[Singapore] Withdrawing Balance to Bank Account
Beware of fake Carousell Protection payment. As a seller, you would never need to leave the app, send your email address or mobile number to receive payment. If you're being asked to enter your credit/debit card details to receive payment, do not proceed and report the user to us immediately.
Read more about Phishing scams here.
How do I Withdraw Balance to my bank account?
Please ensure you have set up your Balance before you may transfer the funds in your Balance to your bank account.
Here are the steps to transfer your Balance to your bank account:
- Go to your profile ('Me' tab)
- Go to 'Balance' icon
- Tap on "Withdraw". You should see your transaction in pending balance.
- Ensure that your details have been Verified by Stripe. If not, please Verify your Identity
- Select your Withdrawal method, by adding a bank account or debit card
- Go back to 'My Balance' page
- Tap 'Withdraw'
Enjoy fast transfer with a debit card and receive money instantly. It takes about 1-3 working days for the money to be transferred to the bank account.
Please opt for bank account transfer if large amount of more than $8,000SGD
Can I use the money in the Balance to buy coins or other items on Carousell?
Carousell Coins can be used to purchase in-app Carousell Ads such as Bumps, Listing Fees and Spotlight. Carousell Balance allows you to receive payments when you sell via Carousell Protection.
The two features are unrelated.
Money in your Carousell Balance cannot be used to purchase other items on Carousell or be used to pay for features, such as Bumps and Spotlight.
Can l transfer foreign currency funds from Balance to my local bank account?
No, sellers using Carousell Protection may only transfer local currency to your local bank account.
For example, if you listed and sold items in the Singapore marketplace and received Singapore dollars in your Balance, you need to add a Singapore local bank account or debit card in order to transfer funds.
If you’ve listed and sold an item in the Malaysia marketplace and received Malaysian ringgit in your Balance, you need to add Malaysian local bank account in order to transfer funds.
Automatic transfer of funds from Balance
From 21 August 2019, if your Available Balance in Balance is $1000 or more, the total balance will be automatically transferred to your default transfer method within 24 hours.
No charges will be incurred for manual and automatic transfers.