We're excited to announce we're migrating to a new platform partner and sponsor bank in the US, Regent Bank, Member FDIC. This will give us the tools and support to provide you with an excellent banking service and keep improving GrabrFi as your account in the US.
To make this migration very smooth for you, we set up a simple process for you. All you have to take is a few steps to open a new account.
Since this is a change, we understand if you have some questions and put together a comprehensive overview below. You can also reach out to our support team anytime. We're here for you.
What do I need to do to open a new account?
With this migration and new partnership, we're excited to offer you great features and perks. Opening your new GrabrFi account is quick and easy. Here is what you'll need to do.
1. Log in to your existing GrabrFi account and click on "Start migration".
2. Review and accept the standard banking legal terms and complete a short questionnaire.
3. Options for any balance on your existing account:
a. Transfer the money to your new account for free. Simply select "I agree to a free balance transfer" during the migration process.
b. Withdraw the money to another account you have. Spend the money with bank transfers or your card if you have one.
To make sure your migration is smooth, please take action by the due date mentioned in the email you received. Your existing account will close on this date.
What happens if I still have money in my existing account after the close date?
If there is still a balance in your existing account after the closing date, your account will be temporarily put on hold, and you won't be able to use your new account until the balance in your old account is zero.
If your account is put on hold due to an outstanding balance, reach out to our support team, and we'll help you with the next steps about transferring or withdrawing your money.
I have a pending incoming transfer, what will happen to it?
Transfers sent to your existing account before you open your new account
They will be deposited to your existing account. During migration, you can select "I agree to a free balance transfer" and we’ll transfer the money in your existing account to your new account for free, or you can opt to transfer it yourself.
Transfers sent to your existing account after it is closed
These transfers will be returned to the sender. After you open your new account, you will be able to view your new account number and the routing number right away and share this with senders and update them where they're being used.
Will my account details change?
Yes. Since we are migrating to a new sponsor bank in the US, Regent Bank, Member FDIC, your account number and the routing number for transfers will be different.
As soon as your new account is open, you'll be able to view your new account details and update them where they're being used.
Will there be new fees after I open the new account?
Opening your new account is completely free. You’ll continue to enjoy the features and benefits of your existing GrabrFi account, and most of the fees will stay the same.
There will be a new ATM fee of $4.99 USD per withdrawal.
You’ll be notified of any changes to our fees in the future.
Will I have access to the same banking features after the migration?
You'll have access to a US account in your name, ACH bank transfers, US wire bank transfers, a list of your transactions and monthly statements. You'll be able to add your GrabrFi account to some platforms to add and withdraw money.
Right now, international SWIFT bank transfers to non-US accounts are not supported with our new platform. We know it's important for you and will be adding this feature later this year.
Top-ups and withdrawals in local currency are not live yet. We'll be bringing this back for Argentina and Brazil within a few months. In the meantime, you can use supported third party platforms to top up and withdraw in local currency.
I don't wish to open a new account, can I keep the old one?
We understand this is a change. To continue using GrabrFi, you do have to open a new account before the account closing date mentioned in your migration notice.
We have set up a simple process to make this as smooth as possible for you. All you'll have to do is take a few steps. If you have any balance in your existing GrabrFi account, you can select "I agree to a free balance transfer"during the migration, and we'll transfer it to your new account for free.
If you choose not to proceed, you have a few options to withdraw any existing balance on your GrabrFi account to another account in US dollars or local currency before the account closing date mentioned in your migration notice. You can request a reimbursement of any fees for this withdrawal by following the steps in the answer below.
If you have any questions or concerns about this, reach out to our support team anytime. We're ready to help.
I don't wish to create a new account. How can I withdraw my money from GrabrFi to another account and be reimbursed the fees?
While we hope to continue bringing US banking to you as a customer, you always have the right to choose. If you don't wish to migrate to a new GrabrFi account, your existing account will be closed. Here are the options to withdraw the money from your GrabrFi account to another account you have:
Send an ACH bank transfer to another US bank account
Send a wire bank transfer to another US bank account
Send a transfer to a digital platform such as PayPal or Wise
Use a third party service such as Remitly or Wise to withdraw to a bank account outside the US
Send an international SWIFT transfer to a bank account outside the US
Once the withdrawal is complete, here's how you can request a reimbursement of the fees.
1. Share with us proof of the transfer fee
Send us a screenshot of the completed transfer details that shows:
Your full name
Any fees charged by the sending or receiving bank or platform
The total amount transferred
We will only be reimbursing the fee for one transfer, so please make sure you withdraw the full amount in your GrabrFi account in one transfer. Exceptions apply if this amount in your GrabrFi account exceeds the daily limit of the transfer method you're using. We will be requesting proof in these cases.
2. Reach out to support
Please open a support ticket on the GrabrFi website or app, or email us at support@grabrfi.com from the email address you use for GrabrFi so we can verify who you are and process everything smoothly.
3. Choose where you'd like to receive your transfer fee reimbursement
US bank account: receive your reimbursement in another bank account you have in the US.
Local bank account: receive your reimbursement in a bank account in a country outside the US.
Digital platform: receive your reimbursement in a digital platform such as Wise or PayPal.
Please share with us the necessary account details for us to send you the reimbursed transfer fee.
Processing times vary depending on where you opted to receive the reimbursement. We'll aim to send you the money as soon as possible.
Have questions or need help with the withdrawal? Reach out to our support team anytime at support@grabrfi.com. We're here for you!