What is Touch ’n Go eWallet GO+? An In-Depth Look | eWhallet

What is Touch ’n Go eWallet GO+? An In-Depth Look

29/04/2021Shen Lee

In today’s era of ea​sily available low-risk investments for the layman, it’s almost unheard of to have money simply sitting around anymore.

At eWhallet, we’ve previously mentioned how one disadvantage of eWallets is the fact that funds are simply sitting there. Many users have leftover balance stagnating away in their various eWallets, waiting to see the light of day upon the unlikely chance that the user comes across a merchant - and can bother to use the eWallet at all. Earlier this year, TNG Digital Sdn Bhd leveraged upon this opportunity to create a low-risk solution for the everyday Malaysian. Here’s everything you need to know about Touch ‘n Go eWallet GO+.

What is Touch ‘n Go eWallet GO+?

GO+ is an eWallet investment feature in the Touch ‘n Go eWallet app which allows you to potentially earn returns on the balance in your GO+ account. On your end, all you have to do is leave money in your GO+ account, and it will be invested automatically. 

What are you investing in, you ask? The fund itself is Principal e-Cash, which is a money market fund managed by Principal Asset Management Berhad - a joint venture between CIMB Group Holdings Berhad and Principal Financial Group.

The aims of the fund are mainly liquidity and low-risk, whereas the portfolio sees a combination of cash, placement of deposits, money market instruments and/or debt instruments in MYR. All very low risk indeed. Find out more about the fund here.

How does GO+ work?

Cashing in: To start using GO+, you’ll first have to activate the feature within your Touch ‘n Go eWallet app. You can choose to add funds from your existing TNG eWallet balance or transfer funds via FPX online banking. Unlike most other investment tools, the minimum balance required is only RM10, while the maximum balance is RM9,500 for now. 

Returns and usage: 

And now for the fun part - the returns! With your balance parked in your GO+ account, the returns will be credited daily, allowing you to see your daily earnings via your dashboard. At the time of writing, the return rate is indicated at 1.43% p.a. but may change on a day-to-day basis. 

Your GO+ account also serves as a secondary reservoir for when your main TNG eWallet balance runs dry. The Quick Reload Payment feature can be enabled in such a way that when your main eWallet balance is insufficient, the exact amount will be automatically withdrawn from your GO+ account. 

Cashing out:

Cashing out your funds is equally as flexible and fuss-free. What we find interesting is that you can choose to cash out to either your main TNG eWallet balance or directly to your bank account. The minimum amount to cash out for both is RM10. 

Who is eligible for Touch ‘n Go eWallet GO+?

Currently, the GO+ feature is available to Malaysians above 18 years old who have already verified their Touch ‘n Go eWallet account. Given that it’s a low-risk, low-return investment, there are no stringent criteria on this end. 

How to use Touch ‘n Go eWallet GO+: a step-by-step walkthrough

Setting up your GO+ account is simple and straightforward. On the main menu of your TNG eWallet app, you’ll see a blue GO+ logo on the right. Simply click in and start the 3-step process to setting up your GO+ account. 

1. Account verification

As mentioned, GO+ is a feature within the TNG eWallet app - meaning that both are inherently linked. If you already have a verified TNG eWallet account, you’ll most likely skip directly to step 2. If not, you’ll have to complete some identity verification steps to confirm your account first.

2. Update personal information

You’ll be asked to fill in some brief personal information as shown below. 

3. Initial cash in

The final step is to add funds into your GO+ account. The minimum amount is RM10, whereas the maximum amount is RM9,500 (if transferring with FPX online banking) or RM5,000 (if transferring from your Touch ‘n Go eWallet balance). 

Touch ‘n Go eWallet GO+ fees and charges

With most investment products, one can expect to be charged for every action taken. With GO+, the only fees that you’ll be charged are as below.

Sales charge

None

Cash in fee

None

Cash out fee (to TNG eWallet)

None

Cash out fee (direct to bank account)

None

Management fee

Up to 0.45% per annum

Trustee fee

Up to 0.03% per annum

Touch ‘n Go eWallet GO+: Pros vs Cons

TNG GO+ Pros

TNG GO+ Cons

Low risk

Low returns

Minimal fees and charges

Not Shariah-compliant

Low barrier of entry and highly accessible 

Not PIDM protected

Highly liquid 

Maximum account balance of up to RM9,500 only 

How much can I realistically earn with GO+?

Profit-wise, GO+ is comparable to the interest rate of your average savings account in Malaysia. But with low risk comes low returns, even despite all the applause-worthy features like direct withdrawal to your bank account, free cash in/cash out and returns credited on the daily. 

That said, here’s an idea of how much you may stand to earn by using GO+ (with the current indicative return rate of 1.43% p.a. and not inclusive of fees).

GO+ balance

Return rate (p.a.)

Returns 

RM500

1.43%

RM7.15

RM1,000

1.43%

RM14.30

RM5,000 (maximum cash in with TNG eWallet)

1.43%

RM71.50

RM9,500 (maximum cash in with FPX online banking)

1.43%

RM135.85

Final thoughts on Touch ‘n Go eWallet GO+

This innovative new feature is a welcome addition to the Fintech scene and if anything, a step forward in the right direction. But if high returns are what you’re looking for - you might do better to look elsewhere. 

It’s worth noting that GO+ isn’t meant to be pursued by users purely as a high-return investment tool. Rather, it’s an option to put your money to work while it’s already sitting unutilised in your TNG eWallet. 

Non-TNG eWallet users may not be convinced to store funds under TNG by this incentive, but for existing users who are already avid users of the TNG eWallet? The GO+ feature is a great way to make your eWallet balance work for you.