Paytm app, one of the popular digital payments apps in India, allows users to transfer money from one bank account to another. Using the feature known as ‘Transfer to Bank’, users of the app can send money into the bank account of any individual or institution.
Moreover, the recipient need not be a Paytm user. Also, you can carry out these transactions using the ‘Transfer to Bank’ feature via Paytm for free of cost.
Let’s understand how to transfer money from your Paytm wallet to any other bank account:
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1. Open the Paytm app on your mobile and select ‘Paytm wallet’ under the ‘My Paytm’ section.
2. Your screen will display your Paytm Balance. Just below, you will find four options – ‘Pay’, ‘Transfer to Bank’, ‘Send a Gift Voucher’, and ‘Automatic Add Money’. Select ‘Transfer to Bank’.
3. Enter the amount you wish to transfer. This amount can be between Rs. 25 and Rs. 25,000. Then select Proceed. However, the Paytm to Bank transaction up to Rs. 25,000 is possible only with full KYC.
4. Add the recipient bank or the bank account you want to transfer money to. Add the account number, IFSC, and the account holder’s name. If you have used this method earlier, you can choose from the saved accounts. And then click on Proceed.
5. Once you have filled in all the details, you will be taken to a confirmation page, ‘Sending money from wallet to’ (the bank account details will be mentioned below with the amount). Once you check everything, click on ‘Confirm’.
And you’re good to go!
But what if we told you there’s another way to make bank transfers with Paytm? Yes, you read that right. Here’s the complete process:
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1. Open the Paytm app on your mobile and select ‘Paytm wallet’, under the ‘My Paytm’ section.
2. Your screen will display your Paytm Balance. Just below, you will find four options – ‘Pay’, ‘Transfer to Bank’, ‘Send a Gift Voucher’, and ‘Automatic Add Money’. Select ‘Pay’.
3. A QR code scanner pops up that you need to scan the UPI QR code of the recipient.
OR
4.You can enter the recipient’s mobile number or choose from your existing contacts.
After selecting ‘Transfer to Bank’, enter the amount you wish to transfer. This amount can be between Rs. 25 and Rs. 25,000. Next, select, Proceed. Similar to the previous option, the Paytm to Bank transaction up to Rs. 25,000 is possible only with full KYC.
And voila, you’re done! But don’t forget to ensure you have sufficient balance in your Paytm wallet before making a bank transfer.
If you want to transfer money via Paytm wallet or make a wallet-to-wallet transaction, you need to make sure that the recipient has done a full KYC. Otherwise, the transaction won’t be processed.
While making the transfer the money is sent from the linked bank account along with your Paytm wallet. In case of insufficient balance, you can add money to your Paytm wallet with Paytm’s ‘Automatic Add Money’.
