featured image of transfer phonepe wallet money to bank account

Hello everyone, in this post you will know two genuine methods of How to Transfer PhonePe Wallet Money to Bank Account in 2020?. Its quick, simple and very easy.

Lately, in India after demonetization, digital wallets such as Paytm, Mobikwik, Google Pay and Freecharge have been gaining popularity day by day. Another such app is PhonePe which completes your transactions and payments in a click.

About PhonePe

As we all know that PhonePe app is one of the best and secure digital wallets that is founded in India. Also PhonePe is one of the largest Unified Payment’s Interface(UPI) application which got more than 50 million downloads in India. You can install the PhonePe app from google play. This app is known for its multifunctionality and due to its cashback and various offers on its online merchants as well as offline merchants. PhonePe cashback scheme is more generous than the other companies. You can save your lots of money by using PhonePe. It has many other good cashback offers as compared to other different apps. In PhonePe there are many other bill payments and recharge cashback offers available. Install PhonePe and get Rs.100- it is PhonePe app offer.

But if you are using PhonPe wallet then you might know that flipkart owned PhonePe app in april, 2016 and stopped their KYC verification and has changed their terms and conditions to transfer cashback balance to bank account. Now you won’t transfer cashback balance to bank account directly.

So there are many methods you can see on other places or websites, if you will search- How to Transfer PhonePe Wallet Money to Bank Account? or How to transfer money from phonepe wallet to paytm wallet? or or How to withdraw phonepe cashback? How to transfer PhonePe cashback to paytm wallet? But not all of them are genuine and in fact some are even very risky. Some may work sometime and sometime not.

Since there is not any direct method of How to Transfer PhonePe Wallet Money to Bank Account in 2020, here is 2 ways with proof to easily Transfer PhonePe Wallet Money to Bank Account? or how to use your PhonePe wallet money.

01. Transfer PhonePe cashback money in to Bank Account via Gold Purchase

I hope you know that recently PhonePe added new option of digital gold purchase in which you can buy gold via your PhonePe wallet money and can sell directly into your bank account so if you have PhonePe cashback and wants to transfer it to your bank account then follow the steps below-

1.First of all update to latest version of PhonePe app and login with your credentials.

2.Open PhonePe app and click on “My Money” from the main menu then click on”Gold” from the option “Wealth Management”.

3.Now select any of the two gold provider MMTC-PAMP or Safegold. You can select anyone from the following. No issue.

4.Now you have to enter the cashback amount which you have in your PhonePe wallet and then proceed to payment.

5.After that pay the amount via Phonepe cashback balance. Please make sure that the Phonepe Wallet/Cashback box is green checked here as shown below in the picture and then click on buy button.

6.Now You have successfully purchased gold from PhonePe cashback  money. And like for example- on gold purchase of Rs. 125 the value of purchased gold will be Rs. 121.36 after cutting some gst of Rs. 3.64. So, now you can sell the gold after 24 hours of the purchase.

7.Now to sell your gold, again go to the option “My Money” then “Wealth Management” then “Gold”. Then select the gold provider from where you have purchased the gold earlier and click on its locker as shown below-

8.Then enter the amount of gold you want to sell then click on sell button.

Note: Gold buy and sell values are different at different time. In my case the gold value worth Rs. 121.36 later changed to Rs. 116.03.

9.Done! Within 48 hours amount will be credited to your bank account. Proof-

Also Read- Why Cricket is not an Olympic Game?

The second method is by paying bills, recharging your phone number, dth recharge, by paying at online merchants of PhonePe like flipkart and many others. All of these option are present in PhonePe app.

02. Pay on Flipkart using PhonePe – it’s very simple. Just follow these steps-

  1. Add items to your cart on the online merchant flipkart.com
  2. Proceed to pay for your order.
  3. Choose ‘PhonePe’ from the listed payment options and follow the prompts.
  4. If there is sufficient wallet balance in your PhonePe wallet, click on the Pay button to complete the transaction.
  5. If you have insufficient wallet balance in PhonePe wallet. Choose from other payment options (in addition to the PhonePe wallet) and follow the steps to complete the transaction.

(Note: To transact via PhonePe you have to activate your PhonePe account at Flipkart. It’s quick and very simple. If you already have a PhonePe account just login with the registered PhonePe mobile number.)

If you guys still have any problem and questions or any suggestions, you can freely ask or write it in the comment section below.


  1. Dear thenewsremark,
    I already know this information, I want something else to transfer amount like big 2000 rs.
    Please don’t waste time of readers.
    You people’s are making people moron. But you don’t know in actually you are moron.
    And don’t waste time of readers by writing bullshit article.

