In this article, you will learn how you can transfer money from your Amazon Pay Balance to your bank account in a fast, safe, and secure way.
As we know, Amazon provides a lot of cashback offers to its users in the form of Amazon Pay Balance. Also, when we receive Amazon Gift Cards, we can only redeem them in the form of Amazon Pay Balance.
Thus, a lot of us are often left with some amount of money in our Amazon Pay Wallet which we would like to transfer to our bank account. But, Amazon doesn’t provide a direct way to do that.
However, there is an indirect, 100% official and safe way of transferring the funds from your Amazon Pay Wallet to your bank account via UPI, which I’m going to discuss in this article.
How To Transfer Amazon Pay Balance To Bank Account
Now, let’s see understand how this indirect method works.
Amazon Pay offers a Gold Vault where users can buy and sell digital gold using their Amazon Pay Balance. We can take advantage of this feature by purchasing some digital gold with our Amazon Pay Balance, and then sell it to receive the money back directly into our bank account using UPI.
Keep reading for the step-by-step process.
To be able to use this method to transfer your money from Amazon Pay to your bank account, you must have the following things:
- A bank account with UPI enabled. (You can find your UPI ID in any one of your UPI apps like Google Pay, PhonePay, Paytm, or Amazon Pay UPI).
- A valid PAN card.
Steps To Transfer Money From Amazon Pay To Bank Account
1. Open The Gold Vault Inside Amazon Pay
After opening Amazon Pay, scroll down to the “Insure & Invest” section. You’ll find the “Gold Vault” option there. Tap to open it.
2. Verify Your PAN Card Details
If you’re using Amazon Pay’s Gold Vault for the first time, you will be asked to enter your PAN card details before you’re allowed to make any purchase.
So, go ahead and proceed with your PAN card verification.
On the next page, you will be asked to provide your PAN card number, your name – as it appears on your PAN card – and your date of birth.
After filling in the information, hit “Submit”.
3. Buy Some Digital Gold Using Your Amazon Pay Balance
Enter the amount worth of which you want to buy the digital gold. Then, click on the “Proceed to Buy” button.
In the next step, you will be asked to select the payment method.
Choose your Amazon Pay balance as the payment method and click on “Place Order and Pay”.
Next, you will be shown the confirmation that the transaction was successful.
4. Sell The Digital Gold To Receive The Money Directly Into Your Bank Account
Choose the Sell option inside the Gold Vault and enter the amount that you want to sell.
Click on “Continue”.
For security reasons, you will be asked to enter your Amazon account’s password in the next step.
After entering the password, click on “Sign-in”.
Next, you will be asked to enter the OTP which would have been sent to your registered mobile number.
After entering the OTP, click on the “Sign in” button.
Next, enter the UPI ID of your bank account in which you want to receive the money.
Then, click on “Verify”. The name of the bank account holder will be shown.
Click on “Continue”.
Now, you’ll be shown the summary of your current sell order.
Click on “Confirm to Sell”.
Finally, you will get the sell order confirmation and receive the money in your bank account as shown in the screenshot below.
That’s it! So, that is how you can transfer money from your Amazon Pay Wallet balance to your bank account.
I hope you found this article helpful. Feel free to comment down below to share your thoughts or share other useful tips.
Have a great day ahead!
Frequently Asked Questions
How Does The Transfer Work?
You need to buy digital gold from Amazon Pay using your Amazon Pay Balance and then sell the gold to receive the money into your UPI linked bank account.
What Are The Transaction Fees?
Apart from the 3% GST that the user is charged during the purchase of the Digital Gold, there are no other charges involved in the transfer.
However, you’ll notice that the selling price is a little lower than the buying price if you choose to sell the Digital Gold on the same day that you purchased it.
So, it is recommended that you sell when the market price of Digital Gold is higher than the price at which you bought it. That way, you can make the most profit out of the transaction.
Is It Safe To Transfer The Money From Amazon Pay Wallet To Bank Account Using This Method?
Yes, it is a completely safe and secure process.