Payza is excited to announce that localized bank transfer withdrawals are now available for our members in India! This new features gives our more than 700,000 members in India a convenient way to withdraw Indian Rupees directly to their bank accounts.
Although Indian Rupees cannot be held in your Payza e-wallet, when you set up a Bank Transfer Withdrawal in India, your foreign currency funds will be converted to Rupees before they are sent to your bank account. This will save you any conversion fees your bank would normally charge.
The Bank Transfer Withdrawal fee is just 60 INR, plus a 2.5% conversion fee for any funds converted within your Payza Account.
How do Indian Bank Transfer Withdrawals work?
Before you can set up a Bank Transfer Withdrawal in India, your Payza account must be Verified, and your PAN card must be on file and approved by our team. If you previously verified your account without submitting a copy of your PAN card, you will be asked to submit it before you can use this feature.
You must also connect your bank account, and ensure that it is set up for local currency withdrawals. You can do so within your account by clicking on “Wallet” and then “Bank Accounts”. On the Add a Bank Account page, complete the form with the information of the bank account you wish to use.
Now you’re ready to withdraw!
To set up a Bank Transfer Withdrawal using an Indian bank account, simply follow these steps:
- Log into your Payza account
- Click on the “Withdraw Funds” tab
- Select the “Bank Transfer” option
- Choose the currency balance you would like to withdraw from
- Select your bank account
- Indicate the reason for your withdrawal
- Enter the amount to transfer as well as any additional details and click on “Next”
- Review details and confirm your withdrawal
This video will also help you set up a withdrawal:
Source: Payza Blog