In the digital age, mobile wallets have become an integral part of our daily lives. PhonePe, one of the leading mobile payment platforms, offers users the convenience of managing their finances on their smartphones. One crucial aspect of using a mobile wallet is understanding how to withdraw money when needed. In this comprehensive guide, we will walk you through the process of withdrawing money from your PhonePe Wallet, ensuring a hassle-free experience.
This is really a question for many people how to withdraw money from PhonePe Wallet? The answer to this is not so easy because there is no direct option to withdraw money from PhonePe Wallet. But there is no need to worry because today we will learn about this topic.
As you all know it is very easy to deposit money in PhonePe Wallet but it is equally difficult to withdraw money from there to your bank account. But there are some ways in which you can do this. So, without any further delay, let us delve into this.
Why is money credited to PhonePe Wallet?
By depositing money in PhonePe Wallet we can use it anywhere. This means that if we purchase something, we can make the payment immediately from our PhonePe Wallet.
Many times it has been found that banks do not work properly or their servers do not function properly. In such a situation, if money is available in our wallet then we can transfer the money immediately.
From PhonePe wallet, which money cannot be transferred?
One thing you should understand clearly is that only if you have transferred money from your account to PhonePe Wallet, you will be able to withdraw it back to your account. Otherwise, it will not happen.
Also, it is not possible to withdraw some other things like:
• No cashback amount can be withdrawn.
• Unable to make a withdrawal from someone else’s account.
• If KYC is not completed then you cannot withdraw money.
In such a situation, you may only withdraw money from the same bank account from where you have deposited the money.
How to withdraw money from a wallet on the phone
Transferring money from a PhonePe wallet to a bank account is not that easy, but despite this it is possible. Here we will tell you about two such methods by which you can withdraw money from your account.
The exact way to withdraw money from PhonePe wallet to bank account
Step 1: You have to open your PhonePe application on your mobile for Android or iOS. Then you have to go to My Money below. After that, you have to click on PhonePe Wallet.
Step 2: Now on the top right side you have to click on the question icon (?).
Step 3: Here you will now have to ask “How do I close my PhonePe Wallet?” Will have to choose the option.
Step 4: Now whatever you do next, read it carefully and proceed. If you agree to withdraw the money then click on the Close Wallet button.
Step 5: Here you need to select the “Withdraw Wallet Balance” option.
Step 6: Now again you need to click on Confirm & deactivate wallet.
Step 6: Now click on Deactivate Wallet.
Step 7: Finally click on Done.
After doing all this, whatever balance you have in your PhonePe Wallet will be transferred to your bank account.
Remember one thing very clearly, once you deactivate PhonePe Wallet, you cannot use it again. If you have any problem then you can call PhonePe Toll-Free Number 0124-6789-345. You can express your complaint on this from 7 AM to 11 PM. |
Another way to withdraw money/funds from PhonePe wallet to a Bank account
If you prefer not to delete your PhonePe Wallet but still wish to withdraw money, utilize this alternative method.
Step 1: First of all you have to go to a shop near you that has a PhonePe business account. Which is available to almost everyone.
Step 2: Now you have to tell them that you are going to transfer the following money to their bank account. In exchange, you receive cash from them.
Step 3: This is because by doing this the money from your PhonePe Wallet is directly deposited into their bank account. At the same time, you do not have to pay any charges.
Step 4: Try to transfer less amount of money because many times, if you transfer more money, the shopkeeper does not have that much cash available.
Step 5: Before transferring, please ask them once.
What did you learn today?
I have full hope that I have given you complete information about how to withdraw money from PhonePe Wallet and I hope you have understood about PhonePe Wallet Transfer in Hindi. I request all of you readers to share this information with your neighbors, relatives, and friends so that there will be awareness among us and everyone will benefit greatly from it.
Frequently Asked Questions(FAQ’s) about Withdrawing Money from PhonePe Wallet
Can I withdraw money from my PhonePe Wallet?
If you have a minimum KYC (Know Your Customer) verification level, you cannot withdraw money directly from your PhonePe Wallet to your bank account. However, you can use your wallet balance to make payments within the PhonePe app. If you still want to withdraw your wallet balance, you can close your wallet and receive a one-time withdrawal of the remaining funds.
Why can’t I withdraw money directly from my PhonePe Wallet?
This restriction is due to regulatory guidelines imposed by the Reserve Bank of India (RBI) to prevent financial fraud and protect user funds. The RBI mandates that only full KYC-verified users can withdraw money from their wallets.
What is the difference between minimum KYC and full KYC verification?
Minimum KYC verification involves providing basic information such as your name, phone number, and email address. Full KYC verification requires more detailed documentation, such as a copy of your PAN card, Aadhaar card, or other government-issued ID.
How can I complete full KYC verification?
Currently, the option to complete full KYC is only available for selected PhonePe users. If you are eligible, you will receive a notification within the app prompting you to complete the process. Follow the on-screen instructions to provide the required documents and verify your identity.
What happens if I close my PhonePe Wallet?
Once you close your PhonePe Wallet, you will receive a one-time withdrawal of the remaining balance to your linked bank account. You cannot reactivate your wallet once it is closed.
Are there any fees for withdrawing money from my PhonePe Wallet?
PhonePe does not charge any fees for withdrawing money from your wallet. However, your bank may charge transaction fees depending on their policies.
How long does it take to withdraw money from my PhonePe Wallet?
Withdrawals to linked bank accounts are typically processed instantly. However, in some cases, it may take up to 24 hours for the funds to reflect in your account.
What if I have any further questions about withdrawing money from my PhonePe Wallet?
You can contact PhonePe customer support for assistance – 0124-6789-345 (Toll-Free). They are available 24/7 via phone, email, or live chat.
My constant aim has been to assist my readers comprehensively. If you have any doubts, feel free to ask without hesitation. I will make every effort to address and resolve them.
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