Have you received cashback to your PhonePe wallet and want to know how to transfer money from your PhonePe wallet to your bank account? Also, PhonePe doesn’t allow to transfer of wallet balance to a bank account without having KYC. For this, you have to be a verified customer of PhonePe, so make sure you have completed your PhonePe KYC.
How Do I Transfer Money From PhonePe Wallet
In case you want money and don’t have a sufficient balance in your bank account then also you can use these methods to withdraw your PhonePe wallet balance to your bank’s accounts. Although you can use PhonePe wallet balance for availing various services like Electricity Bill Payment, Water Bill Payment, Buy Gold, Sell Gold, and many more. PhonePe is not charging any amount while transferring money from PhonePe Wallet to your Bank account. However, there is a limit of transferring Rs 5000 per month if you have completed your PhonePe KYC.
Step By Step Guide To Withdraw PhonePe Wallet balance
You can transfer only the withdrawal balance. Withdrawal balance means the money which you have added to the PhonePe wallet from your bank account. Don’t worry here is our step-by-step guide to withdrawing PhonePe wallet money to a bank account in an easy way.
Step 2: Once login you need to click on PhonePe wallet. Also, you can access this by clicking on the profile section located at the top left corner of your screen.
Step 3: Next tap on PhonePeWallets under the Wallets/ Gift Voucher sections.
Step 4: After that tap on Withdrawal(You can withdraw money only if you have completed full PhonePe KYC)
Step 5: A screen will appear that shows Your withdrawal Balance. To withdraw your amount slide down to your Bank Symbol.
Step 6: After sliding your balance will be credited to your linked bank account within 1-2 minutes.
If you have not completed your KYC and want to transfer your PhonePe wallet balance, then don’t worry I have an alternate method to do this. You have an option to buy digital gold and then sell it to get money from your wallet to your bank account but it will take a minimum of 24hours and you need to pay some charges. These are pretty simple steps to transfer the wallet money.
- You need to buy gold from the PhonePe wallet balance.
- Then you need to sell PhonePe gold and you will get money directly into your bank account.
FAQ (Frequently Asked Questions)
PhonePe wallet is monitored by the RBI and after RBI Guidelines it is necessary to complete the KYC of the wallet. Completing the KYC will not harm us in any manner although it will give us some additional benefits for being a PhonePe KYC verified user.
Note: 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.
You can use various websites or applications which are available to recharge the metro card online. They are easy to use and one of them is described above from which you can recharge Delhi Metro card online. You can also use Paytm and PhonePe to recharge your metro card to get exciting cashback. After a successful transaction, you have to tap on Automatic Vending Machine (AVM) at any Metro Station to credit the amount to your Smart Card.
A PhonePe QR code is a barcode that can only be readable by smartphones. You can generate your own QR code by following this method. QR code stands for Quick Response Code is a type of 2D bar code that is often used to receive money in many digital wallets like Paytm, Mobikwik, Google Pay, Amazon, etc.
Note: No need to enter any details while sending money like Phone Number, Bank Account details.