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Paytm wallet is a secure and RBI-approved digital wallet that meets the financial needs of users. Using Paytm wallet, users can make payments or direct inter-bank money transactions from anywhere, at any time. The feature provides a better digital payment experience.
The wallet is also one of Paytm’s significant features, as it offers monthly payments of bills, fast tag recharges, bookings, various offers, gift vouchers, and multiple payment methods, among others.
Paytm wallets enable money transfer from one bank account to another, where the recipient bank can be of another person, institution, or your own. The recipient doesn’t need to be a Paytm user. Furthermore, carrying out these transactions through Paytm is free of cost.
Keep reading to understand how to transfer money from your Paytm wallet to any other bank account.
Step 1: Open the Paytm app on your mobile and select ‘Paytm wallet’ under the ‘My Paytm’ section.
Step 2: Your screen will display your Paytm Balance. Just below, you will find four options – ‘Pay’, ‘Transfer to Bank’, ‘Send a Gift Voucher’, and ‘Automatic Add Money’. Select ‘Transfer to Bank’.
Step 3: Enter the amount you wish to transfer. This amount can be between Rs. 25 and Rs. 25,000. Then select Proceed. However, the Paytm to Bank transaction up to Rs. 25,000 is possible only with full KYC.
Step 4: Add the recipient bank or the bank account you want to transfer money to. Add the account number, IFSC, and the account holder’s name.
You can choose from the saved accounts if you have used this method earlier. Next, click Proceed.
Step 5: Once you have filled in all the details, you will see a confirmation page, ‘Sending money from wallet to’ (the bank account details will be mentioned below with the amount). Once you check everything, click on ‘Confirm’.
And that’s it – You have successfully made a bank transfer!
There’s one more way to transfer money from the Paytm wallet to a bank account. Here’s how:
Step 1: Open the Paytm app on your mobile and select ‘Paytm wallet’, under the ‘My Paytm’ section.
Step 2: Your screen will display your Paytm Balance. Just below, you will find four options – ‘Pay’, ‘Transfer to Bank’, ‘Send a Gift Voucher’, and ‘Automatic Add Money’. Select ‘Pay’.
Step 3: A QR code scanner pops up that you need to scan the UPI QR code of the recipient.
OR
You can enter the recipient’s mobile number or choose from your contacts.
Step 3: After selecting ‘Transfer to Bank’, enter the amount you wish to transfer. This amount can be between Rs. 25 and Rs. 25,000. Next, select, Proceed. Similar to the previous option, the Paytm to Bank transaction up to Rs. 25,000 is possible only with full KYC.
So, now that you know how to transfer money, make sure you have a sufficient balance in your Paytm wallet before making a bank transfer.
When you make the payment, you can send money from your linked bank account as well as your Paytm wallet. However, for making wallet to wallet payments it is mandatory for the recipient to have done a full KYC.
(Disclaimer: Brand Desk Content)
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