Ipaymy

[linuskltan]

New Fees for IPAYMY ...

hi

We are reaching out because you currently have upcoming scheduled payments with ipaymy and we have an important update regarding our fees to share with you.

Effective 1 March 2024, these existing scheduled payments will have incur the following:

• Minimum Transaction Fee of S$3 for payments S$100 or below
• Additional S$1 applied to each bank payout for the purpose of Funds Safeguarding.

Why the additional cost?

As a licensed Financial Institution we incur increased operational costs stemming from regulatory requirements imposed by local governing bodies. These are primarily to ensure your transactions are secure and completed in a timely matter. To continue to maintain our caliber of service level, while meeting regulatory standards, we find it necessary to share a very marginal cost of those enhancements.

We want to assure you that this decisions was made after careful consideration. Please rest assured it is solely intended to offset the increased operational expenses to maintain continued security and efficiency of your payments.

What do I need to do?

No action is required on your end, your payment receipt will reflect the additional S$1 Funds Safeguarding for each bank payout. For example, if you have two invoices to be paid out to a supplier, your receipt will reflect S$2 in total.

Should you not wish you continue with your scheduled payment you may follow the instructions here to cancel.
If you have any questions or concerns about this update, please feel free to reach out to our customer support team at support@ipaymy.com.

Thank you,
The ipaymy Team

Recurring payments scheduled to occur on/after 1 March 2024 does not appear to charge the min $3 fee and $1 funds safeguarding fee.

Can try to extend/renew your existing recurring payments, hopefully they do not apply the fee when 1 March 2024 comes.

 

[oceanicmanta]

Recurring payments scheduled to occur on/after 1 March 2024 does not appear to charge the min $3 fee and $1 funds safeguarding fee.

Can try to extend/renew your existing recurring payments, hopefully they do not apply the fee when 1 March 2024 comes.

yah, i pushed my Mar scheduled payments to end of Mar

will see what happens closer the dates

 

[Arandalo]

Recurring payments scheduled to occur on/after 1 March 2024 does not appear to charge the min $3 fee and $1 funds safeguarding fee.

Can try to extend/renew your existing recurring payments, hopefully they do not apply the fee when 1 March 2024 comes.

yah, i pushed my Mar scheduled payments to end of Mar

will see what happens closer the dates

I just checked my recurring payments which was previously scheduled in Jan 2024, the Fund Safeguarding fee of S$1.00 (for each subsequent recurring payment) is now added to the total payment. Previously there was no such fee. So I guess cannot escape even if the payments were scheduled before announcement of the additional fees.

 

[yiron]

I just checked my recurring payments which was previously scheduled in Jan 2024, the Fund Safeguarding fee of S$1.00 (for each subsequent recurring payment) is now added to the total payment. Previously there was no such fee. So I guess cannot escape even if the payments were scheduled before announcement of the additional fees.

Seems like no way to avoid the additional $1 charge. And there's nothing on their website pricing mentioning this $1, so much for being transparent.

 

[oceanicmanta]

can go to Trust Pilot and give them a piece of your mind

https://www.trustpilot.com/review/ipaymy.com

 

[maumu]

just checking.. what are the leftover cards that still count ipaymy/cardup as eligible spend for their cashback? still useful meh?

it used to be super useful when paying taxes and insurance and stuff but now...

surprise the thread is still going strong

 

[wira]

just checking.. what are the leftover cards that still count ipaymy/cardup as eligible spend for their cashback? still useful meh?

it used to be super useful when paying taxes and insurance and stuff but now...

surprise the thread is still going strong

i believe general spending cards like uob priv miles ( 1.4 mpd) or DBS Altitude (1.3 mpd ) / DBS Vantage (1.5 mpd) still can use with ipaymy/cardup

 

[saintgtril]

I just checked my recurring payments which was previously scheduled in Jan 2024, the Fund Safeguarding fee of S$1.00 (for each subsequent recurring payment) is now added to the total payment. Previously there was no such fee. So I guess cannot escape even if the payments were scheduled before announcement of the additional fees.

Seems like no way to avoid the additional $1 charge. And there's nothing on their website pricing mentioning this $1, so much for being transparent.

