paytm money transfer

Paytm Money Transfer: Everything You Need to Know

Paytm money transfer is available everywhere from a nice shop to a roadside stall. It has very nicely united the payment systems of common folks. You too may have paid small amounts while buying petty things from small shops. It’s really convenient and handy. Paytm is one of the oldest and most popular gateways for recharges, bill payments, and money transfers. It is a well known online money transfer app.

online money transfer app

Gradually it evolved and added more services like movie ticket booking, travel ticket booking, insurance premium payment, shopping, etc. Presently it is in its most advanced form. Paytm has got the license of a payment bank and now you can open a savings account too with Paytm. Paytm payment bank savings account offers around 3.50% interest rate. You can also read the article on the Top 7 online Savings Accounts in India on our blog.

As the country is advancing towards cashless Paytm is finding its perfect fit in the process. The current pandemic situation has also led to the use of digital means and people are using Paytm to pay for as small as a 10 Rs product.

How to transfer money from Paytm

Here I will discuss how to transfer money from Paytm or pay for anything using Paytm step by step in a very easy way. The step by step process is:

1. Install Paytm App from Playstore on your phone

paytm money transfer

2. Register yourself or create a new user through mobile number or Login to your existing account.

paytm money transfer charges

3. Add your Bank account and link it to the Paytm app

4. Add your debit or credit card in Paytm

5. Add money in Paytm wallet through debit or credit card

paytm money transfer

6. Add money in Paytm wallet through the bank account

7. Transfer money from Paytm

How to transfer money from Paytm to Bank Account

how to transfer money from paytm wallet to bank account

Here is how to transfer money from paytm wallet to bank account:

  1. Open “Paytm App” and Click on “Passbook”
  1. Select “Paytm Wallet”
  1. Select “Send Money to Bank”
  1. Click on “Transfer”
  1. Enter the amount and bank details
  1. Confirm the transfer
  1. Congrats! Your money has been transferred

How to Transfer Money from Paytm Using QR Code

how to transfer money from paytm to bank

Here are the easy steps:

  1. Open your Paytm App
  1. Click on “Pay” on the home screen of your App.
  1. A square box scanner will show up
  1. Scan the recipient’s QR code by holding your phone and it will fetch the account name linked to it.
  1. Enter the amount and click on “Pay”
  1. And you are done. As simple as that.

Paytm Money Transfer Charges

You can transfer money from your Paytm wallet to your bank account with a charge of 3% (Valid till 30th Sep 2020). Generally the transfer charges are 5%. 

However there are no charges for money transfer from Paytm saving account or wallet to another paytm account.

Paytm Money Transfer Limit

With minimum KYC you can utilise a limit of upto Rs 10000 per month. However if you complete Full-KYC, you become eligible for unlimited money transfers and also hold upto Rs 100000 in your Paytm wallet.

For transferring money to your bank account also you need to have a Full KYC account. For full KYC you can Upgrade your account through Paytm App by clicking Nearby option where you will find nearby KYC points. You can complete your KYC by visiting these KYC points.

Limit TypePeriodMin KYCFull KYC
Holding Balance in Paytm walletAt any TimeRs 10,000Rs1,00,000
Wallet transfers (Both transfer to another user and to any bank account)Per monthCan’t transfer-100,000 for Beneficiary -10,000 for Non-Beneficiary
Adding money to wallet (Including receiving money from another user)Per monthRs 10,000Unlimited
Adding money to wallet (Including receiving money from another user)Per YearRs 1,00,000Unlimited
Source: paytmbank.com Blog

How to Transfer Money from Credit Card to Paytm

how to transfer money from credit card to paytm

Here I will guide you through the steps to transfer money from your credit or debit card to Paytm or you can also say it adding balance to your Paytm wallet using credit or debit card. These are the steps:

  1. Click on “Add Money” icon on the home-screen of your Paytm App.
  1. You will see options to Add Money through Credit/Debit card, Net Banking and UPI.
  1. Enter the amount and click on “Add Money”
  2. Paytm will redirect you to a secure payment page where you need to provide payment details.
  1. If you have your credit/debit card saved in Paytm you just need to enter CVV and OTP to complete the transaction. If you do not have a saved card just enter the card details and authorize the payment through OTP.
  1. You will be now redirected to Paytm and added amount will show up in your wallet.

Frequently Asked Questions

Q1. Is Paytm KYC Chargebale?

Ans: No. It is free.

Q2. Is Paytm KYC available for minors (below 18 years)?

Ans: At present not available but may be available in future.

Q3. What if money transfer in bank fails?

Ans: As per RBI guidelines it will be credited back within 24-48 working hours.

Q4. Is it necessary to open a saving account to complete full KYC?

Ans: No

Q5. How to add beneficiary in Paytm for money transfer?

Ans: Click on Settings–>Payment Settings–>Manage Beneficiaries–>Add New Beneficiary–>Enter Account Details or Wallet Number of Beneficiary–>Add Beneficiary–>Enter OTP–>Beneficiary Added Successfully

Q6. Can we use Paytm without a bank account?

Ans: Yes you can until you have an option to add money in your wallet.

Q7. How to reset Paytm password?

Ans: Go to Settings–>Security Settings–>Change Password–>Enter Current Password and New Password–>Save

Q7. What if I sent payment to a wrong Paytm number?

Ans: Paytm can not reverse the amount as the money gets transferred instantly.

Q8. How can I reach Paytm Customer Support for any guidance?

Ans: Here is the link for Paytm Customer Support.

Conclusion

With the above discussion I hope you have understood the process and different things related to Paytm money transfer.

You can add money in your Paytm wallet and then transfer to any other Paytm wallet, any bank account, your bank account, recharge your phone or DTH, pay utility bills, book movie and travel tickets, do shopping, and much more. Paytm has now become a one-stop online money transfer app.

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