Digital wallets have become integral to everyday financial transactions in India and out of which MobiKwik is the leader. From paying bills to recharging phones and online shopping, it provides convenience and speed. But at some point many users want to shift wallet balance to their bank accounts for savings, investment or for making offline purchases. We have put together How to Transfer Money From MobiKwik to Bank Account to help you better manage your funds and get more out of your wallet balance.
Understanding MobiKwik Wallet Balance
MobiKwik wallet balance which is a result of added funds, cashbacks, refunds, or rewards. Though this balance is useful for digital payments what we see is that at times it is not the best idea to have money tied up in the wallet. Transferring it to a bank account you are able to access the funds via ATMs, UPI, or traditional banking methods. Before you go ahead and do a transfer it is important to make sure your MobiKwik account is active and is up to date with the latest KYC requirements.
Importance of KYC for Bank Transfers
KYC, also known as Know Your Customer, is a key element which we see in wallet to bank transfers. At MobiKwik we have made it a requirement that users fully complete their KYC to be able to use the bank transfer feature. This process includes verification of your Aadhaar, PAN and personal info. Until you finish the KYC process your wallet funds may be restricted to in app use only.
Linking Your Bank Account With MobiKwik
Before you can transfer funds out of your wallet we require that your bank account be connected to your MobiKwik profile. We have put this step in place for security reasons also which at the same time ensures your payment goes to the right account.
Adding Bank Details Securely
To connect a bank account users have to provide basic info which includes account holder’s name, account number, and IFSC code. MobiKwik will check this info out to prevent from errors and fraud. Once the validation is successful your bank account is live for withdrawals. This is a one time process unless you wish to at some point in the future add or change an account.
Wallet to Bank Transfer Process.
Once your KYC is complete and we have your bank account linked up the transfer process is a breeze. In the app’s wallet or withdrawal section you will see the option to send money to a bank account.
Initiating the Transfer
Users have the option to choose the amount which they wish to transfer from their wallet balance and to also pick the linked bank account as the destination. Once the transaction is confirmed the request goes through with MobiKwik. Per the bank and transfer method the amount may be credited immediately or in a few work days.
Processing Time and Limits
Transfer times may fluctuate between cases, due to issues in the bank’s servers, transaction volume or during holidays. For the most part transfers get completed in in 24 hours. Also MobiKwik will at their discretion put in place minimum and maximum transfer amounts, which may change as per regulatory and also your account’s verification status.
Charges and Fees Involved
MobiKwik may charge a little or no fee on wallet-to-bank transactions these charges also may vary by the amount of the transfer and the present policy of the platform. Also it is a good idea to check the fee structure before you confirm the transaction, which in turn will avoid any unpleasant surprises and you are able to determine the exact amount that will be credited into your bank account.
Common problems and how to avoid them.
During for the most part a smooth process users do see at times that things like transaction failures or delayed credits transpire. We see that these issues put forward by incorrect bank info, incomplete KYC, or technical problems. That which you do to reduce the chance of such issues is to make sure your profile info is current and up to date.
How to Deal with a Transfer Failure.
If a payment fails the amount will generally be refunded to your MobiKwik wallet within a few business days. You may try the transfer again once you have checked all details. In the event of delay in that time frame which is rare, contact MobiKwik support with your transaction info which will in turn speed up resolution of the issue.
Benefits from Moving Wallet Balance to Bank Account.
Transferring money out of your wallet into your bank account brings in more financial flexibility. You are able to put that money to work for you by earning interest, making in person purchases, and managing your budget better. Also by learning how to transfer money from MobiKwik to your bank account you will keep large sums out of digital wallets and into a format that’s more functional and which improves your over all personal finance health.
Final Thoughts
MobiKwik has made digital payments a breeze, also we see that which to transfer wallet funds to a bank account they have added another layer of ease. Once you complete your KYC, link your bank account and follow the right transfer procedures you can send your money at any time. Also be aware of the charges, limits and processing times which will in turn guarantee a smooth experience and that you get the most out of your digital wallet balance.
