Why Paytm Wallet to Bank account transfers are chargeable?

Why Paytm Wallet to Bank account transfers are chargeable?

  • September 9, 2019
  • FAQs

Paytm offers you a platform to pay or transfer money through different modes of payment. While money transfers from one bank account to another are free of cost, there is a 5% convenience fee for transferring money from your Paytm wallet to a bank account. This convenience fee is levied to cover the costs incurred by Paytm at the time of adding money to your Paytm wallet. Here’s all you should know:

When you add money to your wallet using a credit card, debit card or a bank account, Paytm pays a fee to the bank that holds your account while not charging anything from you.

As long as the money added to your Paytm wallet is used for buying goods/services on Paytm platform or at Paytm merchants or is used for making a transfer to another Paytm wallet, we don’t charge you anything.

However, when you transfer money from your wallet to a bank account, we charge a fee to cover the cost of adding money to your wallet. Hence, Paytm wallet to bank transfers are chargeable at 5%.

In order to send money to your friends/relatives, we recommend you to use our free of cost (0% fee) bank to bank transfer feature.

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