How to get 1.7% Cashback on overseas ATM withdrawals and Bank Transfers to Friends, Family or anyone

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❗️UPDATE 25 NOV 2022: Unfortunately, Grab no longer supports payments to other e-wallets. This method is now dead.

Have you been using the best cards for your day-to-day spending to earn Miles and travel in Business or First Class for nearly free?

You may find that it is not possible to use credit cards for certain situations like sending monthly allowance to your parents, at cash-only merchants overseas or paying a friend for your portion of last night’s dinner.

Earn 1.7% Cashback on Overseas Cash Withdrawals and all Bank Transfers

Getting 1.7% cashback on overseas ATM withdrawals and all your bank transfers requires a few steps.

It may sound cumbersome to newbies but trust me, you’ll get used to it in no time. Besides, you shouldn’t say no to free money! 🙂

Step 1: Get the right credit card

The two best cards for receiving cashback for Grab wallet top-ups are:

CardEarn rateWhen is the
cashback credited?

UOB Absolute
Cashback AMEX
1.7%
cashback
By the following
statement

AMEX True
Cashback
1.5%
cashback
By the upcoming
statement

Both cards do not have any minimum/maximum monthly spending requirement to trigger the cashback.

These are two of the best cards in Singapore right now.

Step 2: Top up your Grab wallet

Next, use one of the cards above to top up your Grab wallet.

You will receive the cashback from this step, regardless of what you do with the money in your Grab wallet.

Step 3: Top up your Revolut wallet

Now, top up your Revolut wallet using your Grab Pay card.

This step is necessary as Revolut does not accept AMEX cards for wallet top-ups. Therefore, the only way to get the money from an AMEX card to Revolut is through a Grab Pay Mastercard.

Revolut Card

Suitesmile card rating:

Sign-up bonus

more info

Key benefit

Free overseas
cash withdrawals

more info

Annual fee

No annual fee

more info

Min. Income
requirement

No income requirement

more info

Why we like this card
Although you can’t earn miles or points with this card, having no foreign currency fee means that you can skip the money changer to get cash overseas! All your purchases (on weekdays) will also be about 1.7% cheaper than using a credit card.

You can also send money to friends and family locally or overseas with very minimal fees; and get up to 1.7% cashback while doing so!

Pro tip: You can also earn up to 1.7% cashback by using the right card to top up your GrabPay wallet and then using your GrabPay card to top up your Revolut wallet.

Step 4a: Withdraw Cash from Overseas ATMs

Now that the money is in your Revolut account, you can withdraw up to S$350 worth of money per month from overseas ATMs for free!

In my experience, Revolut’s currency exchange rates (on weekdays) are always better than the best money changers out there. So, having the additional 1.7% cashback is a really nice bonus!

There’s a catch
Take note that there is a 2% fee when you withdraw over S$350 a month and a 1% fee when you withdraw on a weekend (or when the international Forex market is closed, like on Christmas Day).

For cash withdrawals exceeding S$350 a month, consider using the YouTrip card, where each withdrawal is charged a fixed S$5 fee. Yes, you may use the AMEX/Grab method for YouTrip wallet top-ups too!

Frequently Asked Questions (FAQs)
How do I know which ATM I should use for overseas withdrawals?
Just try out any ATMs that you see. Look out for any fee that the ATM may charge, ignore any warnings that your bank (Revolut) may charge a fee. Revolut does not charge a fee for each withdrawal, so, feel free to test a small amount first.

Should I let the ATM convert the currency for me?
NEVER allow any overseas ATMs or merchants to convert any currency for you. Their exchange rates are almost guaranteed to be poor. Always let them charge in the foreign currency (not SGD).

Is the 1% “weekend fee” chargeable for overseas ATM withdrawals too?
Yes. However, you can avoid this by pre-exchanging the money in your Revolut account on a weekday, before withdrawing on a weekend. Only selected currencies (e.g. JPY, USD, NZD) can be exchanged in advance. Or, you can simply remind yourself to withdraw the money on a weekday!

Step 4b: Transfer Money to friends, family or anyone

Now that the money is in your Revolut account, you may perform bank transfers to pay friends, family members, insurance companies, landlords or any merchants (local or overseas) that do not accept credit card payments!

To do this, just enter their bank details in your Revolut app.

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Limitations

There are a few limitations to take note of:

  1. Credit limit of your credit card (of course)
  2. GrabPay limits (max. $5k per day, $10k per month, $30k per year)
  3. Revolut limits (max. $30k per year)

With the $30,000 annual limit, you can earn a maximum of $510 worth of cashback yearly.

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Warning: Do not try anything funny

Revolut and Grab are known to ban and freeze accounts that move money in suspicious ways, to profit from this method, which is widely known as Manufactured Spending (MS).

I do not know the exact parameters that both companies look at to determine if a user is performing “suspicious activities” with their accounts but I assume it could be somewhere along the following lines:

  • Transferring $5,000 to your family member for two straight days, while also receiving $5,000 daily from that same person through Revolut
  • Using your credit card to top up someone else’s Grab or Revolut wallets

Some legit uses are:

  • Sending monthly allowance to your parents
  • Paying your rent
  • Payment of vehicle loan installment
  • Paying your friend for your portion of the previous night’s dinner
  • Red/Green packet for your loved ones
  • Paying for your insurance premium

Bottom line

With this simple hack, Revolut is a huge part of my spending strategy, especially where credit cards are not accepted.

You can earn up to 1.7% cashback on literally anything, including the cash that you withdraw overseas!

4 thoughts on “How to get 1.7% Cashback on overseas ATM withdrawals and Bank Transfers to Friends, Family or anyone”

  1. Hi Fai, do u have the steps for the overseas withdrawal? Like how do u know which overseas ATM will accept the Revolut card? Do u need any setting with the Revolut app to do the withdrawal?

    Reply
    • Hi, I’ve added some FAQs in the article to answer your question. 🙂 No, there is no setting on the Revolut app that you need to change, before a withdrawal.

      Reply

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