How to Transfer Money from Simpl to Bank Account?

Simpl, like several other Buy Now Pay Later services that have developed over the years, is beneficial for its ease of use since consumers don’t have to make down payments. While this service is convenient, it might sometimes be a bit limiting to some users. There are times when users would want to shift their current balance or Simpl credit to their Bank account for some reason, like managing funds or making a withdrawal for other purposes.

The best option is to transfer money to Paytm Wallet and then transfer from Paytm to your bank account in case you are looking for an account transfer with Simpl Pay Later. In this article, we’ll try to guide you through the entire process to help you in sending money from Simpl to your bank.

What is Simpl?

Simpl, an online credit provider, has a unique model where users can shop from their vast catalog of merchants and pay later for the items they purchase. It is a Buy Now Pay Later (BNPL) system that lets customers buy from over 23,000+ web merchants from a variety of sectors such as food delivery, groceries, entertainment, transport, and many more.

Your available balance is usually expressed as a limit on how much you can buy via Simpl. Your average monthly bill is issued on the 15th and 30th/31st of every month. You have until that date to clear the bill. Otherwise, you will incur a late payment penalty of up to ₹250 + taxes.

Now let’s discuss the option of transferring money from Simpl to your bank account.

Can You Transfer Simpl Funds To A Bank Account Directly?

Sadly, Simpl binds its users to not directly transfer from Simpl wallet to other bank accounts. The Simpl wallet functions as a purchase-based method and is a credit-based system, therefore does not allow users to hold a large fund or cash like a normal wallet would. However, as long as you hold a Paytm Wallet, there is a trick through which you can transfer. Here is a detailed explanation.

How to Transfer Money from Simpl to a Bank Account Step-by-Step

How to Transfer Money from Simpl to a Bank Account Step-by-Step

Step 1: Transfer Money from Simpl to Paytm Wallet

  1. Open the Simpl App: To begin with, you will need to download the Simpl mobile application on your device.
  2. Go to the Recharge & Bill Payment Section: Once you have the app open, navigate to the section that allows you to pay utility bills or enjoy other services. Usually, this section contains mobile and electricity bills.
  3. Select the FASTag Option: Make sure to select the option within this section that allows you to use your Simpl wallet or Paytm wallet. Paytm and Simpl support transfers to wallet services.
  4. Select Paytm FASTag Option: A list of services will appear for you to choose from. Make sure you select Paytm FASTag.
  5. Type in Your Vehicle Registration Number: For this, you will have to input the registration number of your vehicle that is linked with the FASTag account. This part is crucial for authorizing a transaction.
  6. Enter the Transfer Amount: After moving from your bank account to the Simpl account, you can now proceed to enter the amount you wish to transfer from Simpl to Paytm.
  7. Complete the Payment: After selecting the necessary amount, please click on transfer. Money will be deposited into the Paytm Wallet.

Step 2: Transfer Money from Paytm Wallet to Bank Account

After you have added money to your Paytm Wallet, you can seamlessly withdraw it to the linked bank account with the following steps:

  1. Open the Paytm App: Start by opening the Paytm application on your smartphone or tablet.
  2. Navigate to the Paytm Wallet: Click on the Paytm Wallet option from the home screen of the app.
  3. Click on ‘Transfer to Bank Account’: From the available options select the ‘Transfer to Bank’ option.
  4. Enter the Transfer Amount: Fill in the field for transferring the amount from your Paytm Wallet to your bank account.
  5. Select Your Bank Account: Select one of your bank accounts linked to your Paytm account that you want to use for receiving the payment.
  6. Proceed with the Transfer: Click on the ‘Proceed to Payment’ button to transfer the funds. You should be able to see the funds credited to your best-registered bank account in a few minutes.

Step 3: Confirm the Transfer

So, when the funds reach either your Paytm account or the bank Paytm will send you a notification from their side as well as from the bank. If you have not treated your bank account with any transactions Cash is likely to display itself in that account within the time frame of one to several hours.

Charges for Transferring Money from Simpl to Bank?

Funds Transfers from Simpl to Paytm Wallet:

At this moment, there are no quoted fees to move funds from Simpl to the Paytm wallet. But do note that this is treated as a roundabout way of transferring money and Simpl does use it to take fees.

Paytm Wallet to a Bank Account Transfer:

Paytm used to impose a 5% convenience fee for the movement of funds from the wallet to the bank account. This fee has however been abolished by Paytm meaning, funds can now be transferred from Paytm Wallet to a bank account without any charges.

Key Considerations for Transferring Money from Simpl to Bank

  1. Transfer Limits: since there are spending limits on what you can purchase with the Simpl platform it will have an indirect impact on the amount you wish to transfer to Paytm. Always check the Simpl application for the most recent credit restrictions available. »
  2. Processing Time: when transferring money, Paytm will deposit the funds into your bank account almost in real-time, however, due to certain events, such as a holiday or the weekend the transfer might slow down and get delayed since the banks tend to operate slowly during that time.
  3. Late Penalties: If you don’t want to lose money, remember to pay your Simpl debts on time. If your payment is not posted by the due date, a late penalty of ₹250 + taxes will be charged.

Alternatives to Transferring Money from Simpl to Bank

You may also use other more straightforward and available alternatives to move money out, if moving from Simpl to Paytm and then to the bank is too complicated. Some providers will let you link UPI or other banking services, facilitating the movement of money between platforms.

Also Read: How to Close Flipkart Pay Later Account

Conclusion

Due to Simpl’s inability to allow users to withdraw funds directly, it is more difficult to transfer money from Simpl to a bank account than it is to transfer funds from a Simpl account to a Paytm Wallet. That makes the transfer simple. Moreover, there is no cost and it is a safe way to manage your simpl credit.

Without many issues and with the right guidance there is a process you can still try to smoothly move funds from Simpl Pay Later to your Simpl account.

1. Can I Transfer My Simpl Credit to Paytm or Any Other Wallet Directly?

This one is tough, Simpl does not let its users cross-pay into a Paytm wallet out of their credits. Using a FASTag as part of a workaround serves as the dominant solution. Using a FASTag as part of a workaround serves as the dominant solution.

2. Can I Use Simpl to Shop in Physical Stores?

No, at the moment only Simpl’s online shopping services can allow an individual to utilize their services. It can integrate with 23,000 helping actors but brick-and-mortar locations are not an option for today.

3. How Long Does It Take for the Money to Reflect in My Bank Account?

The period for funds to be pulled from Paytm Wallet to the respective account would vary for accounts and their respective banks but the general time frame is from a couple of minutes to a few hours.

4. What Happens if I Fail to Pay on Time?

The process of failure also takes place as in the case of not paying your Simpl bill by the due date, a fine will come into play alongside a restriction for your credit in terms of future purchases.

5. Is the Transfer Process Secure?

Yes, the transfer process from Simpl to Paytm and from Paytm to your bank account is controlled by encryption systems ensuring that all of your critical financial information remains private.

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