When it comes to digital transactions, Simpl has emerged as a popular ‘buy now, pay later’ service that offers users consolidated billing. It’s a credit service that provides you with a credit limit to use for purchases, paying bills, and other purposes. In addition, users occasionally wish to transfer this credit to their bank account but are unsure of the precise steps to take.
While Simpl functions differently from digital wallets or traditional banking, there is a way to transfer funds from Simpl Pay Later to a bank account. So, are you a Simpl Pay Later user? Or are you thinking about signing up for one? In both cases, you must be familiar with certain aspects of this payment method to use it effectively.
There is no direct way to transfer money from Simpl Pay Later to a bank account. However, there is a tactic you can use to accomplish this. Will there be any charges to transfer money from Simpl to bank account?
We’ve put together a detailed guide for you. Make sure to read through this post from start to finish to understand how to transfer money from Simpl to your bank account.
How to Transfer Money From Simpl Pay Later to Bank Account?
As mentioned above, There is no direct way to transfer money from Simpl Pay Later to a bank account, because Simpl Pay Later doesn’t provide any such feature. However, there is a trick to do this. We are providing you with a step-wise procedure for how to make this possible.
Step 1: Transfer money From Simpl Pay Later to your Paytm wallet.
Step 2: Transfer the amount to a bank account from your Paytm wallet.
Transfer money From Simpl Pay Later to your Paytm wallet
- Open the Simpl app and tap “Pay Bills & Recharge.”
- Select “FasTag Recharge.”
- Enter the amount you want to transfer, as well as the vehicle registration number.
- Complete the payment with your Simpl balance.
- The money will be added to your Paytm wallet after the transaction is complete.
Transfer the amount to a bank account from your Paytm wallet
You have transferred money to your Paytm wallet. Follow these simple steps to transfer money from Paytm Wallet to bank account without charges.
- Open the Paytm app on your smartphone
- Go to the Paytm Wallet section
Select transfer to bank account
Enter the amount you want to transfer
- Select the bank account to make the transfer
Tap on the proceed button
- You’re all set! Your money will be successfully transferred to your bank account.
Paytm used to charge a 5% convenience fee for wallet-to-bank transfers, but this charge is no longer applicable. Consequently, it is completely free.
While Simpl’s functionality does not permit direct transfers of funds to a bank account, users who desire to accomplish that goal can find an easy workaround in this guide. Although it’s a little indirect, users can transfer money from their Simpl account to their bank account by using the Paytm FASTag recharge option. This invention streamlines transactions and makes financial management easier for both customers and retailers. Hence, the advancement of financial solutions such as these will influence how we handle money in the future.
Q.1 What in Simpl and how and where to use it??
Ans. Simpl is an online credit facility that offers a Buy Now Pay Later option. It utilizes a special machine-learning algorithm to assign credit limits to users. With Simpl, you can conveniently shop at over 23,000 merchants online, ranging from food and groceries to entertainment and healthcare. Several big brands like Zomato, Swiggy, Bigbasket, and JioMart accept payments made with Simpl Pay Later Additionally, Simpl can be used also be used to pay all utility bills. The Simpl Pay Later bill is generated twice a month, on the 15th and 30th.
Q.2 How long does it take for money to transfer from Simpl to my bank account?
Ans. It’s an instant process. You need to transfer money From Simpl Pay Later to your Paytm wallet and then transfer the amount to a bank account from your Paytm wallet.
Q.3 Are there any charges or fees for transferring money from Simpl to my bank account?
Ans. No, there aren’t any other costs or fees associated with transferring cash from Simpl to your bank account by the trick we shared above.
Q.4 What happens if my Simpl bill is unpaid?
Ans. A penalty of Rs. 250 plus any applicable taxes on the outstanding amount will be imposed upon you.
Q.5 Is Simpl RBI authorized or not?
Ans. BNPL (But Now Pay Later) companies do not come under the regulation of RBI. Since Simpl is a buy now pay later service, it’s not directly approved by RBI. But their lending partner is RBI-approved.