In this tutorial, I’m going to show you how to transfer money from Paytm wallet to bank account. The bank account could be your own or someone else’s. Following text will guide you step-by-step on Paytm money transfer.
Paytm wallet has evolved as a very strong competitor among other existing electronic wallet apps in India. With no time, Paytm has become one of the top 10 mobile wallet apps in India. You can transfer money from Paytm Wallet to bank account directly from your wallet.
If you have added money to your Paytm wallet then you can transfer it to your loved ones or any third person by accessing your e-wallet app or even you can send that money to your own bank account.
Paytm charges you a fee for that, say 5 percent (approx.) of amount to be transferred. But for Paytm UPI transfer charges are NIL.
It’s very easy to transfer money from Paytm to bank. To transfer funds, you would need beneficiary’s bank details such as bank name and account number, bank IFSC code etc.
In terms to transfer money from Paytm wallet to bank account, you should know that your wallet should have appropriate balance. You can click here first to know how to add money to Paytm wallet using ATM Card/Internet Banking?’
If you have all required details then just follow the steps given below to transfer money from Paytm wallet to bank account.
Important: If you will transfer money using Paytm Bank to Bank transfer facility (that does not have any charges), you pay zero percent fee. But remember Paytm wallet to bank transfer is chargeable at 5 percent.
How to transfer money from Paytm wallet to bank account
Open your Paytm app and tap on ‘Passbook’.
Touch Paytm Wallet.
In Passbook page, you’ll see ‘Send money to bank’ link (Earlier this link used to appear under ‘pay or send’ link) underneath your available balance. Just tap on it.
Note: In updated Paytm apps ‘Send money to bank’ link appears in passbook. If you’re unable to find it under passbook then try to find it in ‘pay or send’.
Enter amount you want to transfer from Paytm wallet and tap Proceed. Note: After entering the amount, you will be able to see Net Payable Amount including Paytm charges. For example, I have entered ₹100 and total amount that will be deducted from my Paytm wallet is ₹105.
On the next page, you will be able to see your added bank accounts along with ‘Add New’ option. Simply tap on Add New to add new account to your Paytm wallet. Or if you have not added any bank account to Paytm yet then you will be asked to enter bank account details of the payee.
Simply fill in the payee details such as account number, IFSC code, and payee name. Then tap Proceed. Note: If you want to send money to your own bank account then enter your bank account details in the given fields.
On the next screen, you will be asked to re-enter payee bank account number. After entering the number, touch Confirm button.
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Check the transactions charges and amount to be transferred from Paytm and then hit Proceed.
Enter the OTP received on your registered mobile number and press Confirm.
That’s it. You have successfully transferred money from Paytm wallet to bank account.
How to transfer money from Paytm to bank without charges
Users who have linked their bank account to the app can transfer money from Paytm to bank without charges.
- Open your wallet app and tap on UPI Money Transfer.
- Link your bank account, if not added.
- Once your account is linked, tap on ‘Enter Bank Account/UPI ID’.
- Fill in the payee bank account details.
- Enter amount you want to send and Confirm the same.
- Enter your Paytm UPI MPIN to authenticate the transfer request.
- That’s it. You have successfully transferred money from Paytm to bank without charges. Money will be transferred in real-time.
Link bank account to your wallet
In case you’re yet to link your bank account to your wallet app, you can follow the instructions mentioned below to map your bank account to the app:
- From the app dashboard, tap UPI Money Transfer.
- Touch Add New.
- From the list of banks, select your bank name.
- Select SIM card that is linked to your mobile number and tap Proceed to Send SMS.
- Now given app permissions if you’re asked for and then Paytm Wallet will automatically look for verification message.
- Once SMS verification is completed, you will be able to see your bank account number. Tap to link your bank account to Paytm.
- Thereafter, you will be asked to set a PIN for transactions. PIN should be 4 or 6 digits.
- That’s it. Your bank account is now linked to your app.
Transaction Limits
Paytm verified customers can send up to 1 Lakh in a single transaction but to send amount over ₹10000 you will need to add payee as a beneficiary to your Paytm wallet.
Paytm bank-to-bank transfer enables you send up to ₹10 Lakhs in a single day. To avail this facility all you need to do is map your bank account to Paytm Wallet.
Paytm transaction charges
When users add money to their wallet using credit card, debit card or bank, Paytm doesn’t collect any fee from users but it does pay fee to their banks. As long as users use added money for purchases, online shopping and the like Paytm doesn’t charge anything.
But when users intend to transfer money from Paytm to bank account, Paytm charges 5% of the amount to be transferred to recover the fee that it has paid to your bank at time when you added that money to your wallet.
It’s not clear how much Paytm pays to the bank but as of now Paytm bank transfer is chargeable at 5 percent.
If you want transfer money from Paytm to bank without charges then use Paytm Bank to Bank transfer facility which enables you send money for free.
How to check transaction status?
- To check your transaction status, head to Passbook.
- Then select Paytm Wallet.
- Under Recents, you can see all your transactions with their current status.
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