If you want to know how to transfer money from Paytm wallet to bank account then you are at the right place. Paytm has become one of India’s most widely used digital payment apps. Millions rely on Paytm for daily mobile recharges, utility bill payments, online shopping, and daily money transfers. One of Paytm’s most popular features is its digital Wallet. The Paytm wallet allows you to send or receive money instantly, pay bills, book tickets, and more with simple taps.
But you can also seamlessly transfer money from your Paytm wallet to any bank account completely free. In this comprehensive guide, we will walk you through the step-by-step process of transferring money from your Paytm wallet to your own or someone else’s bank account conveniently.
Ways to Add Money to Paytm Wallet
Before you can transfer money from Paytm Wallet to bank account, you need to add money to it. Here are some ways to add money to your Paytm wallet:
- UPI – Link your bank account through UPI and transfer money to your Wallet.
- Debit/Credit cards – Add money directly through Visa, Mastercard, RuPay and other cards.
- Netbanking – Transfer from supported bank accounts through netbanking.
- Partner apps/sites – Load wallet while paying bills, recharge, etc, on partner platforms.
- Auto-add money – Enable this to automatically add a fixed amount to the Wallet from the bank when the balance is low.
How To Transfer Money from Paytm Wallet to Bank Account In 6 Easy Steps!
Before you start transferring money from Paytm wallet to bank account, you must check your Paytm wallet balance. When you open the Paytm app and go to the ‘My Paytm’ section, clicking on ‘Paytm Wallet’ will display your current wallet balance at the top.
Then follow these simple steps outlined below to send money back to your bank account from Paytm wallet:
Step 1: Open the Paytm app and go to the ‘Wallet’ section
To access your Paytm wallet for initiating transfers:
- Open the Paytm app on your mobile phone.
- Scroll down to the ‘My Paytm’ section at the bottom of the home screen.
- Click on the ‘Paytm Wallet’ option.
Step 2: Click on the ‘Transfer to Bank’ option
In your Paytm Wallet section, you will find multiple options for transactions:
- Pay, Transfer to the Bank, Send a Gift Voucher, and Automatic Add Money.
- To transfer funds from a Paytm wallet to a bank account, you need to click on the ‘Transfer to Bank’ option.
- This will lead you to the next steps for adding account details.
Step 3: From the saved bank accounts list, select your own account
After selecting ‘Transfer to Bank’, you need to enter the details of the recipient bank account:
- Enter your account number, the IFSC code of the account’s bank branch, and the name of the account holder.
- If you have previously transferred money to the same account, you can select it from the ‘Saved Accounts’ list. Otherwise, enter the details manually.
Step 4: Enter the amount you want to transfer from Wallet to bank
- Next, enter the amount you want to transfer from your Paytm wallet to your bank account.
- The allowed amount can range from ₹25 to ₹25,000 per transaction.
- Higher transfer limits are enabled only if you have completed full KYC verification on your Paytm account as per RBI norms.
Step 5: Review and confirm the details
Before completing the transfer, carefully review all the entered details.
- Recipient name, Account number, IFSC code, and Transfer amount.
- If all the details look correct, click on ‘Confirm’ to proceed with the money transfer from the Paytm wallet to a bank account.
Step 6. Authenticate with MPIN or OTP sent to your mobile
Once you have completed the above-mentioned steps, you will receive an OTP or an MPIN that you have or will receive on your registered mobile phone number. After you enter that OTP or MPIN, your transfer will be successful.
After doing all this, the money will be instantly credited from your Paytm wallet to your bank account. The transfer limit is from Rs. 20 to Rs. 25,000 per transaction. You can transfer an unlimited number of times.
How To Transfer Money from Paytm Wallet to Someone Else’s Account
If you want to transfer money from Paytm Wallet to someone else’s account, then follow these steps:
Step 1. In the Paytm app, go to Wallet and click ‘Transfer to Bank.’
Step 2. Enter the transfer amount and click ‘To New Bank.’
Step 3. Input recipient’s bank details – Account Number, IFSC code and Name
Step 4. You can also enter the recipient’s UPI-linked mobile number
Step 5. Or scan their UPI QR code using the Paytm app to transfer money directly
Step 6. Verify and authenticate the details as prompted
Step 7. The money will be instantly sent from your Paytm wallet to the recipient’s bank account.
This way, you can seamlessly transfer money to anyone’s account without knowing their UPI ID or creating a beneficiary.
Benefits of Using Paytm Wallet for Transfers
Let’s take a look at some of the benefits of using Paytm wallets for transfers, whether it’s to the bank or someone else’s account.
- Zero fees – Paytm does not charge any fee to transfer money from its Wallet to bank accounts. The transfers are free.
- Fast and instant transfers – Money gets credited from your Paytm wallet to your bank account instantly in real-time.
- Convenient payments – Make payments directly without entering complex account details every time.
- Secure transactions – Paytm wallets are highly encrypted, keeping all data safe.
- Range of transfer options – Paytm provides UPI, saved accounts, QR codes and more transfer methods.
Safety Tips While Transferring Money From Paytm Wallet
Last but not the least, let’s take a look at some of the safety tips we should know about while transferring money from Paytm wallet:
- Only use the official Paytm app downloaded from Google PlayStore or App Store.
- Do not save account details or OTP on the phone. Enter manually each time.
- Log out of the app after completing your transfer to prevent misuse.
- Set a PIN or password to lock your Paytm app. Enable app lock if available.
- Turn on transaction notifications to get alerts for money transfers.
- Never share your OTP or UPI PIN with anybody, including Paytm representatives.
- Before confirming the transfer, double-check if the recipient’s bank details are correct.
We hope this detailed guide gives you a clear understanding of how to easily transfer money from a Paytm wallet to any bank account within seconds. Paytm makes peer-to-peer and wallet-to-bank transfers seamless, fast and free of charge for users. Just ensure you follow the step-by-step process and safety measures for a smooth experience.