Many people don’t use the UPI app OR don’t have access to smartphones to install UPI app. However, you can still send them money to their bank account. PhonePe users can send the money by entering the account number and IFSC. In this guide, we will see How to transfer money from phonepe to bank account. You can apply the same method for other UPI apps such as GPay, Paytm, Freecharge, etc.
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Requirements to transfer money from phonepe to bank account
- You must have PhonePe app installed on your phone.
- At least one bank account would be added and activated on your PhonePe account.
- Ge the beneficiary account number and IFSC.
How to transfer money from phonepe to bank account? – Step by Step guide
- Open the PhonePe App on your smartphone.
- From the Homepage, tap on the “To Account” option.
- Then press the “+” icon at the right bottom corner of the app to add a new account.
- Select Bank Name from the list and then enter the account number, IFSC(if required), Account Holder Name, Phone number(optional), etc.
- Tap on CONFIRM button to save the account details.
- You can now enter the money to transfer and select an account to debit from.
- Enter UPI PIN to transfer money to a bank account from PhonePe securely.
Done! Your money is now transferred to the beneficiary account instantly. You can ask them to check their bank account balance.
? Can you transfer money to bank account without IFSC?
Yes, for some banks, you don’t need to enter IFSC, and you just have to enter the beneficiary account number.
? What is the limit to transfer money to account from PonePe?
The limit is the same as the UPI transaction limit. Generally 1 Lac per transaction per day. Read our exclusive guide on UPI limit per day.
? Is it safe to transfer money from PhonePe to account?
UPI payments are considered the most secure mode of payment. So, any transaction done using PhonePe is safe.
? Is PhonePe App safe?
PhonePe works on BHIM UPI payment gateway and has partnered with Axis Bank as a mediator for UPI transactions. So, your transactions are done via Bank only, and there is no intercept by PhonePe by any means. PhonePe just provides you a clean interface to use the UPI feature. It also provides you cashback and discount coupons from various brands.