Nowadays people by mistake turn on the Auto Top-Up option and money is automatically deducted from the bank account and credited to Phonepe wallet so here is a solution for how to transfer money from Phonepe wallet to bank account.
Why Do People Want to Transfer Money from Phonepe Wallet to Bank Account?
People invite their friends and earn Phonepe balance, or sometimes people turn on Auto Wallet Top-Up mode and money is automatically deducted from their bank account and credited to Phonepe Wallet. So in this case they want to transfer their Phonepe wallet balance to bank account.
How To Transfer Money From Phonepe Wallet To Bank Account
In the phonepe app, there is no option to transfer or withdraw wallet money from phonepe to bank account. Do not worry because here are some procedures by which we can transfer money from Phonepe wallet to bank account very easily, just follow the below steps.
After research, we got two methods for phonepe wallet to bank transfer. Method one is a bit longer process than method two, but in method one, we can transfer money from phonepe wallet to a bank account at low cost, whereas method two is easy but we have to pay a higher fee to Phonepe for withdrawing phonepe wallet money.
Method 1: How To Transfer Money From PhonePe Wallet To Bank Account Using Merchant Account
In this method, you need to visit any shop which accepts payment through PhonePe or if you have any known person who use PhonePe Business to receive payment, just tell them and pay them through PhonePe Wallet and take your money from their bank account.
- Visit Phonepe acceptable shop
- Open Phonepe App (Update App if not updated)
- Click on Scan Bu
- Scan merchant Phonepe QR (does not work on other QRs like Google Pay, Paytm)
- Enter the amount and click on PROCEED TO PAY
- Choose PhonePe Wallet
- Click on Pay
Your PhonePe Wallet money has been transferred to the merchants’ business account, and money will be transferred to their bank account the next day.
Now ask the merchant for money if they give you on that time then that is okay otherwise wait for next day
Method 2: How To Transfer Money From PhonePe Wallet To Bank Account By Selling Gold
In this method, you have to buy Digital Gold using PhonePe wallet money and sell them by paying an extra fee and get money to the bank account or Paytm.
- Open PhonePe App
- Tap on Wealth
- Click on Buy Gold (working on both gold types MMTC-PAMP and Safegold, do not buy Gold Coin, buy digital gold only)
- Enter Amount
- Click on Proceed To Pay (to buy digital gold)
- Select PhonePe Wallet
- Tap on Pay
Money will be deducted from your PhonePe wallet and you will get digital gold instead of PhonePe balance, just sell them and get money to your bank account
[Note: You need to hold the digital gold minimum of 24 hours to sell, you cannot sell gold before 24hours of buying]
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- Join PhonePe and Earn Upto ₹100
How To Sell Digital Gold on PhonePe and Get Money In Bank Account
- Open PhonePe app
- Go to Gold Locker in the Wealth section.
- Click on Sell.
- Tap on 100% or you may enter the amount manually.
- Add Bank account
- Enter OTP
- Now click on Confirm
Your digital gold will be sold and money will be transferred to your bank account from phonepe within 24 hours
So these are the two methods of how to transfer money from PhonePe wallet to bank account, Both are simple methods. Method 1: Pay wallet money to any PhonePe merchant and take money from them and in method 2: Buy digital gold using PhonePe wallet balance and sell them and take money into the bank account.