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

PhonePe is one of the widely used digital wallet platforms that allows users to make online payments within a few clicks. The 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 the app, you might have wondered if there is a way to transfer your PhonePe wallet balance into your bank account. Unfortunately, the app doesn’t allow you to directly transfer the amount to your bank; however, there 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 the platform. The amount generated from selling gold on the 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 the home page, you need to click on the ‘Add Bank’ option to update your bank account details on the app. Skip this step if you have already updated your bank details on PhonePe.

Step 3: Go back to the homepage, and click on ‘Gold’ under ‘Wealth Management’.

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

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

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

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

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

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

Step 9: Select the gold you have purchased.

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

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

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

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Image credits: PhonePe