After demonetization, digital payment goes into a trend, and people are using various applications for various purposes. The trend of these wallets like Paytm, PhonePe, Mobikwik, Google Pay, Amazon, etc is increasing day by day. You can use these apps to transfer money from one bank account to another. No need to visit the bank and stand in a long queue when you can do this via a few steps directly from your smartphone.
Download PhonePe to get rewards on first send money from PhonePe.
Pro Tip: You can also read our guide to How To Use PhonePe Switch & Their Benefits and What Is PhonePe VPA | Send & Receive Money Using VPA.
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How To Transfer Money From UPI Using PhonePe
You can easily send money to your friends and family on PhonePe in a few clicks. No need to ask for bank details like account number, IFSC code, etc. The only thing you need is a mobile number that is linked to their bank account using PhonePe. There are no charges for sending money. Here is our step-by-step guide to sending money using mobile numbers.
Step 1: First of all you launch your PhonePe and make sure to login to your PhonePe account.
Step 2: After that, you will see an option named as to mobile number under the transfer money section, click on it.
Step 3: Now you need to select the mobile number of the person to whom you want to transfer the money. You can simply search the name from the search box or click on the plus sign located at the bottom right side.
Step 4: At this step, you can see all previous transactions with the selected (if any) and at the bottom. You can also see the name that is linked with the entered mobile number with the respected bank. Verify it and proceed to pay.
Step 5: Now you can see a successful pop-up message for your money sending. You can also tap on view details to see other details of the transactions.
PhonePe Transfer Limit
The PhonePe app supports various payment methods so the minimum and maximum limits are different for each payment method.
- UPI Transactions: The UPI limit is the same as the limit of UPI transactions.
- Wallet To Wallet: You can send Rs 10,000 in a single transaction while your monthly top-up limit is Rs 10,000.
- Debit/Credit: Same limit according to bank/card norms.
- Balance Withdrawal: You can withdraw a maximum of Rs 5000 per month (If PhonePe KYC is Completed).
FAQ (Frequently Asked Questions)
No, you cannot transfer PhonePe cashback to your bank account directly. But there is an alternate way from which we can do this. Firstly you need to buy gold from your cashback or wallet balance. Secondly, you need to sell that gold by the above-described methods. After selling the gold your cashback will be credited to your bank account.
Note: There will be some loss of your money. This is due to the buying rate of gold is higher than the selling rate. Approximate you will lose Rs 4 for selling the gold amount of Rs 100.
PhonePe wallet is monitored by the RBI and after RBI Guidelines it is necessary to complete the KYC of wallet. Completing the KYC will not harm us in any manner although it will give us some additional benefits fo being a PhonePe KYC verified user.
Note: As of now you don’t need to visit anywhere to complete your KYC just like we need to visit the KYC Center Near Me to complete the Paytm KYC. There is no such PhonePe KYC near me or PhonePe KYC center near me as of now.
PhonePe is a BHIM UPI based app to provide digital payments or cashless. PhonePe is a mobile wallet, we can use it for availing the available services. Some of the services are, Electricity Bill Payment, Water Bill Payment, Buy Gold, Sell Gold, Metro Recharge. There are two ways of sending money to a bank account.
1. Send money to your own bank account.
2. Send money to someone bank account.