NEW Touch n Go Plus (Best e-wallet Malaysia)

In this video, we talk about Touch N Go's new feature called Go+ (Plus).

What is it, and should this be something we consider? Watch till the end to find out!

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With so many e-wallets in Malaysia, TNG’s is actually my favourite one so far.

It used to be Boost because it gave me a lot of cashback to the point that I even got cashback for topping it up with my credit card.

So when news came out that TNG launched this new thing in their app, I got excited. When I found out that its related to investments, I knew I was gonna try straight away.

WHAT IS TOUCH N GO + (PLUS)?

Its a feature that allows you to earn interest on their money in the wallet on a daily basis.

To do this, TNG had to partner with a financial institution - Principal Asset Management, which is a subsidiary of CIMB.

So whenever you leave your money in TNG GO+, you’re actually sort of investing it in Principal e-cash which is the underlying money market fund.

WHO CAN APPLY FOR TOUCH N GO PLUS?

1. Have a TNG account
2. Above 18 years of age
3. Malaysian citizen

HOW TO SIGN UP FOR TOUCH N GO PLUS?

The signup process was super simple for me, and I got it up and running in about a minute.

The minimum deposit is RM10 which is low enough so everyone should be able to put their money in it.

WHAT IS THE ADVANTAGE OF TOUCH N GO PLUS?

It allows e-wallet users to finally have an option to withdraw their money into the bank. As far as I know, no other e-wallet in Malaysia currently allows this.

On top of this, you can actually use your TNG e-wallet freely even though your money is in the money market fund aka Go Plus.

WHAT ARE THE TOUCH N GO PLUS RETURNS?

At 1.54% per annum, its not that much. This fund was made specifically for TNG, so there’s not much historical data for us to look at.

The fund pays this amount daily, meaning we get the benefit of daily compounding. Their payout also fluctuates every single day, so I’d think that there isn’t enough data for us to go off of.

WHAT ARE THE TOUCH N GO PLUS FEES?

They charge nothing on sales but there's an annual management fee of 0.45%.

This is already deducted before they pay you out so you don’t have to worry about paying it to them at the end of the year or anything like that.

IS TOUCH N GO PLUS PROTECTED/GUARANTEED/PIDM INSURED?

There’s no capital guarantee on this fund which is pretty standard. I wouldn’t worry too much about this because the likelihood of a money market fund going down is really rare.

TOUCH N GO PLUS vs STASHAWAY SIMPLE vs VERSA?

They’re completely different products.

Stashaway Simple & Versa are for people that have spare cash that they need to park somewhere with low risk, and have a plan to keep it there for a while.

Hey! Thanks for reading the description. We can't fit everything in here, so make sure to watch the whole video to find out more :)

Timestamps:

00:00 - NEW Touch n Go Plus (Best e-wallet Malaysia)
0:13 - What’s the best e-wallet in Malaysia?
1:04 - What is Touch n Go Plus?
1:39 - Why are money market funds becoming more common?
2:28 - Who can sign up for Touch n Go Plus?
2:39 - How to sign up for Touch n Go Plus?
2:58 - What’s the minimum deposit for Touch n Go Plus?
3:04 - What’s the advantage of Touch n Go Plus?
3:40 - How does Touch n Go Plus work?
4:35 - Should you use Touch n Go Plus?
4:58 - How much does Touch n Go Plus return?
6:18 - What are the fees for Touch n Go Plus?
6:32 - Is Touch n Go Plus capital guaranteed or PIDM insured?
6:59 - What is Touch n Go Plus invested in?
7:23 - Touch n Go Plus vs StashAway Simple vs Versa
9:19 - Final thoughts on Touch n Go Plus
9:38 - How we use Touch n Go Plus
10:25 - Is Touch n Go Plus a good investment?
10:55 - The future of e-wallets in Malaysia

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Видео NEW Touch n Go Plus (Best e-wallet Malaysia) канала Millennial Finance