Boost Rolls Out Premium 10k Wallet, With Increased Wallet Size Of RM10,000

Alex Cheong Pui Yin

2nd August 2023 - 3 min read

Boost has rolled out its upgraded Premium 10k Wallet, which offers an increased wallet size of RM10,000 as well as higher monthly and annual transaction limits. It is, however, made available only to selected users for now, but is expected to be rolled out to other customers in stages.

With this, the Boost e-wallet will feature three tiers in total: Basic, Premium, and Premium 10k Wallet. Boost also highlighted in its support page that the new Premium 10k Wallet has “more advanced features compared to Basic Wallet and previous Premium Wallet”. Aside from having a wallet size of RM10,000, its monthly and annual transaction limits stand at RM9,999 and RM119,988, respectively.

Here’s a comparison between all of Boost’s wallets for your convenience:

	Basic Wallet	Premium Wallet	Premium 10k Wallet
Wallet size	RM1,000	RM4,999	RM10,000
Monthly transaction limit	RM2,000	RM4,999	RM9,999
Annual transaction limit	RM24,000	RM59,999	RM119,988
Send money between Boost Wallets (Electronic money transfer)	No	Yes	Yes

If you are one of those who have been offered the chance to upgrade your Boost Wallet to the Premium 10k Wallet – which can be seen in a banner on your Boost home screen – you’ll be required to go through the electronic Know Your Customer (eKYC) verification process once again to enjoy the advanced features on offer. Among other things, you’ll need to take photos of your ID card (front and back), record a selfie video, and fill up additional details to complete your profile.

For better clarity, Boost has also shared a step-by-step visual guide for your reference:

Note that each user is only allowed to own either one Premium Wallet or Premium 10k Wallet. That said, it does also seem like Boost is planning to eventually upgrade all its Premium Wallet users to the Premium 10k Wallet, as its support page said that if you still own a Premium Wallet by 3 October 2023, your Wallet will be “demoted back to Basic Wallet” (subject to terms and conditions). Following that, you can opt to upgrade it to the Premium 10k Wallet for free.

For comparison, Touch ‘n Go eWallet and GrabPay – two other popular e-wallets in the country – have a maximum wallet size of RM20,000 and RM1,500, respectively. BigPay also has an increased wallet size of RM20,000, whereas Setel and KiplePay let you keep a maximum balance of RM5,000 and RM10,000 each, once you’ve upgraded to their highest tiers. As for ShopeePay and Lazada Wallet, the wallet sizes for their upgraded wallets stand at RM4,999 and RM25,000, respectively.

(Source: Boost)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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