How to Transfer Amazon Pay Balance To Bank Account: A Step-by-Step Guide
E-wallets continue to rise in popularity every day, and online payments are gradually replacing cash and credit card payments. Amazon Pay is a renowned e-wallet that the company launched and incorporated into the Amazon app. Users frequently wonder, though, if they can move their Amazon pay balance to their bank account. The process is simple, provided you know the steps it involves. The comprehensive instructions for moving your Amazon pay balance to a bank account are included in this post, along with more details.
Table of Contents
Understanding Amazon Pay Balance
Many people appreciate Amazon, a massive e-commerce company, because of its easy buying experience. Amazon Pay, an extensive payment solution for a variety of transactions, was introduced by the company years ago. Users can use the Pay Balance tool to pay off debt, book movie reservations, and purchase many kinds of goods on Amazon.
However, because most individuals are unsure of how to move money from their pay balance to their bank account, people who are not at ease with online payments are reluctant to use this option. You may transfer money from your pay balance to your bank account through easy steps. You must first complete a Know Your Customer (KYC) verification before you can proceed with any of that.
How to Transfer Amazon Pay Balance to a Bank Account?
You might have received cash back or an Amazon gift card, which you may have previously used in your Amazon Pay Wallet. There are two approaches to using your Amazon Pay balance. First of all, you can pay for your next Amazon purchases with the same amount. Second, you can deposit the funds into your bank account and spend them however you want to.
Finding the Amazon Pay feature in your Amazon app is all it takes to move your Amazon Pay money to your bank account. After choosing "Send money," click "Bank Transfer." You have to enter some basic information here, such as your account number and IFSC code. Then, to complete the transaction, enter your amount and confirm it. Following the thorough directions provided below, you can receive much clearer information on how to move the Amazon Pay balance to your bank account.
However, make sure that your Amazon KYC confirmation of identity is complete. Only after completing your Amazon KYC verification properly will you be able to use this service to transfer funds to your bank account. The KYC authentication procedure is simple because there are no costs involved.
Steps to Transfer Amazon Pay Balance To Bank Account?
You can follow these steps to move your Amazon pay balance to your bank account:
Step 1: To start, launch the Amazon app on your phone and, if you haven't already, log into your Amazon account.
Step 2: In the "Quick Links" area, opt for "Send Money."
Step 3: Tap the "Bank Transfer" option in the Send Money interface.
Step 4: Complete the basic information, including your name, bank account number, and IFSC code, and then click "Pay Now."
Step 5: The fifth step is to enter the amount you are willing to transfer.
Step 6: The payment method page will now appear. Select "Show more ways," followed by "Pay using Amazon pay balance," and finally click on "Continue."
The money will be successfully deposited into your bank account.
Steps to Register KYC with an Amazon Account
There are a few requirements before learning how to move your Amazon Pay balance to a bank account. To transfer an amount from your Amazon Pay balance to any bank account, you will have to start by completing your KYC (Aadhar) registration with your Amazon account. You can move on to the following phase and skip this one if your KYC has already been validated. If not, execute these actions:
Step 1: Open the Amazon app on your smartphone or tablet.
Step 2: After that, enable Amazon Pay by clicking on the hamburger icon with three icons in the lower right corner.
Step 3: Tap on KYC after browsing to the Manage section below.
Step 4: You will be requested to upload your PAN and Aadhar card photos on the following page. Additionally, you'll be prompted to take a selfie.
Step 5: An Amazon employee will then conduct a video verification. After completing the necessary steps, your Aadhar and Amazon account will be connected.
Conclusion
You now understand how to swiftly move your bank account's balance from Amazon to your account. Although the steps are easy, you must ensure you have finished the Amazon KYC verification. Only after completing your Amazon KYC verification, you can move your Amazon pay balances. Knowing these details can make things a lot smoother for Amazon app users looking to transfer funds.
FAQ
Q1. Can Amazon balance be transferred to a bank?
It is possible to transfer funds from your Amazon payments account to your bank account. Simply make a transfer to your bank account or a purchase of an Amazon.com Gift Certificate. However, before the transfer, you must complete the bank account verification process.
Q2. What are the essential eligibility criteria to transfer your Amazon Pay balance to a bank account?
While there isn't a precise eligibility requirement, to use this feature, one must finish their Amazon KYC verification. A contact number and proof of government identification (passport, Aadhaar, driver's license, or voter ID) are needed to finish the Amazon KYC verification process.
Q3. What is the maximum amount that can be transferred from my Amazon Pay balance to a bank account?
The maximum monthly amount you can transfer from your Amazon Pay balance to a bank account is Rs. 1,00,000.
Q4. How long does it take to transfer an Amazon Pay balance to a bank account?
Aside from the time needed to enter information such as your bank account number and IFSC code, moving your Amazon Pay balance to a bank account is easy and takes only a minute or two.
Q5. What should I do if my transfer fails or is delayed?
A transaction can fail for several reasons. The problem can be fixed by getting in touch with Amazon's customer service or the customer service of the relevant bank.
Q6. Can I use Amazon Pay balance for UPI?
You can use your Amazon Pay balance (Money) in any online or physical store that takes UPI payments after generating an Amazon Pay balance UPI handle.
Q7. Is it safe to use Amazon Pay?
Using Amazon Pay gives you peace of mind if you have an Amazon account. Whenever you see it, you may make use of its advantages without paying more.
Q8. How to withdraw my Amazon pay balance?
When you check out, your Gift Card balance will be transferred instantly to eligible orders. You can opt not to use your Gift Card as a payment method at checkout if you want to keep the amount for a later time.
Q9. What is an Amazon wallet?
A digital wallet named Amazon Wallet, frequently referred to as Amazon Pay Balance, permits users to make purchases on Amazon as well as other websites and applications.
Q10. How can I use my Amazon gift card balance?
Your balance can be applied to qualifying products on Amazon.com, such as digital content, physical goods, and deals from independent retailers. You can also use your balance on websites linked with Amazon.com, such as smile.amazon.com, myhabit.com, and fresh.amazon.com.
Related Posts
See AllEveryone's life is now easier thanks to digital transactions. Unfortunately, despite the benefits of online transactions, there are some...
If you are a salaried employee, deciding between the old and new tax regimes can impact how much tax you pay. Budget 2023 did not send...
Comments