MobiKwik is one of India’s leading mobile wallets, offering users a seamless way to store money, make payments, and manage finances. One of the most useful features of MobiKwik is the ability to transfer money to your bank account directly from your wallet balance. Whether you’re looking to withdraw your cashback, refunds, or simply move funds from your MobiKwik wallet to your bank, the process is quick and hassle-free.
In this step-by-step guide, we’ll show you how to transfer money from MobiKwik to your bank account, along with some important details to keep in mind.
Part 1: Prerequisites for Transferring Money to Your Bank Account
Before you initiate a money transfer from MobiKwik to your bank account, make sure you meet the following prerequisites:
1. MobiKwik Account Verification (KYC)
To transfer money to your bank account, your MobiKwik wallet must be KYC (Know Your Customer) verified. KYC verification ensures that the wallet is linked to a valid identity and that you are legally allowed to make withdrawals.
- Complete your KYC by submitting necessary documents like your Aadhaar card, PAN card, bank account details, and address proof.
- Once KYC is complete, you’ll be able to transfer funds without restrictions.
2. Link Your Bank Account
You need to link a valid bank account to your MobiKwik wallet before transferring money. This step is essential to ensure that the funds are transferred to the correct account.
- Link your bank account by providing your account number, IFSC code, and bank name.
- Ensure that the bank account is in your name, as only personal accounts can be linked for withdrawals.
3. Sufficient Wallet Balance
Make sure that you have a sufficient balance in your MobiKwik wallet for the transfer. MobiKwik allows transfers for both full and partial wallet balances, but the minimum withdrawal amount is typically ₹10.
Part 2: Steps to Transfer Money from MobiKwik to Your Bank Account
Follow these simple steps to transfer money from your MobiKwik wallet to your bank account:
Step 1: Open the MobiKwik App
First, open the MobiKwik app on your smartphone and sign in using your mobile number and OTP (One-Time Password).
Step 2: Navigate to ‘Withdraw’ Section
Once you’re logged in:
- Tap on the ‘Wallet’ icon at the bottom of the screen.
- Then, look for the ‘Withdraw’ option, usually located under your wallet balance or in the menu options.
- Tap on the ‘Withdraw’ button to proceed with transferring money to your bank account.
Step 3: Select the Bank Account
MobiKwik will prompt you to select the bank account to which you want to transfer funds. If you have linked multiple bank accounts, choose the one you prefer for the transfer.
- If you haven’t linked a bank account yet, follow the prompts to add your bank details (account number, IFSC code, etc.).
Step 4: Enter the Amount to Transfer
Next, enter the amount you wish to transfer from your MobiKwik wallet to your bank account. Make sure that the amount you enter doesn’t exceed your available wallet balance.
- The minimum transfer amount is typically ₹10, and there might be a maximum limit depending on your account type or KYC status.
Step 5: Confirm the Transfer
Once you’ve entered the desired amount, MobiKwik will ask you to confirm the transaction. Review the details to ensure everything is correct (amount, bank account, etc.).
- If you have a security PIN or password for your MobiKwik wallet, you will be prompted to enter it to authorize the transfer.
Step 6: Complete the Transfer
After confirmation, MobiKwik will process your transfer request. The money will be transferred to your bank account, and you’ll receive a confirmation notification in the app.
- The transfer typically takes 1-3 business days, depending on your bank and the time of request. In some cases, transfers may be completed instantly or within the same day, especially with selected partner banks.
Part 3: Key Points to Remember When Transferring Money to Your Bank Account
While the process of transferring funds is easy, there are a few things to keep in mind to ensure a smooth transaction:
1. Withdrawal Fees
MobiKwik charges a small fee for transferring money to your bank account. The fee varies depending on the withdrawal amount, the type of transaction (instant or regular), and whether you have MobiKwik Premium membership.
- Regular Transfers: Generally, these are free or may incur a nominal fee.
- Instant Transfers: These are faster but may attract a higher fee compared to regular transfers.
Make sure to check the fee structure in the app before initiating the transfer.
2. Processing Time
- Regular Transfers: These usually take 1-3 business days to process, depending on your bank’s working hours and policies.
- Instant Transfers: If your bank supports instant processing, funds may be credited to your account within minutes.
3. Daily Withdrawal Limits
MobiKwik may set daily withdrawal limits based on your KYC level or membership plan. Users with higher levels of verification may have the option to withdraw larger sums per day.
- Standard Account: Typically, the daily withdrawal limit is around ₹10,000, but this may vary based on your KYC status and account type.
- Premium Accounts: Premium users or users with complete KYC may enjoy higher withdrawal limits.
4. Bank Processing Times
Your bank’s internal processing times may impact how quickly funds are credited to your account. Typically, the funds should appear within 1-3 business days, but weekends or holidays may delay the process.
5. Verify Bank Details Before Transferring
Double-check the bank account details (account number, IFSC code) before initiating the transfer. Incorrect bank details could lead to failed or delayed transactions.
Part 4: Troubleshooting Common Issues
While transferring money from MobiKwik to your bank account is usually smooth, you might encounter a few issues. Here are some common problems and their solutions:
1. Transfer Not Completed
- Possible Reason: Insufficient balance, incorrect bank details, or transfer limits.
- Solution: Ensure that your wallet has enough balance, your bank account is correctly linked, and that you have not exceeded the withdrawal limit. Try again after correcting any discrepancies.
2. Delay in Bank Transfer
- Possible Reason: Bank processing times or weekends/holidays.
- Solution: Wait for up to 3 business days for the funds to arrive. If the funds are still not credited, contact MobiKwik customer support for assistance.
3. Fees Too High
- Possible Reason: Instant withdrawal fees or non-Premium users.
- Solution: Check the fee structure in the MobiKwik app, and consider upgrading to a Premium Membership for lower fees or explore slower transfer options that may have reduced charges.
Conclusion
Transferring money from your MobiKwik wallet to your bank account is a straightforward process that enhances the flexibility of using your MobiKwik wallet for everyday transactions. Whether you’re withdrawing cashback, refunding a payment, or transferring money for other reasons, MobiKwik offers a simple and secure way to move funds from your wallet to your bank account.
By following the steps outlined in this guide, you can enjoy hassle-free money transfers and manage your finances more effectively. Just ensure your KYC verification is complete, the bank details are correct, and the transfer amount falls within the limits to enjoy smooth withdrawals.