So you want to transfer your money from Simpl Pay Later to a bank account, right? Well, you’ve come to the right place. This article will help you learn how to transfer money from Simpl to bank account.
Simpl Pay Later is a credit service, that offers a credit limit that you can use for shopping, bill payments, etc. Aside, sometimes users want to transfer this credit to their bank account, but they don’t know the exact process.
Here we have provided you with a step-by-step guide on it. So, read this article from the beginning to the end to learn how to transfer money from Simpl to a bank account.
Let’s dive into this…
How to Transfer Money From Simpl to Bank Account?
You can’t directly transfer your money from Simpl Pay Later to bank account, because Simpl Pay Later doesn’t provide any such feature. However, there is a trick that you can use to do this.
Okay, let’s talk about the trick. In Simpl Pay Later, you can recharge your Paytm FASTag, and using this option you can transfer your Simpl Pay Later balance to a bank account. Let us know the step-by-step process.
Steps to Transfer Money From Simpl Pay Later to Bank Account
To transfer your Simpl Pay Later money to a bank account, you first need to transfer the money from Simpl Pay Later to your Paytm wallet and then transfer the amount to a bank account from your Paytm wallet.
Here are the steps:
Step 1: Use the Paytm FASTage Recharge Option
- Open the Simpl app on your device.
- Tap on the Recharge and Bill Payment option.
- Tap on the FASTage option and then choose Paytm FASTage.
- Enter your vehicle number registered with the FASTage account.
- Enter the amount you wish to transfer and complete the payment.
- Once you complete the payment, the amount will be added to your Paytm wallet.
Step 2: Transfer Paytm Wallet to Bank Account
- Open the Paytm app on your phone
- Then navigate to the Paytm Wallet section.
- There you’ll see the amount that you’ve transferred from your Simpl Pay Later.
- Tap on Transfer to Bank Account and enter the amount.
- Choose your bank account linked with Paytm and proceed.
- You’re done, your money will be transferred to your bank account successfully.
That’s how you can transfer your Simpl Pay Later limit to a bank account. At present, apart from this trick, there is no other way by which you can transfer your Simpl Pay Later balance to any bank account.
Related Guide: Flipkart Pay Later to Bank Account Transfer Trick
Let’s now talk about where and how you can use your Simpl Pay Later balance.
Where and How to Use Simpl Pay Later?
Without using the Paytm FASTage recharge option, you can’t transfer your Simpl balance to any bank account. However, you can use your Simpl Pay Later balance for various transactions such as –
- Online shopping,
- Recharge and bill payments
- Food orders,
- Subscriptions
- Groceries, and more.
More than 20,000 merchants, including Zomato, Swiggy, Bigbasket, and JioMart accept payments made with Simpl Pay Later. Click Here to see the list of merchants where you can use Simpl Pay Later.
You can use your Simpl Pay Later credit limit and pay the bills next month. Moreover, you don’t have to pay any interest if you pay the bills on time. By the way, the Simpl Pay Later bill is generated twice a month.
>> Read: How to Use Mobikwik ZIP Balance
How to Withdraw Money From Simpl Pay Later?
As we’ve told you above, you cannot directly withdraw money from your Simpl app. Simpl Pay Later does not allow you to withdraw your credit limit. Alternatively, you can use a trick to transfer Simpl Pay Later balance to a bank account.
First, transfer the money from Simpl Pay Later to your Paytm wallet using the Paytm FASTage option, and then transfer the amount from your Paytm wallet to a bank account.
Above we’ve provided a step-by-step guide on it. So, follow the steps carefully to learn how to transfer money from Simpl to bank account.
Conclusion
Transferring money from Simpl Pay Later to a bank account can be a daunting task. But if you’ve read this entire article, then you have definitely learned how to transfer money from Simpl to bank account.
In this article, we mentioned two simple steps to transfer money from Simpl to a bank account.
If this article is helpful for you, feel free to share this with others who may be also interested in learning about how to transfer money from Simpl to bank account.
>> Read: How to Unblock Simpl Pay Later Account
Frequently Asked Questions
Q. How to transfer the Simpl Pay Later limit to a bank account without FASTage?
Unfortunately, there is no other option to transfer money from Simpl Pay Later to a bank account without FASTage.
Q. Can we transfer money from Simpl to a bank account without any charges?
Yes, you can transfer your money from Simpl Pay Later to your Paytm wallet without any charges. But Paytm may charge a convenience fee for transferring money from a Paytm wallet to a bank account.
Q. Can I recharge with Simpl Pay Later?
Yes, you can recharge your mobile, DTH, and FASTage through the Simpl Pay Later credit limit. Also, you can use it for making bill payments on the Simpl app.
Q. Where can we use Simpl Pay Later?
You can use your Simpl Pay Later service for subscriptions, shopping, recharge and bill payments. More than 20 thousand merchants accept Simpl Pay Later.
Q. Is Simpl approved by RBI?
BNPL service does not come under the regulation of RBI. Since Simpl is a buy now pay later service, it’s not directly approved by RBI. But their lending partner is RBI-approved.