How to transfer money from Paytm in 2019

how-to-transfer-money-from-paytm

Paytm, as a digital wallet app, enables online payment of mobile recharge, utility bill payments, movie-bookings, event-bookings, rail & flight-ticket booking, bus ticket bookings and a lot more. You can also use Paytm to transfer money to any bank account or to any other Paytm user. In this post, I will show you how to transfer money from Paytm in 2019 in different ways.

Who can transfer money from Paytm?

To transfer money from Paytm, you have to comply with the Full KYC requirement of Paytm. If you are Full KYC-compliant in Paytm, you will have the following benefits:

  1. You will get wallet balance limit of Rs. 1,00,000/-
  2. There is no spending limit.
  3. You can transfer money to any bank account or any Paytm wallet.
  4. You are eligible to open account in Paytm Payments Bank with the Full KYC of Paytm.

How much money can I transfer from my Paytm Wallet?

There are limits in place for payments from Paytm Wallet. You will find the details below:

  1. If you want to transfer money to any bank account without adding beneficiary in Paytm App, you can transfer up to Rs. 10,000/- only.
  2. If you want to transfer money to any bank account after adding beneficiary in Paytm App, you can transfer up to Rs. 25,000/- only.
  3. If you want to transfer money to any other Paytm Wallet, you can transfer up to your full balance limit of Rs. 10,00,000/-

How to add Beneficiary in Paytm?

The following step will be required to add beneficiary in Paytm:

  1. Open the Paytm App
  2. Go to the “Profile” section in Paytm
  3. Tap on the “Manage Beneficiary” option.
  4. Select the “Add Beneficiary” option.
  5. If you want to add the Paytm Wallet Beneficiary, select the “Paytm Wallet” radio button and add the mobile number of Paytm User to whom you want to send the money.
  6. If you want to transfer the money to bank, select the “Bank Account” radio button and add the bank details of the beneficiary.
  7. You will be asked to select from the two options to enable Payment transfer: 1. From Paytm Payments Bank and 2. Paytm Wallet. Select the “Paytm Wallet” unless you have a Paytm Payments Bank account.
  8. You will see an option to add the monthly transfer limits. You can set your own limits as per your wish.
  9. Click on the “Add Beneficiary” button.
  10. Click on the “Proceed” button.
  11. You will receive an OTP on the registered mobile number. Enter the OTP in the Paytm App Screen and click on “Confirm OTP” button.
  12. Paytm App Screen will show “Beneficiary details updated successfully”.

How to transfer money from Paytm Wallet to a Bank Account?

The step-by-step process is as follows:

  1. Open the Paytm App in your mobile phone.
  2. Tap on the “Passbook” section.
  3. Tap on the “Paytm Wallet”
  4. Select the option “Send Money to Bank”
  5. Tap on the “Transfer” button
  6. Now, you have to enter the amount and the bank details to to transfer the money.
  7. Tap on the “Send Money” button.
  8. Verify the Bank details.
  9. Tap on the “Confirm Bank Transfer” button.
  10. Congratulations, your payment transfer is done.

How to transfer money from your Paytm Wallet to any other Paytm Wallet?

The steps are as under:

  1. Open the Paytm App in your mobile phone.
  2. Tap on the “Pay” option on the top-left of Paytm App Screen.
  3. If you have the QR Code of the recipient, you have to scan it.
  4. If you don’t have the QR Code of the recipient, you can also enter the Paytm registered mobile number of the recipient.
  5. Enter the amount you want to transfer.
  6. Tap on the “Pay” button.
  7. The money-transfer is complete.

Conclusion

You can make payment to any bank account or any Paytm wallet using your Paytm App if you are Full KYC-Compliant. You have the option to transfer money with or without adding beneficiary with prescribed transaction limits. Hope you like this post on how to transfer money from Paytm.

You might be interested in reading the below posts related to Paytm:

How to use Paytm in India

How to delete Paytm Account in India

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