How To Transfer Money From Paytm Wallet To Bank Account in 2020

Paytm Wallet To Bank Transfer is a very common problem nowadays. Basically you can transfer money from Paytm Wallet to Bank Account mainly in three ways. Today in this post I will discuss all the three ways. The three ways are-

1. Using Paytm For Business
2. Bank Account for Refund.
3. Transfer Money from Paytm Wallet to Bank with Charge.

Paytm Wallet To Bank Transfer

If you are a Paytm user then you might know that you can use Paytm for online bill payments. After the demonetization, a lot of people started using online money transfer, online bill payments. Many e-commerce stores accept online payments through Paytm, Amazon, Mobikwik, Google Pay or another online payment app through QR Scan.

1. Wallet To Bank Account through Paytm for Business

Any user can use this method for accepting payments. You just have to install a Paytm For Business mobile app and register on it. By using this way you can easily transfer your Paytm wallet balance to a bank account in a minute.

I used this method for accepting payments for my friends Paytm wallet and converting their Paytm Wallet Balance to Bank Account. If you want to transfer Paytm Wallet to Bank Account then read these below steps.

1. Download Paytm For Business App.
2. Sign Up using Name, Email ID, Paytm Number, PAN Card Number.
3. Add Bank A/C on which you want to receive Payments.
4. Open QR Code and tell customers to scan it and pay via Paytm Wallet or Bank.
5. Done! You have received payments. You will receive the balance on your lined bank after next day morning.

Paytm has added a new feature which will help you to transfer received money on Paytm for Business App instantly on your Bank A/C.

Open Paytm for Business App and tap on settlements. If they sent you Rs 50 or more and if the total received money is Rs 50 or more then you can transfer instantly in your bank account. This is a free process, anyone can use this method for Paytm Wallet.

2. Bank Account for Refund

Paytm has added this setting a few months ago on Paytm Mobile App. You can use this process to transfer wallet balance reverse to bank, but for only some case.

You can take benefit from this setting if you already added money in your Paytm Wallet but you don’t need this. To use this Bank Account for Refund feature, you have to change or enable few settings on Paytm App.

• Open Paytm App.
• Tap on three lines or tap on the profile icon.
• Settings >> Payment Settings >> Bank Account for Refund.

You can use this method only if you added money in your Paytm Wallet through Debit Card or Net Banking. When you request a refund for your product/service, you will get an option to take refund amount to the payment source or your Paytm or another bank account. You refund will be credited instantly.

3. Paytm Wallet Balance Transfer Normal Process

Normally almost every user use this method to transfer their Paytm Wallet Balance to Bank Account. If you want to transfer your wallet balance to your bank account without following any lengthy process then you can use this method. This is a normal process for the wallet to bank transfer. Most of the Paytm users know this method but they don’t want to use because of its extra charges.

Wallet To Bank Transfer Charges

• You have to pay 5% charge for Paytm wallet to bank transfer.
• Loading money into Paytm or Add money to wallet – Nil.

Loading money into Paytm via Credit Card

• Transactions less than INR 10,000 per month – NIL
• Transactions greater than INR 10,000 per month – 1.75% + GST

In case the total add money added by Credit card including current transaction exceeds INR 10,000, the entire transaction amount will be charged as 1.75% + GST.

Example:

Case 1

If the 1st transaction of add money to wallet in a calendar month is of INR 12,000, a fee is charged on entire the INR 12,000.

That is, you will be charged INR 240/- extra. So total deduction shall be of INR 12,240/- and the amount added to your wallet shall be INR 12,000.
All subsequent transactions shall be charged accordingly.

Case 2

Multiple transactions of add money with a cumulative amount lower than INR 10,000.

For example, 1st transaction of INR 1,000, 2nd transaction of INR 2,000. Neither of the two transactions is charged.

The cumulative money added in the calendar month is INR 3,000. Therefore, any transaction up to INR 7,000/- will not be charged. However, if you initiate a transaction of INR 7,001/- the entire amount of INR 7,001/- shall be charged. All subsequent transactions shall be charged too.

Case 3

Multiple transactions of add money with a cumulative amount lower than INR 10,000. For example, 1st transaction of INR 1,000/- 2nd transaction of INR 2,000, 3rd transaction of INR 3,000 and 4th transaction of INR 4,000/-. Neither of the four transactions is charged as the cumulative amount added is below INR 10,000. All subsequent transactions shall be charged.

Final Word

I have mentioned a total of 3 methods for Paytm Wallet to Bank Transfer. On these methods first one is my favourite. You can use any of these methods for Paytm Wallet Balance Bank Transfer. Please note you can use method for selected cases only. And if you want to use method 3 then you have to pay a charge for it.

Although because currently there are not so much offers for recharge, bill payments available. That’s why people are using this money for recharge, bill payments and shopping through Paytm Mall App.

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