers about this mobile wallet:

#1 There is a minimum top-up and you can’t top-up in decimals

Singtel Dash requires a minimum of $10 with each top up.

Singtel Dash Top Up No Decimals

Moreover, you are unable to top up in decimals! If you make a payment that involves cents, those few cents will most likely be locked up in your Dash wallet.

This makes top ups rather inflexible. If you require just $1 more, you will need to make a $10 top up instead!

Have you seen many shops that support making payments with Singtel Dash?

In the 3rd quarter of 2019, Singtel Dash was the 5th most popular mobile wallet, behind:

  1. Grab
  2. PayLah!
  3. EZ-Link
  4. FavePay

Dash has expanded its payment service to be accepted at FavePay merchants as well.

However, I believe that Dash is less popular compared to other mobile wallets.

The rewards that you earn from Dash can be rather attractive.

Singtel Dash Rewards Points

If there are not many merchants that accept Dash, then you will have less chances to spend with this mobile wallet.

As such, it may be quite hard for you to earn the rewards points from Dash!

Conclusion

Topping up your Dash wallet does not make much sense since you are unable to withdraw your unused cash. With so many mobile wallets available in Singapore, perhaps you may want to consider the other alternatives instead!

Dash Referral (800 Welcome Bonus Points)

If you are interested in signing up for Singtel Dash, you can use my referral link to sign up.

Alternatively, you can use my referral code ‘DASH-R1W67‘ when you sign up.

You will be able to receive 800 welcome bonus points once you either make a:

  1. Dash payment
  2. Singtel prepaid top-up (minimum $10)

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