After demonetization, the digital payment goes in trend, and people are using various applications for various purposes. The trend of these wallets is increasing day by day Paytm, PhonePe, Mobikwik, Google Pay, Amazon, etc.
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.
However, you can also transfer money from your one bank account to another bank account using PhonePe. No need to enter bank details like Name, Bank Account Number & IFSC.
Download PhonePe to get rewards on first send money from PhonePe.
How To Send Money From PhonePe To Contact or Anyone
In this guide, we can see how to send money from PhonePe to anyone in our contact instantly. There are no charges for sending money.
Step 2: After that, you will see an option named as to contact, click on it.
Step 3: After that, there are two ways to send money one is using contact number and the other is using BHIM UPI ID. Select any method according to your suitability.
Step 4: After selecting the contact number you need to enter the amount which you want to transfer using PhonePe.
Step 5: Now tap on pay and enter your UPI number or pin for completing the transaction.
Step 6: Now a successful pop-up message will come on your screen.
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 the bank account.
1. Send money to your own bank account.
2. Send money to someone bank account.