How to transfer money to a bank account via PhonePe on smartphones

0

Characteristics

oi-Sandeep Sarkar

|

With the rapid growth of digital payment applications in India, users are flocking to the available platforms to get the most out of them. PhonePe, Google Pay, Paytm and more are aimed at consumers who now prefer to carry cash in electronic wallets rather than hard cash.

How to transfer money to a bank account via PhonePe on smartphones

These apps are not only designed for making online payments and paying bills, but also offer several banking services. Take for reference, transfer money to bank account using any of these apps. Since PhonePe is one of the most used UPI apps besides Google Pay and Paytm, we will tell you the steps to transfer money to an account using this app.

How to transfer money to a bank account through PhonePe

PhonePe UPI app is available for download on Android and iOS platforms. You can go to the respective app stores to install this app. The steps for transferring money to a bank account are listed below. Let’s look at:

Step 1: Go to the application drawer of your smartphone and open the PhonePe application.

2nd step: You will be able to see multiple money transfer and other options on the homepage. Select the option “To the account”.

Step 3: In the next step, you need to add to link the account you need to transfer money to. To do this, select the option “Add a beneficiary”.

Step 4: Select the name of the bank on the next page and you will be given the option to fill in the account details.

Step 5: After the bank information is saved successfully, select the account and enter the amount you want to transfer.

Step 6: The remaining payment procedure is standard like other payments.

PhonePe Money Transfer FAQ

The aforementioned steps help to transfer money to bank account through PhonePe. Apart from this major query, people often have a lot of other PhonePe related questions. We’ve answered some of these questions below with the PhonePe Money Transfer FAQ.

How to transfer money to a bank account via PhonePe on smartphones

What are the PhonePe wallet charges for bank transfers?

No, currently there is no wire transfer fee for transactions using the PhonePe wallet. PhonePe has just introduced a processing fee for top-ups made on its platform using UPI-based payments. But that does not extend to bank transfers through the PhonePe wallet.

Does PhonePe Wallet require your KYC?

The RBI guidelines suggest that users who transact using UPI, debit card, or credit card do not need KYC. However, if you are using PhonePe Wallet, you will need to share minimal KYC details. This includes any ID card such as a PAN card, driver’s license, passport, voter ID card or NREGA labor card. You will then need to provide the ID card number and the name on it.

Can I pay my electricity bills with a PhonePe wallet?

Yes, you can use the PhonePe wallet to pay all your bills including utility bills. In fact, your bills can be paid using debit or credit cards, UPI-based payments, or payments through wallets like PhonePe. In addition, you can add several boards or electricity companies to the automatic debit of your PhonePe wallet.

Can I use a PhonePe wallet without a bank account?

Yes, you can use a PhonePe wallet even without a bank account. However, this comes with a few restrictions. On the one hand, you cannot make payments based on UPI as it requires a bank account. In this case, you cannot transfer money to anyone through the PhonePe wallet. That said, others can still send money to your PhonePe wallet, even without a bank account. Plus, you can still pay your bills and top up your phone without a bank account linked to your PhonePe wallet.

Is it possible to transfer from PhonePe wallet to other wallets?

Technically, you cannot transfer the amount from PhonePe wallet to your friend’s or any other wallet like Paytm. On the other hand, you can still do UPI based transactions using a QR code. For example, if you need to share money with your Paytm wallet, you can do so by scanning the QR code and making a transaction through the UPI ID.

Is there a PhonePe wallet limit?

Yes, there is a limit when it comes to PhonePe wallet transactions. The PhonePe wallet balance is limited to Rs. 10,000. Here, PhonePe wallet users will not be allowed to add funds in the event that PhonePe limits are triggered, except for refunds on canceled transactions, where the balance may be over the limit of Rs. 10,000.

How to check the PhonePe wallet balance?

There are simple steps to check your PhonePe wallet balance. First, open the PhonePe app> click on the PhonePe Wallet section. Here you can see the remaining balance. You can top up your PhonePe wallet balance here or by going to the Payment methods section under the app’s profile icon.

Best mobiles in India

  • Apple iPhone 13 Pro Max

    1 29 900

  • Vivo X70 Pro Plus

    79 990

  • OPPO Reno6 Pro 5G

    38,900

  • Apple iPhone 12 Pro

    1 19 900

  • Redmi Note 10 Pro Max

    18,999

  • Motorola Moto G60

    19,300

  • Xiaomi mi 11 ultra

    69,999

  • Samsung Galaxy S20 Ultra

    86,999

  • Xiaomi mi 10i

    20,999

  • Samsung Galaxy Note20 Ultra 5G

    1 04 999

  • Oneplus 9

    49,999

  • Redmi Note 10 Pro

    15,999

  • Samsung galaxy f62

    20,449

  • Redmi 9A

    7 332

  • OPPO F19

    18 990

  • Apple iPhone SE (2020)

    31,999

  • Samsung galaxy s20 plus

    54,999

  • OPPO F15

    17,091

  • Vivo S1 Pro

    17,091

  • Realme 6

    13,999

  • Tecno Pova Neo

    13,695

  • Motorola Edge S30

    23 715

  • Samsung Galaxy A03 Core

    7,999

  • Coolpad Cool 20 Pro

    21 229

  • Tecno Camon 18T

    11 945

  • Motorola Edge X30

    37 935

  • Tecno Spark 8P

    9,999

  • Vivo Y55 5G

    20,220

  • Samsung galaxy a03

    10,999

  • ZTE Voyage 20 Pro 5G

    25 636

Share.

Comments are closed.