How To Transfer Money From PhonePe Wallet To A Bank Account [Step-by-Step Guide]

how to transfer money from phonepe wallet to a bank account [step by step guide]

Online money transfer platforms are rapidly replacing the work that was at first done by banks. This is due to advances in digital technology, which has facilitated money transfers through the development of various online platforms.

Inhabitances of  a country like India, find no challenges sending money due to platforms like PhonePe and Paytm. Paytm and PhonePe  are two platforms use in India to transfer money to families, friends or make payments and also place orders.

But despite the advantages of these apps, people still prefer to transfer their money from these platforms to their bank account such as; transferring money from PhonePe to bank account, and from Paytm to bank account . 

In this article, our focus will be on how you can transfer money from PhonePe wallet to bank account. As you will see below, starting with the introduction of PhonePe.

What Is PhonePe?

PhonePe is an Indian digital payment and financial  technological company that was founded in December  2015 by Sameer Nigam, Rahul Chari and Burzin Engineer. This company has headquarter in Bengaluru, Karnataka, India

PhonePe mobile app, uses the Unified Payment Interface (UPI) and it is licensed by the Reserve Bank of India for insurance and operation of a Semi Closed Prepaid Payment system.  

PhonePe app allows users to linked up their bank account, credit card or debit card through their UPI ID and account or card  details. It  also  has a wallet to store cash.

With PhonePe, you can transfer money across India using UPI, recharge your phone, pay utility bills, pay for flight tickets, book hotel services and order food online

What are the Benefits of  using the PhonePe app?

With the PhonePe app, you enjoy the following benefits;

  • It is safe to use.
  • It is user friendly.
  • Available 11 local Indian languages.
  • It function round the clock.
  • It allows for instant money transfer.
  • Instant discount and cashbacks on transactions.
  • No hassle of remembering bank account  details such as IFSC code.

How to Download and Install The PhonePe App On Mobile Phone

PhonePe is a secure, convenient, and cost-effective way to pay and shop anywhere MasterCard is accepted. All you need to do is to download and install the PhonePe app on your mobile device, and then create your PhonePe account. You can then link a bank account to enable the transfer for funds from PhonePe wallet to a bank account or vice versa, using the PhonePe's secure peer-to-peer network.

How to Download and install the PhonePe App

The following steps are needed;
  1. Click on the Google play store icon on your phone.
  2. On play store, click on the Search bar on the top and type in PhonePe app.
  3. Click on the search icon. The app will be display. Click on the PhonePe app icon.
  4. Click on button install and the app will start downloading.
  5. After downloading, the app in installed automatically on your phone and you will see the app icon on the menu bar. 

How to Create PhonePe Account

PhonePe is currently one of the leading Indian e-commerce payment system and digital wallet. To create a PhonePe account which will enable you to send money to your bank account, follow the steps below;

  • After downloading and installing the app as described above, click on the PhonePe icon on your phone to launch it. 
  • After which you then click on Register Now option.
  • The app will request you to fill in your personal and security details such as your mobile number, your Name, Email address and a set password to activate the e-wallet.
  • On the app menu, tap on creating a new Virtual Private Address (VPA)
  • Select the bank account to be link with PhonePe app. The app will automatically fetch all the required details.
  • Confirm your bank details.

How to Connect a Bank Account to the PhonePe App

  1. Firstly open the PhonePe app menu by tapping on the icon on your phone screen
  2. Go to the bank account section and tap on the 'Add New Bank' button
  3. Click Send SMS if you have only one number but if you have more than one number, click on Click Here to select the suitable number and then click on Send SMS. An SMS will be send to your mobile as soon as you click on Send SMS. Make sure you have sufficient balance in the SIM you are using and also make sure that the mobile number you are using is the same registered number with your bank account.
  4. Select the bank you want to link with PhonePe from the list of banks available or search for the bank on the search bar.
  5. Proceeding further, PhonePe will automatically fetch all your account and your bank account will be linked to the e-wallet app.
  6. Set your UPI PIN by selecting 'Set UPI PIN' option.
  7. Enter all your debit or credit card details. That is your card number, expiring date and CVV code.
  8. An OTP will be send to you for verification by PhonePe. Enter the OTP and set the UPI PIN
  9. Your respective bank details will be added successfully, given you the means to directly send money from PhonePe to bank account using the UPI PIN..

