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 various available services. Some of the services are Send Money, Electricity Bill Payment, Water Bill Payment, Buy Gold, Sell Gold, Metro Recharge. You can send money from PhonePe to a bank account or withdraw wallet balance instantly or from own one bank account to another bank account. For this, you have to be verified customer of PhonePe. It means you need to complete your PhonePe KYC to withdraw PhonePe wallet balance.
There are two ways of sending money to the bank account.
- Send money to own bank account.
- Send money to someone bank account(Transfer To Contact)
How To Send Money From PhonePe Wallet
In this guide we can see how to send money from PhonePe wallet to own bank accounts. But there are also two ways to send money from Phonepe wallet to the bank account. We will discuss both of them in detail.
- From PhonePe Wallet (Withdraw Wallet Balance)
- From One Bank Account To Another Bank Account(Self Account)
How To Send Money From PhonePe Wallet To Bank Account(Withdraw Wallet balance)
Just follow the below steps to send money from PhonePe wallet to Bank Account.
Step 1: Launch PhonePe in your phone make sure that you have logged in your PhonePe wallet.
Step 2: Now Tap on My Money.
Step 3: Next tap on PhonePeWallets under the Wallets/ Gift Voucher sections.
Step 4: After that tap on Withdrawal.
Step 5: A screen will appear that shows Your withdrawal Balance. To withdraw your amount slide down to your Bank Symbol.
Step 7: After sliding your balance will be credited to your linked bank account within 1-2 minutes.
PhonePe is not charging any amount while transferring money from your PhonePe Wallet to your Bank account. However, there is a limit of transferring Rs 5000 per month if you have completed your PhonePe KYC. However, if you forget/don’t know whether your KYC is completed or not you can check it from here.
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. This is pretty simple to transfer the money.
First you need to buy gold from PhonePe wallet balance.
Secondly you need to sell PhonePe gold and you will get money directly into your bank account.
How To Send Money From PhonePe To Own Bank Account
Just follow the below steps to send money from PhonePe to own Bank Account.
Step 1: First of all launch PhonePe app on your phone. Ensure that you are logged into the account and your bank account is also linked.
Step 2: Now tap on To Self in the Money Transfers section.
Step 3: Now you can see your all bank accounts which are linked to Phonepe wallet. If you have not added your bank accounts then read this article to add multiple bank accounts in PhonePe wallet.
Step 4: After that, you have to select the bank accounts in which you want to send the money from another bank account.
Step 5: Once you have selected your bank accounts, you need to enter the amount which you want to send and complete the transaction by providing your UPI Pin to complete the transactions.
Step 6: After this, you will see a notification of transaction Successful and the amount will be credited to the receipt accounts within a minute.
NOTE: ONLY THE WITHDRAWABLE BALANCE CAN BE WITHDRAWN.
PhonePe Transfer Limit
The PhonePe app supports various payment methods so the minimum and maximum limit are different for each payment methods.
- 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/cards norms.
- Balance Withdrawal: You can withdraw a maximum of Rs 5000 per month (If PhonePe KYC is Completed).
FAQ (Frequently Asked Questions)
How do I put money on my Metrocard?
You can use various websites or applications which are available to recharge 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.
Does PhonePe need KYC?
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: 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.
How can I pay my electricity bill by PhonePe?
PhonePe is a mobile wallet, we can use it for availing the available services. Some of the services are, Send Money, Electricity Bill Payment, Water Bill Payment, Buy Gold, Sell Gold, Metro Recharge. Just follow the instruction to know how to pay the Electricity Bill from PhonePe.