Hi arandalo, yiron and all, I have existing recurring transactions (eligible for discounted fee of 1.85%). My question is I like to revise these transactions to take into account these fees

Am I still eligible for the 1.85% if I revise these transactions? Thanks! It seems I will not enjoy the 1.85% anymore based on the following terms:

1. The discount will no longer apply if any payment in the schedule is edited to be charged to a card that is not eligible for this promotion

 

[Arandalo]

Hi arandalo, yiron and all, I have existing recurring transactions (eligible for discounted fee of 1.85%). My question is I like to revise these transactions to take into account these fees

Am I still eligible for the 1.85% if I revise these transactions? Thanks! It seems I will not enjoy the 1.85% anymore based on the following terms:

1. The discount will no longer apply if any payment in the schedule is edited to be charged to a card that is not eligible for this promotion

The current promotion for recurring payment is 1.85% until 31st Mar 2024. So I believe if you cancel your existing recurring payment and setup a new recurring payment you should still be able to get it at 1.85%, if your card is an eligible card (Singapore-issued Visa or UnionPay cards).

Or maybe you can wait until 1st Apr 2024 to see what promotion is available then decide. My recurring payment set up on end Jan 2024 was at 1.79%.

 

[yiron]

Hi arandalo, yiron and all, I have existing recurring transactions (eligible for discounted fee of 1.85%). My question is I like to revise these transactions to take into account these fees

Am I still eligible for the 1.85% if I revise these transactions? Thanks! It seems I will not enjoy the 1.85% anymore based on the following terms:

1. The discount will no longer apply if any payment in the schedule is edited to be charged to a card that is not eligible for this promotion

1.85% is the new recurring fee rate, eligible for Visa cards only. I think as long as u don't switch to charge to a non-Visa card (e.g. Mastercard, Amex), the 1.85% will still be applicable.

In fact, some of us may still have recurring payment schedules that are on the old rate of 1.79%. I recently updated mine as well to factor in the additional $1, and the rate remains at 1.79%.

 

[oceanicmanta]

if the payment amount is $100 or less

besides the new $1 & min $3 fee

the usual 1.79%/2.25% fee also applies

not sure IPM intended it that way, or failed to update system

most would think it's either $3 or the usual fee, but not both

 

[Trazora]

if the payment amount is $100 or less

besides the new $1 & min $3 fee

the usual 1.79%/2.25% fee also applies

not sure IPM intended it that way, or failed to update system

most would think it's either $3 or the usual fee, but not both

this is meant to be so lah

 

[elvintay07]

this is meant to be so lah

Then no point paying below $100. For insurance maybe lump and pay 1/2 yearly

 

[Cumzilla]

can use this to pay road tax or not? so complicated, there is no LTA so do we add supplier as LTA?

 

[sgbanking]

Besides Maybank Platinum Visa card, and SCB Manhattan, any other card which can earn rebate / miles on ipaymy or cardup transactions?

 

[happiee]

Now running 2 new promo codes:

It's tax season again! All users can enjoy a discounted 1.75% (usage price 2.25%) transaction fee on your tax payment made with a Singapore-issued Visa card with the promo code TAX2024

Terms and Conditions:

1. The discount applies to domestic payments with Singapore-issued Visa cards
2. The promo code is valid for one-time and recurring payment
3. Payment must be charged on or before 31 August 2024
4. The promo code can be redeemed once

 

[happiee]

FLASH April Deal - pay only a 1.99% transaction fee!​

All users can enjoy a discounted 1.99% (usage price 2.25%) transaction fee on your next payment made with a Singapore-issued Visa card with the promo code FLASH199

Terms and Conditions:

1. The discount applies to domestic payments with Singapore-issued Visa cards
2. The promo code is valid for one-time payment
3. Payment must be charged on or before 30 April 2024
4. The promo code can be redeemed once

 

[xtremescy]

Mortgage payment work by ipaymy transferring money to your bank account for giro payment.

Hello!
I had an ongoing GIRO for DBS loan (commercial property); and if I were to set-up monthly recurring via Ipaymy/Cardup before the GIRO due date, will GIRO trigger a "double deduction" or will it skip since that month's GIRO is already paid?

 

[kurt111494]

Sorry I just want to check...Does OCBC365 exclude ipaymy?

I don't need the card cashback...But I'm curious about whether it will qualify for the OCBC360 account bonus interest when used together with the OCBC365 card.

Thanks!

 

[lamer]

Use cardup better, ipaymy charges an additional $1 for this "Fund Safeguarding" for every payment made.