How to Transfer Money from PhonePe to Bank Account

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Everyone has turned to virtual wallets. There is hardly anyone who does not use a digital wallet. One of these wallets is “PhonePe”. The “PhonePe” is well known on the streets of India. It is impossible to find a seller, trader or any other individual without it. So, it would be safe to say that PhonePe managed to swallow up all the other Indians into himself. In today’s blog, we will cover the steps to transfer money from PhonePe wallet to their bank account.

Source: AllDigitalTricks

You should keep in mind that PhonePe KYC, or Know Your Customer, must be completed before you can start the transfer. Now many people are claiming that they can still transact without KYC. Yes that’s right. You can, but only if you pay using UPI. You must have full KYC to fully use the PhonePe Wallet.

Now, with a complete KYC, you can proceed with the transfer.

Transfer money from PhonePe to your bank account

To get started, first open the “PhonePe” app. Once you open it. The home page will appear. Now you may be able to see the “my money” option and click on it. Once you click on it, a drop-down menu appears. You must choose the wallet option. Further, choose “PhonePe Wallet”. You may now be able to see a tab with withdrawal written on it. you have to choose it. Bring the bank sign on the screen. As stated earlier, you will only be able to complete this step if you have completed your KYC.

Also remember to add a payment option, only then will your transfer be facilitated. As the transaction is processed, the desired amount will be added to your linked bank account.

Transfer money from your PhonePe wallet to someone else’s bank account

Let’s learn how to send money from a PhonePe wallet to another person’s bank account.

To start, again, open your app. The home screen will appear. Among the many options, you will be able to spot payment to UPI ID or bank. Proceed by clicking on it. A plus symbol will appear, you must click on it to continue. As the process progresses, provide the name of the bank to whose account you want to make the transfer. Once done, the process becomes quite predictable. All you have to do is enter the recipient’s bank details. Remember to check your details, as incorrect information will result in a declined payment or your money will end up in the wrong account. Once the procedure is complete, simply enter the digits you need to transfer and your UPI PIN to complete.

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