How To Transfer Money From PhonePe To Bank Account

To send money to a bank account;

  1. Tap To Bank/UPI ID under the Transfer Money section on the PhonePe home screen.
  2. Select the + icon.
  3. Select the bank from the list or enter the bank's name in the search bar to find it. 
  4. Enter the account number, IFSC, account name, Phone number(optional), and nickname (optional).
  5. Tap on Confirm.
  6. Enter the amount you want to send and tap Send.
  7. Enter your UPI PIN to complete this payment.

Please keep in mind that you can view the payments you've made to a bank account by selecting it from the list of options and then tapping View History in the top right corner of the screen.

What is a UPI?

UPI stands for Unified Payment Identification. It is a secret 4-6digit code that permit you transfer money. Without this UPI, you cannot transfer money. To create a UPI ID, simply enter your bank account information and create an ID of your choice, which will serve as your UPI ID. The best thing about UPI is that it can be used at any time and from any location..

The best thing about UPI is that it can be  used from anywhere and at anytime.

How to Remove a linked Bank account on PhonePe App

To deactivate your PhonePe account, you need to disconnect your linked bank account from the app before deactivating the PhonePe account. Fellow the steps below:

  1. Open the PhonePe app and click on Profile icon at the top-left corner.
  2. On the next display page, click on View All Payment Methods under Payment Instruments section.
  3. Click on the bank account you want to remove.
  4. Scroll down the page and click on Unlink Bank Account.
  5. Click on Unlink on the pop-up that comes up.

How to Delete Your PhonePe Account

  1. On the PhonePe app, tap on the question mark on the above section(?).
  2. On the help section, choose Profile and tap on My PhonePe Profile option.
  3. Click on My PhonePe account details.
  4. From options display, select an option from the list like ' I am not happy with PhonePe'.
  5. Now in Contact Support section choose select language.
  6. Answer all your problems related to PhonePe.
  7. After completing all the above steps , the PhonePe support team will research out to you through phone call or email within 24 hours and after which your account will the deleted.

What are the Transfer Limits on PhonePe?

PhonePe just like other transfer platforms has its transfer limits. The transfer limits on PhonePe are as follows:

  • Daily transfer limit of Rs 100,000. This limit varies from bank to bank
  • A maximum of 10 to 20 transactions per day, depending on the bank.
  • Request up to a maximum of Rs 2,000 from someone in a day.

Some advantages of Using  the PhonePe App

  1. PhonePe can be used to purchase insurance such as international travel insurance and All-In-One Travel insurance
  2. With PhonePe you can buy and sell Gold and Silver
  3. You can also save products like funds.

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Bottom Line

PhonePe is an Indian digital payments and financial  technological company that was founded in December  2015 by Sameer Nigam, Rahul Chari and Burzin Engineer.

PhonePe mobile app, uses the Unified Payment Interface (UPI) and it is licensed by the Reserve Bank of India for issuance and operation of a Semi Closed Prepaid Payment system. It is a secret 4-6digit code that permit you transfer money. Without this UPI, you cannot transfer money.

To send money from PhonePe wallet to a linked bank account, follow the steps above.

FAQs On PhonePe

Is IFSC code required for sending money? 

No, it is not needed.

Are there any transaction charges for PhonePe users?

Presently, there are no charges livid.

Is it possible to link multiple bank accounts on PhonePe?

Yes. This can be done by going to the main menu, bank accounts and clicking on 'add new bank account'.

Can i split a bill using PhonePe? If yes, how?

When you go out with friends and want to split a bill, PhonePe is an easy way to do so. To do this, click on the 'spilt a bill' option and enter VPA along with payment amount and verify transaction data