Ipaymy

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JuniorLion

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dreamycrunch said:
No lah. Didnt pay that much but premium due date on 10th. Just concern policy might lapse for late payment.
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There is a 30day grace period. After that, it will go into automatic premium loan.

It will lapse ONLY if your cash value is less than the premium.
 
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fone

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Anyone tried ipaymy to receive funds via card? How is the payout speed like?
 
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lupster

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since you pay your taxes using this, is there a way to do voluntary cpf contribution as well?
 
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TiedInsurer

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JuniorLion said:
Only for legit business payment. Don't try to do stuff like that.
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Hmm. Right now, like most young adults, i'm living in my mum's house. Like most young adults, i'm also paying her a monthly sum, for parent's maintenance. What if i stop paying parent's maintenance...... and start paying them rent for living in their house instead?

Then i would be able to use the UOB promotion of 10% cashback for grab top-up, and pay my parents rent at 2.25% (ipaymy fee) + 0.4% (stamp duty) = 2.65%? Then i pocket the difference? Am i missing anything?
 
silverbomb

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TiedInsurer said:
Hmm. Right now, like most young adults, i'm living in my mum's house. Like most young adults, i'm also paying her a monthly sum, for parent's maintenance. What if i stop paying parent's maintenance...... and start paying them rent for living in their house instead?

Then i would be able to use the UOB promotion of 10% cashback for grab top-up, and pay my parents rent at 2.25% (ipaymy fee) + 0.4% (stamp duty) = 2.65%? Then i pocket the difference? Am i missing anything?
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go read up their website, all infos are there: https://help.ipaymy.com/en/articles/2518095-how-do-i-pay-rent
 
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fone

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TiedInsurer said:
Hmm. Right now, like most young adults, i'm living in my mum's house. Like most young adults, i'm also paying her a monthly sum, for parent's maintenance. What if i stop paying parent's maintenance...... and start paying them rent for living in their house instead?

Then i would be able to use the UOB promotion of 10% cashback for grab top-up, and pay my parents rent at 2.25% (ipaymy fee) + 0.4% (stamp duty) = 2.65%? Then i pocket the difference? Am i missing anything?
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1) You will need tenancy agreement, as others have stated.
2) Help to pay maintenance, is probably not taxable. Receiving proper rent, is considered income and is taxable by IRAS. By doing it via electronic means there is black and white, should IRAS want to come and tax them.
3) Also, by paying rent, it means not owner occupied? Property tax may be different? Not sure how they calculate for 1 room "rented" out.
4) Cardup has a rent promo for 1.9% (until June 2020?)
 
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JuniorLion

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TiedInsurer said:
Hmm. Right now, like most young adults, i'm living in my mum's house. Like most young adults, i'm also paying her a monthly sum, for parent's maintenance. What if i stop paying parent's maintenance...... and start paying them rent for living in their house instead?

Then i would be able to use the UOB promotion of 10% cashback for grab top-up, and pay my parents rent at 2.25% (ipaymy fee) + 0.4% (stamp duty) = 2.65%? Then i pocket the difference? Am i missing anything?
Click to expand...

Your parents need to pay tax on the rent they received.
 
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TiedInsurer

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fone said:
1) You will need tenancy agreement, as others have stated.
2) Help to pay maintenance, is probably not taxable. Receiving proper rent, is considered income and is taxable by IRAS. By doing it via electronic means there is black and white, should IRAS want to come and tax them.
3) Also, by paying rent, it means not owner occupied? Property tax may be different? Not sure how they calculate for 1 room "rented" out.
4) Cardup has a rent promo for 1.9% (until June 2020?)
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2)My parents don't work, so income tax isn't a problem. Just realised that the amount i pay them for rent can't be more than $4k per annum though, or i won't be able to claim parent relief on my own income tax.

3) No clue about property tax.... i'll have to give IRAS a call.

4) Didn't know about Cardup, thanks.
 
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denn23

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JuniorLion said:
I have 0 issues using ipaymy for GE.

Just wait 2-3 days lah. People these days have no patience. Seriously.
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apologies for noob question but is the below the correct accounnt details?

Name & Address of Bank: Oversea-Chinese Banking Corporation Ltd 65 Chulia Street OCBC Centre Singapore 049513 SWIFT code: OCBCSGSG

Great Eastern Life Bank Account Number with OCBC: 501-036925-001 (Singapore Dollars Policy)
 
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tjiathai9

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Hi,

Anyone got 3% from BoC Family card for ipaymy recently?
I called BoC but the officer didn't know if it qualifies. She said cardup does.
 
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Sethisfy

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denn23 said:
apologies for noob question but is the below the correct accounnt details?

Name & Address of Bank: Oversea-Chinese Banking Corporation Ltd 65 Chulia Street OCBC Centre Singapore 049513 SWIFT code: OCBCSGSG

Great Eastern Life Bank Account Number with OCBC: 501-036925-001 (Singapore Dollars Policy)
Click to expand...

Correct. Just paid last week
 
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