How To Transfer Money To Bank Account Via PhonePe On Smartphones

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With the rapid growth of digital payments app in India, users are flooding to the available platforms to make the most of it. PhonePe, Google Pay, Paytm, and several others are catering to the consumers who now prefer to carry money in e-wallets instead of hard cash.

 
How To Transfer Money To Bank Account Via PhonePe On Smartphones

These apps are not just designed for making online payments and paying bills, but also offer several bank-related facilities. Take for reference, transferring money to a bank account using one of such apps. Since PhonePe is amongst the widely used UPI apps besides Google Pay and Paytm, we will be making you aware of the steps to transfer money to an account using this application.

How To Transfer Money To A Bank Account Via PhonePe

PhonePe UPI app is available for download on both Android and iOS platforms. You can head to the respective app stores to install this application. The steps to transfer money to a bank account are listed below. Let's have a look:

Step 1: Go to the app drawer of your smartphone and open the PhonePe app.

Step 2: You will be able to see multiple money transfer and other option on the homepage. Select the 'To Account' option.

Step 3: In the next step you need to add to link the account you need to transfer money to. For this, select the 'Add Beneficiary' option.

Step 4: Select the bank name from the next page and you will get the option to fill in the details of the account.

Step 5: Once the bank information is logged successfully, select the account and enter the amount you want to transfer.

Step 6: The remaining payment procedure is standard as other payments.

PhonePe Money Transfer FAQs

The aforementioned steps help in transferring money to a bank account via PhonePe. Apart from this major query, people often have a lot of other questions related to PhonePe. We have answered some of these questions below with PhonePe money transfer FAQs.

 
How To Transfer Money To Bank Account Via PhonePe On Smartphones

What is the PhonePe Wallet to bank transfer charges?

No, currently there are no bank transfer charges for transactions using PhonePe wallet. PhonePe has just introduced processing fees for recharges done on its platform using UPI-based payments. But this isn't extended to bank transfers via the PhonePe wallet.

Does PhonePe Wallet require your KYC?

The RBI guidelines suggest users who conduct transactions using UPI, debit card, or credit card don't require KYC. However, if you're using PhonePe Wallet, you will have to share minimum KYC details. This includes any identity card like a PAN card, driving license, passport, voter ID card, or the NREGA job card. You will next have to provide the ID card number and the name on it.

Can I pay electricity bills using a PhonePe wallet?

Yes, you can use PhonePe wallet to pay any bills, including electricity bills. In fact, your bills can be paid using debit or credit cards, UPI-based payments, or payments via wallets like PhonePe. Plus, you can add several electricity boards or companies to auto-debit from your PhonePe wallet.

Can I use a PhonePe wallet without a bank account?

Yes, you can use a PhonePe wallet even without a bank account. However, this comes with a few restrictions. For one, you can't make UPI-based payments as it requires a bank account. You can't transfer money to anyone via the PhonePe wallet in this case. That said, others can still send money to your PhonePe wallet even without a bank account. Plus, you can still pay bills and recharge your phone without a bank account linked to your PhonePe wallet.

Is it possible to transfer from PhonePe wallet to other wallets?

Technically, you can't transfer the PhonePe wallet amount to your friend's or any other wallet like Paytm. On the other hand, you can still do UPI-based transactions using a QR code. For instance, if you need to share money with your Paytm wallet, you can do so by scanning the QR code and transacting via the UPI ID.

Is there any PhonePe wallet limit?

Yes, there's a limit when it comes to PhonePe wallet transactions. The PhonePe Wallet balance is limited to Rs. 10,000. Here, PhonePe wallet users won't be allowed to add funds in case the PhonePe limits are triggered, except in case of refunds on canceled transactions, wherein the balance may be higher than the limit of Rs. 10,000.

How to check PhonePe wallet balance?

There are easy steps to check your PhonePe wallet balance. Firstly, open the PhonePe app > click on the PhonePe Wallet section. Here you can see the remaining balance. You can top-up your PhonePe wallet balance here or by heading to the Payments methods section under the profile icon on the app.

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