The versatility of Paytm Wallet is beyond doubt. From using your wallet balance in over 12 million storefronts to transferring money from your wallet to other users via UPI for direct interbank money transfers and much more, it’s almost a necessity in the digital age.
Your Paytm wallet not only allows you to recharge your mobile phone and DTH, but also to pay your credit card and gas cylinder bills. You can also pay your insurance premiums, the rent of your house, recharge your Fast Tag as well as buy food cards and gift certificates with your Wallet. Indeed, your Paytm wallet is the one-stop-shop for paying and settling all your bills and top-ups – which is why keeping it topped up is always a good idea.
To further enhance its appeal, Paytm also allows users to transfer money from its wallet to any bank account, whether yours or someone else’s, even if the recipient is not not a Paytm user. All this at no additional cost to you. Sounds too good to be true? Well, buckle up and learn how to transfer money from your wallet to any bank account here.
How to transfer
Let’s start. Imagine you have a financial emergency and need immediate access to cash. There are very few options that will earn you money in minutes. Having the ability to transfer money to your account from your wallet can be a game changer in situations like this.
Here’s what you need to do to transfer money from your wallet to any bank account.
Step 1: The first thing you need to do is open your Paytm app on your mobile and scroll down to the ‘My Paytm’ section and click on ‘PayTM Wallet‘.
2nd step: This will open different options such as “Pay”, “Transfer to bank”, “Send gift certificate” and “Automatically add money”. Select the ‘Transfer to bank’ option.
Step 3: Add the amount you wish to transfer – this can be anywhere between Rs 20 and Rs 25,000 and add the bank details to which the money is to be transferred. The total amount that can be transferred depends on the user’s KYC (Know Your Customer) status. Having completed KYC will allow you to transfer the maximum amount allowed to your account. Partial KYC or basic KYC will not allow you to transfer an amount of Rs 25,000 to your bank. Note that without KYC or expired KYC, you will not be able to add money to your wallet.
Also, you should know that when you add a new account, you will have to enter the account number, IFSC and the name of the account holder. Once you complete this process, next time you can simply select the bank account from your saved accounts.
Step 4: There is also another way for the whole process. In the ‘Pay’ section, you can open the QR code scanner and scan the recipient’s UPI QR code. In this scenario, when you make the payment, you can send money both from your linked bank account and from your Paytm wallet. Again, Full KYC will allow you to transfer the maximum amount possible and is recommended if you are looking to use this feature at any time.
Step 5: You can also enter the mobile phone number or choose from contacts. If they are numbers registered with UPI, you can send money from your account or wallet. Of course, we don’t need to repeat the fact that whichever method you choose to use, transferring money to your account from the wallet is completely free, making it one of the best ways to get cash into your account when you need it most.
Good to know
First, you need to have a balance in your wallet to transfer money to any bank account. If you find yourself running out of balance, simply top up your wallet using UPI, credit/debit cards or Netbanking. Paytm also allows you to use a feature called “Auto Add Money” which tops up your wallet with an amount pre-determined by you each time the balance drops below a certain limit that you re-determine.
A new Paytm feature includes Paytm Wallet Transit cards which allow you to use your wallet balance to pay anywhere online, shop in store, pay on subways/buses, and more.
Sometimes a critical situation can make you want a quick injection of funds into your bank account. Having the ability to do this with just a few clicks and for free using Paytm Wallet has to be one of the most important digital features available today.
Open your Payment app and top up your wallet balance today – you never know when it might come in handy and for whom!
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