How To Transfer Money From PhonePe Wallet To Bank Account?

PhonePe is one of India’s biggest and most popular digital payments and financial service providers. The platform supports UPI and debit/credit cards, assisting its users to make online payments with just a few clicks. Besides just money transfers, you can also make payments for mobile recharges and utility bills and buy gold using this platform.

This article will discuss how to transfer money from a PhonePe wallet to your bank account.

How to Transfer Money from Phonepe Wallet to Bank Account?

Many PhonePe users have unused money sitting idle in their PhonePe wallets. If you are worrying about what to do with the wallet money, here is the answer. First of all, you can use this money to make payments in the app or select services that are on the display on the home screen and spend it on them. Secondly, you can transfer the amount to your bank account.

PhonePe Wallet is a tool available on the platform that allows its users to deposit money into a digital wallet. With this money, you can pay PhonePe merchants, your contacts, and your bank accounts. 

PhonePe allows its users to add multiple bank accounts to the platform. Remember that the primary account is the default account for sending or receiving money. When you have multiple bank accounts linked to your account, you can choose any of your accounts as the primary account. 

Also, there is an auto top-up feature in the wallet, which you can use to top-up your bank account whenever the balance is low. You just need to input a one-time UPI e-mandate, and PhonePe will top-up the wallet. You can use it to make any payments, and whenever you want to withdraw the amount, you can transfer it to your bank account. 

Step-by-Step Guide to Transfer Money from PhonePe Wallet to Bank Account

Here is a step-by-step guide on how to transfer money from your PhonePe wallet to bank account:

Step 1: Click on the PhonePe icon and open the application on your device.

Step 2: Click on the ‘PhonePe Wallet’ option.

Step 3: There is a ‘Withdrawal’ option available at the top corner of the display in the application.

Step 4: To transfer your money from the wallet to your bank account, drag your wallet icon downward onto the bank icon.

Step 5: Now, you have to enter the amount you want to withdraw from your wallet into the bank account. 

Step 6: Click the proceed button, and the amount from your wallet will be transferred to your bank account. 

Conclusion

The process of transferring money from a PhonePe wallet to your bank account is simple. According to the Reserve Bank of India (RBI) requirements, users who have finished their PhonePe Wallet KYC are eligible to avail of these services. Also, do not forget to add a bank account to your PhonePe account. Otherwise, your money transfer from your wallet to your bank account will not be successful. 

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