Paytm charging 4% for transferring funds from Wallet to Bank

Sushubh

Administrator
#3
why? a lot of services charge a fee for transfers to bank accounts. it's nothing new. plus with their payment bank coming soon, i guess they would want their merchant customers to use their own bank accounts. i mean banks charge for neft/imps/rtgs payments. Paytm at least makes that free.

PhonePe does not charge for transfer to bank accounts i believe. but then their wallet is practically useless.

mobikwik appears to charge 4%

FAQ - Frequently Asked Questions from Mobikwik.com customers

freecharge does not mention any charges...

Can I get my money transferred from Balance to my bank account? : Support center

payumoney also seems to be free.
 


amish

Star gazer
Regulars
#4
I thought Paytm was already a "payment bank" officially

AFAIK RBI has set limits on charges on transfers by bank - its fixed amount (in slabs) and not a percentage.
 

Sushubh

Administrator
#5
1% for partner merchants. who are likely to get cheque books and atm cards once the payment bank is officially launched based on rumors in the market. which means that they would eventually get alternative and free options to access their money deposited with Paytm . for consumers... 1% is i guess reasonable considering regular users are likely to keep funds in their Paytm account for daily need transactions. remains to be seen if payment bank accounts would be available to regular customers... i really have no clue about what sort of featureset is established for these half-banks.

i personally love the fact that i can transfer Rs. 1 using Paytm without worrying about any charges. i remember yes bank charged me rs. 5 for a rs. 1 imps transaction i did for testing with a friend.
 

Sushubh

Administrator
#9
1% is for KYC customers. 4% is for non-KYC. I mention both in thread's title.

never mind. they have reduced charges for non kyc from 4% to 1%. i got confused.
 

Sushubh

Administrator
#12
Source


All Paytm users can transfer money from Paytm to their bank account at 0% fee (till 31st December 2016)**. And once we launch Paytm Payments Bank, we will ALWAYS allow you to transfer money from Paytm wallet to Paytm Payments Bank Account at 0% even after 31 Dec’16.
This includes all KYC & Non-KYC users & merchants. All Non-KYC users were earlier charged 1% which has now been reduced to 0%
New Paytm customers have to wait 3 days before sending money to a bank account, however, if KYC formalities have been completed, then they can send money to any bank account immediately without any waiting period.
 

hitech0101

Well-Known Member
Regulars
#13
I heard about a trick, recharge wallet by using credit card and transfer money from wallet to bank. Then you can pay the credit card bill at a later date.
 

mhsabir

Xclusive
Regulars
#15
Can be useful for people who have cards with clauses like - "Annual Fee is waived if purchases are above X amount".

Ofcourse, you may say 1 month interest & loyalty benefits as well.
 

hitech0101

Well-Known Member
Regulars
#16
I do not know how helpful it is but maybe for some people who need extra money in their account which they currently don't have but can pay the credit card bill when next payday comes ?
 

Sushubh

Administrator
#17
right. taking cash on credit card has very high interest. so this can technically be used to get cash interest free for around 50 days. as long as transfers from wallets to credit card is free.
 

Sushubh

Administrator
#19
almost all wallets let you transfer funds directly to bank account. i dont think they (can or do) differentiate between money that was received from others or added through credit card.
 

mhsabir

Xclusive
Regulars
#20
Ok. So, I had loaded money with ICICI & HDFC Credit Cards. Now to test, I have clicked on Return to Bank for the ICICI one. Are you sure it will go to my "bank account". If so, which one? As I have used 1-2 accounts to load over the past. Or is it a different process flow, where you give full bank details of credit?