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 a verified customer of PhonePe. To withdraw the PhonePe wallet balance first you need to Complete PhonePe KYC.
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.
How To Send Money From PhonePe Wallet
In this guide, we can see how to send money from the PhonePe wallet to your own bank accounts. But there are also two ways to send money from the 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)
Step By Step Guide To Withdraw PhonePe Wallet balance
Want to transfer your PhonePe wallet money to your bank accounts. Don’t worry here is the step by step guide to withdrawing your PhonePe wallet balance in an easy way.
Step 2: Once login you need to tap on my money.
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.
You can transfer only the withdrawal balance. Withdrawal balance means the money which you have added in the PhonePe wallet from your bank account.
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 the PhonePe wallet balance.
Secondly, you need to sell PhonePe gold and you will get money directly into your bank account.
Step By Step Guide For Send Money To Own Bank Account
If you need to transfer money from your one bank account to another bank account, then this method is best for you. No need to enter your account details like Name, Account Number & IFSC code to transfer the money. This method is also known as self bank transfer which helps you to transfer money from one bank to another bank account.
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 the Phonepe wallet. If you have not added your bank accounts then read this article to add multiple bank accounts in the 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 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)
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.
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 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.