Paytm charging 4% for transferring funds from Wallet to Bank

[IBF]

Source

 

[Sushubh]

Source

All Paytm users can transfer money from Paytm to their bank account at 0% fee (till 31st December 2016)**. And once we launch Paytm Payments Bank, we will ALWAYS allow you to transfer money from Paytm wallet to Paytm Payments Bank Account at 0% even after 31 Dec’16.
This includes all KYC & Non-KYC users & merchants. All Non-KYC users were earlier charged 1% which has now been reduced to 0%
New Paytm customers have to wait 3 days before sending money to a bank account, however, if KYC formalities have been completed, then they can send money to any bank account immediately without any waiting period.

 

[hitech0101]

I heard about a trick, recharge wallet by using credit card and transfer money from wallet to bank. Then you can pay the credit card bill at a later date.

 

[Sushubh]

what good is the money in the bank today?

 

[mhsabir]

Can be useful for people who have cards with clauses like - "Annual Fee is waived if purchases are above X amount".

Ofcourse, you may say 1 month interest & loyalty benefits as well.

 

[hitech0101]

I do not know how helpful it is but maybe for some people who need extra money in their account which they currently don't have but can pay the credit card bill when next payday comes ?

 

[Sushubh]

right. taking cash on credit card has very high interest. so this can technically be used to get cash interest free for around 50 days. as long as transfers from wallets to credit card is free.

 

[mhsabir]

However, I always thought you could redeem only back to source, I mean back to Credit Card if that was used?

 

[Sushubh]

almost all wallets let you transfer funds directly to bank account. i dont think they (can or do) differentiate between money that was received from others or added through credit card.

 

[mhsabir]

Ok. So, I had loaded money with ICICI & HDFC Credit Cards. Now to test, I have clicked on Return to Bank for the ICICI one. Are you sure it will go to my "bank account". If so, which one? As I have used 1-2 accounts to load over the past. Or is it a different process flow, where you give full bank details of credit?