We are upgrading your GrabrFi account to a global account, and moving to a new bank partner, Lead Bank, through our partner Bridge, a Stripe company.
Your app, your login, and your GrabrFi account stay the same. What changes is your account number, your routing number, and your card.
What you get
Your own account and routing details. In your name, for receiving ACH and wire transfers.
A new global card. Issued by Lead Bank on the Visa network, and available in more countries than the card it replaces.
Faster transfers. Digital dollar transfers arrive in minutes, around the clock, including weekends and holidays.
Earn on your balance. Activate Boost and your dollars earn 2.57% a year while they sit, with no lock-ups and no minimums.
Higher incoming limits. Incoming ACH and wire transfers have much higher per-transfer limits than before.
What you should know
Your global account is a different kind of account from your current checking account, and it is not a bank account. This means it is not FDIC insured and is not SIPC insured. It is not a bank deposit, it is not guaranteed by any bank, and it may lose value.
Your balance is backed one to one by US dollar reserves, held in high-quality, liquid assets including short-dated US Treasuries, money market funds, and cash, in segregated accounts kept separate from the issuer’s own funds. These safeguards are not insurance.
For the full explanation, see: Is my money still insured?
Why we are doing this
Changing bank partners is standard practice in our industry. Other companies, including Mercury, Revolut, and Wise, have done the same as their needs changed.
The move lets us offer faster transfers, a card that works for everyone, and features we could not offer before.
What happens next
There is nothing you need to do right now. Keep using GrabrFi as usual.
We will send you an email and an invite in the app when it is your turn to upgrade. Upgrades happen in groups, so your invite may arrive before or after other people you know. If you have not been invited yet, there is nothing wrong with your account.