There is no doubt when it comes to the versatility of Paytm Wallet. From using your wallet balance at over 12 million storefronts to transferring money from your wallet to other users through UPI for direct inter-bank money transfers and so much more, it is almost a necessity in this digital age.
Your Paytm Wallet allows you to not only recharge your mobile and DTH but also pay your credit card and gas cylinder bills. You can also pay your insurance premiums, your house rent, recharge your Fast Tag as well as buy food cards and gift vouchers with your Wallet. Indeed, your Paytm Wallet is the one-point stop to pay and settle all your bills and recharges – 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, be it your own or anyone else’s even if the recipient is not a Paytm user. All of this, at no extra cost to you. Sounds too good to be true? Well, strap yourself in and learn how to transfer money from your Wallet to any bank account here.
How to Transfer
Let’s get started. Imagine you have a financial emergency and need access to liquid cash right away. There are very few options that will give you money in just a few minutes. Having an option 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’.
Step 2: This will open up various different options such as ‘Pay’, ‘Transfer to Bank’, ‘Send a Gift Voucher’, and ‘Automatic Add Money’. Select the ‘Transfer to Bank’ option.
Step 3: Add your desired amount that you wish to transfer – this can be anywhere between Rs 20 and Rs 25,000 and add the bank details to which the money needs to be transferred. The total amount that can be transferred depends on the KYC (Know Your Customer) status of the user. Having complete KYC will allow you to transfer the maximum permitted amount to your account. Partial KYC or Basic KYC will not let you transfer an amount of Rs 25,000 to your bank. Do note that without any KYC or expired KYC, you won’t be able to add any money to your Wallet.
Also, be aware that you need to know that when you add a new account, you will have to enter the account number, IFSC, and the account holder’s name. Once you complete this process, the next time you can simply select the bank account from your saved accounts.
Step 4: There is an alternate way to the entire process as well. In the ‘Pay’ section, you can open the QR code scanner and scan the UPI QR code of the recipient. In this scenario, when you make the payment, you can send money both from your linked bank account as well as your Paytm wallet. Once again, Full KYC will allow you to transfer the maximum amount possible and is recommended if you’re looking to use this feature at any point.
Step 5: You can also enter the mobile number or choose from contacts. If they are UPI-registered numbers, you can send money either from your account or your wallet. Of course, we don’t need to reiterate the fact that whatever method you choose to use, transferring money to your account from the wallet is completely free of charge, making this one of the best ways to get liquid cash in your account when you need it the most.
Good to Know
First things first, you need to have balance in your Wallet to transfer money into any bank account. If you find yourself short in balance, simply top up your Wallet using UPI, credit/debit cards, or Netbanking. Paytm also allows you to use a feature called ‘Automatic Add Money’ that tops up your Wallet with a pre-decided amount by you whenever the balance goes below a certain limit as determined by you again.
A new feature of Paytm includes Paytm Wallet Transit cards that lets you can use your wallet balance to pay anywhere online, shop at a store, pay at metros/buses, etc.
Sometimes, a crunch situation might lead you longing for a quick fund injection into your bank account. Having the ability to do so 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 Paytm app and top up your wallet balance today – you never know when it might come in handy and for whom!