If you are in Argentina, Bolivia, Brazil, Colombia, Mexico, Nigeria, Peru, or Uruguay, you can withdraw to your local currency directly from GrabrFi at a competitive exchange rate and without leaving the app. See how to withdraw to local currency.
If your country is not on the list, Wise is a good option, since it uses the mid-market rate to convert your money. Here is how to use it.
1. Open an account with Wise
If you don't have an account, you can open one for free here.
2. Open a USD account
Click on the 'Open' button in the 'Account' section. Select the account type 'Balance' and follow Wise's instructions. You'll need to deposit a small amount of money into the account. Don't worry, you'll be able to use it later.
3. Look up your Wise USD account details to send money from GrabrFi to Wise
On Wise, open the USD account page. Click the 'Receive' button, and then click 'Your USD account details' in the menu:
You will see the details on the 'Inside the US' tab in the following format:
You will only need the 'ACH and Wire routing number' and 'Account number.' This page will show you info about the transfer cost. Don't worry, transferring money from GrabrFi to Wise is completely free on both sides.
4. Add your Wise USD account as a recipient on GrabrFi
Open GrabrFi, and on the main screen, below your balance, click the 'Transfer' button:
Click '+ Add a recipient':
Click 'Yourself':
In the dropdown menu 'Select transfer type', select 'ACH (US only)', and add the ACH routing number from Wise. Click the 'Find bank' button:
If you see EVOLVE BANK TRUST, it's good to go! Click 'Continue.'
On this screen, leave the selection on 'Checking' and add the account number from Wise. Then click 'Add a recipient':
Done! Now you can send money to your Wise USD account.
5. Add Wise account details to GrabrFi
On the main screen of GrabrFi, click the 'Transfer' button below your balance:
Select the Wise USD account you added:
Enter the amount you want to transfer (under the details). Outgoing ACH transfers are processed the same business day, as long as you send them before the daily cut-off time. Transfers started after the last cut-off, or on weekends and US bank holidays, are processed the next business day.
On the next screen, make sure all of the details are correct and enter a clear description of your transfer, such as:
Transfering money to my other account on Wise
All looks good? Great! Click "Create transfer" and your ACH transfer will be processed and sent to your Wise account.
6. How to withdraw from Wise to local currency
Open the USD account page in Wise. Click the 'Send' button and then click 'Your USD account details' in the menu:
On the next step, enter the amount you'd like to transfer to local currency and review the fees. Click 'Continue' and follow Wise's instructions.
Done! The money typically arrives in your local bank account within a few hours.