Introduction

Paytm, India's popular digital wallet, often faces scrutiny over its fees for transferring money to bank accounts. This article aims to clarify the current pricing structure and provide alternatives for users seeking cheaper options.

Fees for Transferring Money from Paytm to Bank Accounts

When using Paytm to transfer money from your wallet to a bank account, current charges are typically around 5% of the transaction amount, with a maximum limit. For a transfer of 10,000 rupees, this could amount to 500 rupees. Always check the official Paytm website or app for the most up-to-date information as fees can change.

Comparing Paytm Charges to Other Wallets

One user expressed dissatisfaction with the current 5% charge for transferring money to your own account, describing it as too high and stating that they will stop using Paytm. Interestingly, some users report that Google Pay does not charge any fee for such transfers. This highlights the competitive nature of the digital payment app market.

Alternative Payment Apps with Lower Fees

Several digital payment apps provide lower fees compared to Paytm. For example, MobiKwik is one such app that hasn't increased its IMPS charges, levying only 3.8% on IMPS transfers.

Another user shared that Paytm charges 4% for transferring money from a Paytm Wallet to a bank account in June 2019, translating to 400 rupees for a transfer of 10,000 rupees. However, Paytm offers fee-free transfers through UPI for business transactions.

Despite these higher fees, many users still prefer Paytm due to its simplicity and other features such as wallet balance management and transaction history.

Steps to Transfer Money from Paytm to Bank Account

The process for sending money from your Paytm Wallet to a bank account is straightforward and can be performed in a few easy steps:

Launch Paytm App: Ensure you are logged into your Paytm wallet. Open Passbook: Tap on the Passbook icon at the top of the Paytm App. Select Paytm Wallet: Click on your Paytm Wallet to see your current balance. Choose Send Money to Bank: From the options, select the 'Send Money to Bank' option. Enter Details: Provide the required details, including the Account Number, Account Holder Name, and IFSC code of the bank account you are transferring to.

By following these steps, you can safely and efficiently transfer money from your Paytm Wallet to a bank account.

Conclusion

Understanding the fees associated with transferring money from a digital wallet to a bank account is crucial for informed decision-making. While Paytm charges competitive fees, other options like Google Pay and MobiKwik might be more cost-effective for certain users. Users should regularly check the latest fees and explore alternative payment apps to find the best value for their financial transactions.