Introduction
When it comes to digital transactions, Simpl has emerged as a popular ‘buy now, pay later’ service, providing users the convenience of consolidated billing. However, many users are curious about “how to transfer money from Simpl to bank account.” Although Simpl operates differently from traditional banking or digital wallet platforms, there is a workaround using Paytm’s FASTag recharge option. This guide walks you through the process, focusing on maximizing visibility for the keyword “how to transfer money from Simpl to bank account.
Step-by-step Process to Transfer Money from Simpl to Bank Account:
While Simpl doesn’t facilitate direct transfers to a bank account, you can use a workaround involving Paytm’s FASTag recharge option. Here’s a step-by-step guide:
Transfer from Simpl to Paytm Wallet:
- Open the Simpl app.
- Navigate to the ‘Recharge & Bill Payment’ tab.
- Choose the ‘FASTag’ option.
- Select ‘Paytm FASTag’ from the options.
- Enter the vehicle registration number associated with your FASTag account.
- Input the amount and proceed with the payment.
This action will transfer the chosen amount from Simpl to your Paytm wallet.
Transfer from Paytm Wallet to Bank Account:
Once you have money in your Paytm wallet, you can transfer it to your bank account without incurring any charges.
- Open the Paytm app.
- Tap on ‘Paytm Wallet.’
- Select ‘Transfer to Bank Account.’
- Enter the amount to be transferred.
- Select the bank account where you want the money to go.
- Hit the ‘Proceed’ button.
On confirmation, the specified amount will move from your Paytm wallet to your bank account.
Understanding the Functioning of Simpl:
Before we delve into the process, it’s essential to understand Simpl’s unique functioning. Simpl isn’t a standard wallet or banking platform; instead, it extends a line of credit to its users. The users can use this credit to make purchases from Simpl’s partnered merchants, which are then consolidated into a single, convenient bill payable fortnightly or monthly. Hence, the question of transferring money from Simpl to a bank account is not typical because Simpl doesn’t hold any monetary balance to transfer.
Conclusion
Although the functionality of Simpl doesn’t allow for direct money transfers to a bank account, this guide provides a simple workaround for the users who are looking to achieve just that. By leveraging the Paytm FASTag recharge option, users can effectively transfer money from their Simpl account to their bank account, although the process is a little indirect. So, if you’ve been wondering about “how to transfer money from Simpl to bank account,” this method offers a viable solution.
Remember that this workaround requires a Paytm account with an enabled FASTag, and it may involve a few extra steps. But once set up, it can be a handy tool for all Simpl users. Keep track of your finances, pay your bills on time, and navigate the digital transaction world with ease.
Frequently Asked Questions (FAQs) about Transferring Money from Simpl to Bank Account
1. Can I directly transfer money from Simpl to my bank account?
No, Simpl operates on a 'buy now, pay later' model and doesn't hold any monetary balance that can be transferred to a bank account.
2. Is there a way to transfer money from Simpl to my bank account?
While Simpl doesn't support direct money transfers to bank accounts, there is a workaround involving Paytm's FASTag recharge option. This method allows you to move funds from Simpl to your Paytm wallet, and then to your bank account.
3. How do I transfer money from Simpl to my Paytm wallet?
You can do this through the Simpl app by selecting the 'Recharge & Bill Payment' tab, choosing the 'FASTag' option, selecting 'Paytm FASTag,' entering your FASTag-associated vehicle registration number, inputting the amount, and proceeding with the payment.
4. How can I transfer money from my Paytm wallet to my bank account?
Open the Paytm app, tap on 'Paytm Wallet,' select 'Transfer to Bank Account,' enter the amount, choose your bank account, and then hit the 'Proceed' button.
5. Are there any charges for transferring money from Paytm wallet to bank account?
No, Paytm no longer charges a convenience fee for transferring money from the wallet to a bank account.
6. Does this method require any additional setups?
Yes, this workaround requires you to have a Paytm account with an enabled FASTag.
7. Can I use Simpl like a traditional banking platform or digital wallet?
No, Simpl offers a 'buy now, pay later' service and doesn't function like a regular banking platform or digital wallet. It provides a line of credit for purchases, which is then consolidated into a single bill to be paid later.
