In this article, we’ll let you know how to transfer money from your PhonePe wallet to your bank account. But the fact is unless you have Full KYC in PhonePe, you cannot directly withdraw such amount. So, what to do then?
Don’t worry !!! There are some alternative methods to get back the money from your PhonePe Wallet.
How to transfer money from PhonePe wallet to Bank Account?
You can follow below steps:
For full KYC user
Open your PhonePe app and ensure you have logged in to your PhonePe account.
Ensure you have added your bank account.
Go to My Money → Check your PhonePe Wallet balance under Payments (Instrument).
If you are a full KYC user, you can simply withdraw by using Withdraw tab at the top of the Wallet screen. This is me
You need to just drag down the Wallet icon and drop it on your bank account.
This method is suggested on the official PhonePe website but what we heard from several other users is “Withdraw tab” option is not available in their PhonePe App even when they have completed KYC.
If this is true then you have only a few options left to transfer the money from your PhonePe wallet to your bank account. Let’s see what are those methods:
For min-KYC or No KYC users [ How to transfer money from PhonePe wallet to Bank Account ]
Method 1: Buy and Sell Gold
Go to My Money → Gold under Investments → Select either MMTC-PAMP or Safegold (Stored in an insured locker).
There you can find the price with 99.99% Purity Gold. The displayed price can be locked for 5 minutes to buy the gold at that price.
Under Invest in Gold, select Buy in rupees and enter the amount available in your PhonePe Wallet and click Buy.
In Buy Gold, Select Debit from PhonePe Wallet/Cashback and click Buy.
You will receive the Gold Buy Successful message.
After 24 hours of Buying the gold, you can sell it.
After 24 hours, Open PhonePe,
Go to My Money → Gold under Investments → Click More option (under My Gold Locker) → Click Sell Gold → Sell in grams → Enter the quantity of gold in grams you bought before → Click Sell.
That’s it. The amount of gold will be added to your account.
Note: You need a minimum gold value of Rs.5 to sell gold.
Method 2: Close your PhonePe Wallet
Ensure you have logged in to your PhonePe account and added your bank account.
Go to My Money → PhonePe Wallet in Payments (Instruments).
Click on the top right corner on “?” for Help. Select How do I close my PhonePe Wallet?
Click Close Wallet.
Select Withdraw wallet balance.
Click on Confirm & Deactivate Wallet.
The amount in your PhonePe Wallet will be transferred to your Bank Account.
Note: Once you deactivate your Wallet, you cannot reactivate it again.
We hope the above methods were helpful to transfer your money from your PhonePe Wallet to your bank account.