How to Transfer Amazon Pay Balance to Bank Account?
If you’ve been an Amazon customer for some time, there’s a chance you have some money stored in your Amazon Pay balance. Although it is handy to use this balance for shopping, on Amazon Pay Balance to Bank, there may be occasions when you require those funds to be transferred to your bank account.Thank you for reading this post, don't forget to subscribe!
Amazon Pay Balance to Bank is a wallet offered by Amazon that enables users to add funds and utilize them for purchases, on Amazon and affiliated websites. Although it provides convenience there may arise instances when you desire to transfer the balance to your bank account.
E-wallets are gaining popularity, and more and more people are using payment methods for their purchases on platforms like Amazon. While transferring money from an eWallet to a bank account can be challenging, there are ways to do so when shopping on sites such as Amazon. All you need is to be aware of the techniques. In this post, we will guide you on “How to Transfer Funds from Your Amazon Pay Balance to Your Bank Account or Paytm.” This way, you can conveniently use the money in your wallet as cash once it is in your bank account.
What is Amazon Pay?
Over the years, Amazon has established itself as one of the leading e-commerce platforms globally. It offers a range of features, including Amazon Pay. Essentially, Amazon Pay is a payment service that allows you to make purchases on Amazon directly from your bank account. This service was introduced in February 2019 in India with the aim of providing customers with an efficient payment experience by enabling transactions from their banks.
These are the steps to transfer your Amazon Pay Balance to your bank account, allowing you to quickly move your funds. However, before getting started, it’s important to review the requirements.
- Bank Account Details
- Aadhaar Card for KYC
- Amazon Pay and Paytm Account
Why Transfer Amazon Pay Balance to Bank Account?
Many individuals choose to transfer their wallet balance to a bank for this purpose. Unlike a bank balance, a wallet balance cannot be easily. Withdrawn. However, by depositing it into a bank account, you gain the ability to withdraw cash or make purchases with added convenience.
How to use Amazon Pay Balance?
You can use your Amazon Pay balance to complete all your shopping by following the following steps:
- Firstly, select the products you want to buy and proceed to check out
- Then, on the payment page, pick your payment mode as “Amazon Pay.”
- And finally, you will be able to complete your shopping through your Amazon Pay balance.
Note: In case your Amazon Pay balance is less than the amount you have to pay, then you can add more money by selecting other payment modes.
Check out the steps of how to transfer money from Amazon Pay to Bank Account or Paytm:
How to Transfer Money from Amazon Pay to Bank or Paytm Step By Step?
Most people ask this question: “Can I transfer my Amazon Pay balance to my bank account?” Well, the answer is yes, and the transfer procedure is quite simple. Have a look!
- Install the Amazon app on your smartphone and log in to your account.
- Tap on the hamburger icon below your screen.
- Move to the Amazon Pay section
- Go for the ‘Send Money‘ option.
- On the next screen, choose the ‘To Bank‘ option.
- Add in the important details, including the IFSC code, the account number, and the name of the account holder, and then select the ‘Pay Now option.
- Enter the amount of money you wish to transfer, and then continue to the next screen.
- Amazon will then show you many payment options for completing the transactions. Choose your preferred method and select the option to ‘Pay Using Amazon Pay Balance‘.
Finish the transfer, and wait for the money to be credited to your bank account.
How to Check Amazon Pay Balance?
You can check your Amazon Pay with just the simple steps written below:
- Firstly, open Amazon app on your device
- Click on the Amazon pay option located at the left side of the page
- After clicking, you will see the “Check Balance” option
- Finally, you will be able to check your Amazon Pay balance.
How to do Full KYC in Amazon Pay?
If you frequently shop on Amazon and enjoy using their services, you’re probably familiar with the KYC system in Amazon Pay. To simplify things for you, we’ve outlined steps that will guide you through the process of completing your KYC in Amazon Pay.
- Go to the Google Play Store to download the Amazon app.
- Select Amazon Pay from the menu.
- Then, once more, click on “KYC” and upload your KYC documents.
- Document verification is required after submitting all the necessary paperwork.
Here’s a simple guide on how to move your Amazon Pay balance into your bank account or Paytm. Enjoy the convenience of having your Amazon Pay funds accessible in your account. If you encounter any issues with these methods, feel free to leave a comment, below this post. If you know of any ways to transfer money from Amazon Pay to a bank or Paytm, please share them in the comments section.
Benefits of Transferring Amazon Pay Balance
Transferring your balance from Amazon Pay to your bank account provides benefits. It enables you to use the funds for expenses beyond Amazon, such as paying bills or buying items, from affiliated websites.
Eligibility and Requirements
Before you continue please ensure that you meet the eligibility requirements established by Amazon for transferring your Pay balance to your bank account. Additionally, it’s important to verify that your bank account information is current and accurate on your Amazon account.
Processing Time and Fees
Typically, it can take about 3 to 5 business days for transfers to be processed. Amazon might charge a fee when moving funds to your bank account.
Tips for Smooth Transfers
- Double-check your bank account details before initiating the transfer.
- Ensure your Amazon account is linked to a valid and active email address.
Security Measures and Fraud Prevention
Amazon takes measures to ensure the security of your information. It is always advisable to utilize networks and devices whenever you access your Amazon account.
Common Issues and Troubleshooting
If you come across any problems while transferring, you can reach out to Amazon customer support for assistance. Some common problems that people face include entering bank information or experiencing issues with verification.
If you need any help or have any questions, you can contact Amazon’s customer support via their website or app.
Alternatives to Bank Transfers
If you’re interested in exploring options, you could consider using the funds in your Amazon Pay account to access a range of services and make purchases within the Amazon ecosystem.
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Moving your Amazon Pay balance to your bank account is a convenient procedure that enables you to utilize your funds beyond the confines of the Amazon platform. By adhering to the instructions provided in this guide, you can guarantee a smooth and hassle-free transfer process.
Frequently Asked Questions (FAQs)
Possibly, check terms.
Contact Amazon support.
Potential tax implications.
Generally not reversible