    • Dear Arunesh, sorry to say this….u know this information its very good….but if u know this then its not necessary that everyone knows about it

      ….even if u want to transfer big amount like Rs.2000 then u can follow the steps of this article….also there are many methods on internet but they are not genuine and safe….there is no guarantee that ur money will come back in ur bank account or not….now its ur choice that u value for ur money or not

      ….and sorry for u it may be a bullshit article….wasting time of readers or making them moron….but there is nothing like that….people are not that much fool than u think….we already told there are many article on internet….if u don’t like it or there is something that needs to be improved….u should tell that instead of writing abusive comments….we will work on that point else u can go out from here….its totally ur choice to choose for the best


  2. After paying on flipkart to purchase do i need to cancel the purchase to get the money to bank account

    Article seems incomplete

    • hi, Althaf
      No, the article is complete.
      If you want the money in your bank account then follow method 1 that is via gold purchase. Second method is by spending the phonepe wallet money at flipkart as flipkart accept phonepe as one of the payment method. And the method that you are talking about that is buying products from flipkart and then cancelling the order then i would like to tell you that after cancelling the money will not transferred into your bank account. I think you heard something wrong. Hope it helps.

    • Hi, Varun
      from that Rs.150 phonepe wallet money…..u can transfer it in your bank account by following the above steps or u can do recharge for your mobile number or also u can pay at many online as well as offline merchants like flipkart, pantaloons, dream11, levis, peter england, ola cabs, oyo, goibibo, freshmenu, redbus, irctc, coolwinks, kfc, ccd, woodland, khadims, pizza hut, carnival cinemas, medplus and many more.
      Hope it helps.

  3. Dude the question is what if i want my wallet balance directly credited to my bank account? This has to be shown first of all? ( Offline kyc not done because it shows unavailable)

    • Hi, Mohit!
      Sorry, but there is no method to transfer or credit the wallet balance directly into your bank account.
      And yes, you are right….phonepe has stopped kyc verification….that’s why it will not be transferred directly.

  4. nice
    finally got it, thanku very much, now i will transfer my Rs. 1000 phonepe wallet money which i got in referral reward to my bank account

  5. Hi recently i was trying to transfer money through phone pay app to my relatives account however with some personal it went to wallet balance now when I am trying to transfer that wallet balance at the time sending it does not shows the option of wallet balance rather it shows upi …please suggest how can I get transfered my amount

    • Hi Yogesh,
      We understand your problem,
      by mistake you added money in your phonepe wallet, but now you cannot transfer money from phonepe wallet to any bank account directly without getting your phonepe kyc done and unfortunately phonepe has stopped their kyc verification.
      Now to transfer that wallet money into your bank account…..what i can suggest you is that to follow the above article- buy gold then sell it, the selling money value will be transferred into your bank account or what else you can do is……..can do phone recharge or can spend in many online merchants of phonepe which you can easily see in phonepe app.
      Hope it helps.

  6. My phonepe mobile number not link to bank account. And by mistake I added money in phonepe wallet . I’m newly use phonepe very first time. I want to withdraw my money back.so please help me out.

    • Hi Sonali,
      We understand your concern, but unfortunately phonepe has stopped their KYC and without phonepe KYC you cannot withdraw or transfer that added phonepe wallet money directly.

      So what you can do now is transfer that money into your bank account by the above gold purchase method or else you can shop on flipkart or make recharge with that wallet money. In case you havent linked your bank account to phonepe, first link it(its very easy- just go to phonepe app then “my money” then “bank accounts” then “add new bank account” then “select your bank account”. Done!! thats it) and then read the above article and do accordingly.
      Also to link your bank account in phonepe, your phonepe mobile number and bank account mobile number must be same.

  7. Okay so I have 2000 rs stuck in phone pay …is it possible to get that back using the gold method??flipcart isnt working anymore

    • No, Ganesh. You cannot transfer phonepe wallet amount to other’s bank account.
      By gold method you can get that wallet amount to your phonepe linked bank account. After that you can transfer the amount in other’s bank account.

      And to send money from your phonepe linked bank account to other’s bank account.
      Go to Phonepe App > Transfer Money > Search number from the below contact list or enter the number or BHIM UPI ID to whom you want to send money > Enter the amount > Click on SEND button > Enter your UPI pin. Done.

  8. I have recently transferred an amount to my PhonePe wallet . I need to transfer entire amount back to my bank account . Pls explain how it is done . Thank you.

    • Hi Ramesh,
      Kindly follow the above article, its all explained above. Use the gold method and then surely you will be able to transfer the entire amount back to your bank account.

  9. Sir i am having 2333 in phone pe wallet. Can i use this for grocery purchase in local shops?
    2. To transfer in bank account you was guided to invest in gold and sell on next day after 24 hours and after 48 hours the money will deposit in bank account or wallet account?
    Immeduate solutions like bus ticket booking ola payment available for wallet balance?

    • No, you cannot use this PhonePe wallet money for grocery purchase in local shops until you have not completed PhonePe KYC which is currently not happening.

      So without PhonePe KYC, to get this wallet money in your bank account you have to use gold buying method and after 24 hours you have to sell that gold. And after selling the gold the money will be credited in your bank account within 48 hours but generally its credited within a minute.

      And yes, for immediate solution you can use this Phonepe wallet money to buy bus ticket or to book Ola ride or to pay bills and for many more thing in PhonePe app or else you can use this wallet money at various place which accept PhonePe payment like Flipkart and Zomato.


Please enter your comment!
Please enter your name here