Digital Wallets

Wallet to Bank Account Transfer: The Need

The need for a free, transparent digital environment is imperative for the smooth functioning of the money aspect in the system. Which is why there’s a need to transfer money from wallet to bank accounts? In this era of technology disruption, it’s really important to enable all digital channels for money transactions. With digital wallets, the comfort and ease of payments are undeniable and hence people prefer wallet to bank transfers too.

It’s time we brace up for major changes in the way we use digital wallets and their overall usage.

Transferring money from a wallet was possible to free of charge until 31st December but now strict KYC guidelines have been applied to this transfer transactions.

The “Go Digital” campaign has really brought about transformation in the way people want to transact today, with full ease and speed. Also as an aftermath to demonetization, a lot has changed in the world of finances. It has become too open and regulated for making all big to small transactions, promoting Cashless place.

Let’s have look at the Wallet Transfer Process:

The below mentioned simple process can be learned when money is transferred from wallet to the bank accounts:

The name, account number, and IFSC code of the bank account holder is required in order to transfer money from the wallet to the bank account. A full KYC is required to transfer a huge amount and for small amounts, it’s easier to experiment with larger amounts. There’s a certain threshold for transfer of money and for larger brackets, the RBI prescribes stringent KYC guidelines.  Talking about Paytm the limit is Rs 20000 and Rs.50, 000 for merchants in case KYC is still not done. If the amount exceeds this threshold, complete KYC is required.

Briefing up the transfer process from wallet to bank accounts:

  1. Open the e-Wallet Company Icon on your mobile phone
  2. Select the “Send Money” to Bank 
  3. Press the “Transfer”
  4. Fill the amount, account holder’s name, bank account number, and IFSC code
  5. Press “Send” 

The banking systems are overloaded with work at the moment because of work pressures and what not and can take typically upto 7 days to get transferred and used. Out of all the wallets used till date, Paytm has been faring quite well till now, compared to the other players in the market. After that, we have BHIM. In most wallets, money is kept in the wallet even without any significant need. Money is obviously blocked refraining you from using it elsewhere. But with BHIM, the amount stays in your bank account, till that need arises. Similarly, the amount transferred by someone is directly received in the bank account.

Customer Perspective on Money Transfer:

This is one of the best techniques for quick transfer of money to the bank account for monthly payments and necessities. The whole mechanism can be made up simple to use with online money transfer to the bank accounts.

Completing the KYC process is a mandate for transferring money from the wallet to bank. Period!

Read More: Top Digital E-Wallets in India

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