Imagine trying to transfer your money from your E-Wallet to your bank account and it gets hit with a 2% tax. That is money not well spent! Thanks to Paytm, you can now transfer your money from your Paytm Wallet to your bank account for free.
While UPI is a perfectly viable option for you, the E-wallets, like Paytm’s, just offer a lot more features that most users do not miss out on. If you too use your E-Wallet for various cashbacks, offers, scratch cards, rewards, discounts, etc., we really don’t blame you. The problem arises when you have to migrate this money to your bank account. Several online payment gateways restrict your transfers by charging significant taxes, going as high as 3.95%.
However, it is possible to transfer money from your online wallet to your bank account at no cost. With Paytm Wallet, transfers happen at zero cost be it from your wallet to your bank account or to other users’. This even works if the recipient is not a Paytm user. How you ask? Here’s all you need to know about zero-cost transfers from your Paytm wallet to your bank account.
How to Transfer Money from your Paytm Wallet to a Bank Account for free?
Follow these steps to easily transfer your wallet’s money to your bank account at no additional cost -
Scroll down to the ‘My Paytm’ section on the Paytm app and click on ‘Paytm Wallet’.
To pay directly to the bank accounts (either yours or others) opt for ‘Transfer to Bank’.
You can make transfers from your Paytm wallet for zero cost between Rs. 25 and Rs. 25,000. Add the bank account you want to send money to or choose from the saved bank accounts.
Alternatively, tap the ‘Pay’ option and scan the recipient’s UPI QR code. Send the money via the Paytm wallet.
Take note that you must have a wallet balance to send money from it. You can add money to your wallet through UPI, credit/debit cards, and net banking. You may also set ‘Automatic Add Money’ to automate the wallet top up process every time your wallet goes below a certain amount.
Your bank transfers from your E-Wallet need not be restricted because of hefty fees. Start transferring for free from your Paytm wallet to your bank account.
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