PhonePe has emerged as one of India’s leading digital payment platforms, providing users with a fast, secure, and convenient way to transfer money. Whether you’re sending money to family, paying for goods and services, or transferring funds to your bank account, understanding PhonePe’s money transfer limits is essential to ensure smooth transactions.
In this blog, we’ll walk you through everything you need to know about PhonePe’s money transfer limits, how they work, and how to stay within those limits when using the app.
Why Should You Care About PhonePe’s Transfer Limits?
PhonePe’s transfer limits are set by both PhonePe and the Reserve Bank of India (RBI). These limits ensure that your transactions are secure and prevent any misuse of funds. Having a clear understanding of the limits can help you avoid interruptions in your transactions, especially when you need to make larger payments.
The transfer limits vary based on several factors, such as:
- Account verification status
- Mode of transaction (e.g., UPI, wallet, etc.)
- Transaction frequency
- Linked bank account or debit/credit card
What Are the Different Types of Transfer Limits on PhonePe?
PhonePe has different limits based on the transaction method you choose. Here’s an overview of the various transfer limits associated with different services on the app:
1. Wallet to Wallet Transfer Limit
When transferring money from one PhonePe wallet to another PhonePe wallet, there are specific limits in place:
- Daily Limit: You can send up to ₹1,00,000 per day to another PhonePe wallet. This includes all transactions made within 24 hours.
- Monthly Limit: The monthly wallet-to-wallet transfer limit is ₹2,50,000.
Note: These transfers are instant, but you must ensure that your wallet has sufficient balance to complete the transaction.
2. UPI (Unified Payments Interface) Transfer Limit
PhonePe also uses UPI to facilitate bank-to-bank transfers. The limits for UPI transfers are as follows:
- Per Transaction Limit: You can transfer up to ₹1,00,000 per transaction through UPI.
- Daily Limit: The daily limit for UPI transactions is typically ₹1,00,000, which means you can send up to ₹1,00,000 to a recipient in a 24-hour period.
Note: To initiate UPI transactions, you must set up your UPI ID and PIN, linked to your bank account. The process is quick and secure, as every transfer requires you to authenticate using your UPI PIN.
3. Bank-to-Bank Transfer via PhonePe (via UPI)
PhonePe allows you to transfer money from your PhonePe wallet to your bank account and vice versa via UPI. This is especially useful for withdrawing wallet funds to your bank account or transferring money to someone’s account.
- Per Transaction Limit: You can transfer a maximum of ₹1,00,000 per transaction from your PhonePe wallet to your bank account or from one account to another using UPI.
- Daily Limit: The daily limit for UPI bank-to-bank transfers is also ₹1,00,000.
- Transaction Confirmation: A UPI transaction requires you to authenticate the payment with your UPI PIN, making it secure.
4. Money Transfer Using Debit/Credit Cards
If you wish to transfer money using debit or credit cards linked to your PhonePe account, the limits are typically lower than UPI or wallet-to-wallet transfers:
- Per Transaction Limit: The limit for debit/credit card payments is ₹10,000 per transaction for most users.
- Daily Limit: You can transfer up to ₹25,000 per day using a debit/credit card linked to your PhonePe account.
Note: Debit and credit card transfers may also incur additional processing fees, and you may be subject to limits set by your bank.
5. Money Transfer via NEFT/RTGS/IMPS
PhonePe also offers users the option to transfer money using traditional NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment Service). These methods allow for bank-to-bank transfers, typically for larger amounts.
- IMPS Transfer: The transfer limit for IMPS is ₹2,00,000 per day for most users.
- NEFT/RTGS: There is no fixed upper limit for these services, as they are bank-specific. Your bank may impose its own limits for these types of transfers.
How to Check Your Transfer Limits on PhonePe?
PhonePe makes it easy to check your transaction limits by navigating through the app:
- Open the PhonePe App: Launch the PhonePe app on your phone.
- Go to ‘My Money’: Tap on the ‘My Money’ section at the bottom of the screen.
- Check UPI Limits: Under the ‘UPI’ section, you will see information about your daily limits, bank account details, and UPI PIN settings.
- View Wallet and Card Limits: Under ‘Wallet’ or ‘Bank Accounts & Cards’, you can also check your available balance and transaction limits for card transfers.
How to Increase Your Transfer Limits on PhonePe?
If you wish to increase your transfer limits, you can follow these steps:
1. Complete Your KYC (Know Your Customer) Process
To access higher transaction limits on PhonePe, you must complete the KYC process (Know Your Customer). This involves providing documents such as your Aadhaar card and PAN card (if required).
- KYC for Wallet: Completing KYC for your wallet can increase your transaction limits for wallet-to-wallet transfers and some other services.
- KYC for UPI: Verifying your identity with KYC may also increase your UPI transaction limits.
To initiate KYC:
- Go to the ‘My Money’ section in the app.
- Select ‘Complete KYC’ and follow the on-screen instructions.
2. Link Your Bank Account
For users wishing to transfer money from PhonePe to their bank accounts or increase UPI limits, ensure that your bank account is linked to your PhonePe account. Linking your account helps with seamless transactions and may unlock higher transfer limits.
Common Issues With Transfer Limits and How to Resolve Them
While PhonePe’s transfer limits are generally clear, you may occasionally face issues related to these limits:
1. Exceeding Daily Limits
If you try to send more than the permitted amount in a single day, you may receive an error message saying that the transfer limit has been exceeded.
- Solution: Wait until the next day or transfer a smaller amount within the allowed limit.
2. Transfer Not Going Through
If a transfer fails even though you are within the limit, it could be due to issues like insufficient funds in your wallet or bank account, network problems, or technical glitches.
- Solution: Check your balance, ensure a stable internet connection, and try again. If the issue persists, contact PhonePe support.
Conclusion
PhonePe offers a variety of ways to transfer money, from wallet-to-wallet transactions to UPI and bank transfers, each with its own set of limits. Whether you’re sending money to a friend, paying for services, or transferring funds to your bank account, it’s crucial to stay aware of the transaction limits to avoid disruptions in your transfers.
To maximize your PhonePe experience, make sure to complete the KYC process for higher transfer limits and ensure your account is properly linked to your bank. This will ensure that you can send and receive money seamlessly, no matter the amount.