How to transfer PhonePe wallet money to bank account in few simple steps?

PhonePe is one of widely used digital wallet platforms that allows users to make online payments within a few clicks. PhonePe app allows users to carry out a number of transactions which include making utility payments, online money transfer, mobile recharge, buying gold online and much more.

However, if you frequently use app, you might have wondered if re is a way to transfer your PhonePe wallet balance into your bank account. Unfortunately, app doesn’t allow you to directly transfer amount to your bank; however, re is still a way you can utilize your account balance to ultimately transfer it to your bank.

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How to transfer PhonePe wallet money to bank?

PhonePe doesn’t allow you to directly transfer your PhonePe wallet balance into your bank. However, you can use that wallet money to buy and sell gold on platform. amount generated from selling gold on platform can be credited to your bank account. Here’s how you can transfer your PhonePe wallet money to bank after purchasing gold online.

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Step 1: Launch PhonePe on your device.

Step 2: From home p, you need to click on ‘Add Bank’ option to update your bank account details on app. Skip this step if you have already updated your bank details on PhonePe.

Step 3: Go back to homep, and click on ‘Gold’ under ‘Wealth Manment’.

Step 4: ‘Safegold’ and ‘MMTC-PAMP’ are two gold providers on platform. Select any.

Step 5: Enter amount of gold that you wish to buy in 'Amount' field. You need to enter your PhonePe wallet balance here. app will reflect quantity of gold you will get for amount entered.

Step 6: w, click on 'Proceed to Payment' and make sure that you select Wallets / Gift Vouchers to complete payment, and t your bank account.

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Once your transaction is successful, you can sell gold and transfer amount to your bank.

Step 7: To sell gold on PhonePe, follow step 1 to step 3.

Step 8: Select  same gold provider you had selected earlier.

Step 9: Select gold you have purchased.

Step 10: Under 'Sell' section, enter amount of gold you want to sell. Make sure you enter exact amount shown under 'Gold value' on top.

Step 11: Click on 'Sell' button to proceed. amount will soon be credited to your bank account.

You should te that PhonePe doesn't allow users to sell gold on platform within 24 hours of purchase. So, you can only gold after 24 hours from purchase.

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Im credits: PhonePe