Amazon Pay is one of the biggest online payment processing services in India. The service, owned by Amazon, was launched in 2007 and gives users the ability to pay with their Amazon account on any external merchant website. The service is widely used and offers a ton of benefits to consistent users.
You can easily recharge your account and add money to your Amazon Pay wallet to use whenever required. Once you have Amazon Pay balance, it can be used on most merchant websites. That said, there is one thing people often ask – How to transfer Amazon Pay balance to bank account?
Currently, there is no straightforward way to transfer Amazon Pay balance to bank, however, there are multiple methods you can use to move money from your Amazon account to your bank account. Let us discuss the possible ways to transfer Amazon Pay balance to bank account. Let us start with the basics.
What is Amazon Pay?
Amazon Pay is an online payment processing system that allows you to make payments on external merchant sites to purchase goods, or services, from said websites or mobile applications. It is linked to your Amazon account and can very well be used to pay for any shopping you do on Amazon as well.
It is an online wallet that can be topped up using credit cards, debit cards, or even using Unified Payments Interface, or UPI particularly in India. Amazon Pay itself comes under the UPI payment gateway and allows you to use that wallet money for any UPI purchases you walk into.
How to Transfer Amazon Pay Balance to Bank?
Now comes the question of the hour – What are the different methods to transfer Amazon Pay balance to bank?
To start, Amazon Pay has no in-built procedure that allows you to transfer money from your Amazon Pay account to your Bank, but there are a few tricks and methods you can use to get what you need. Most of them use trusted third-party applications, while one of them makes use of the Amazon application and proves to be a totally viable way to move money from your Amazon account to your bank account.
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Method #1 – Amazon Digital Gold
Amazon Digital Gold is a hassle free method to buy and save in gold. Simply buy the gold using Amazon pay, make sure you pick the day when gold prices are down, once you have gained a profit, you can easily sell that gold and get that money transferred to your bank account.
Each time you purchase digital gold on the platform, the seller, SafeGold, keeps an equivalent amount of physical gold in a secure vault. The best part is, you can buy any amount of gold and even buy a bigger amount in multiple transactions. You can slowly build-up your stockpile, accumulate it, and sell it on a good day, or simply hoard it for a rainy day.
How Amazon Digital Gold will help you transfer Amazon Pay balance to bank is pretty straightforward. Here are the steps.
- Download the Amazon India App
- Login, or signup to your Amazon account
- Go to the Amazon Pay tab and slide down to the insurance tab
- Select Amazon Digital Gold and purchase any amount of gold using your Amazon Pay balance
- Once you have, the gold you purchased will be visible to you.
- You can then either sell that gold instantly and move the money to your bank account, or simply let it sit there, hopefully gain value, and then you can transfer it.
This is effectively the most straightforward method to transfer Amazon Pay balance to your bank account.
Method #2 – Augmont Application
Augmont Enterprises Pvt. Ltd. is one of India’s leading gold and silver refineries. Much like buying gold on Amazon Digital Gold, the Augmont mobile application also allows users to purchase gold as low as Re. 1. You can slowly build up your purchases and sell that gold for money that can be easily transferred to your bank account.
The best part is, Augmont allows you to purchase the gold in the first place using Amazon Pay balance. So, the transfer requires three steps essentially – Install application, buy the gold, then sell the gold and transfer money to your bank account directly.
- Install Augmont Application to your phone
- Verify your number, feed in all essential details, and join the Augmont app
- Buy any amount of gold or silver you like
- On the payments page, select Amazon Pay as mode of payment
- You will then be given the amount of gold you paid for
- Once you have the gold, click on the sell icon and add the amount of gold you wish to sell from your collection
- Choose the bank account the return is sent to
- Sell the gold or silver you wish to
- Under three working days you will be sent the money directly to your bank account
Method #3 – SnaPay Application
Another easy method is to use the SnaPay application. One of the easier methods to use, SnaPay only charges you a little to transfer Amazon Pay balance to your bank account. The application is totally safe to use, but requires a lengthy verification process and requires you to pay them a small surplus charge when you wish to transfer Amazon Pay balance to bank account.
To make use of the SnaPay Application, you only need to have your Aadhar Card nearby. The application charges you 2.50% to 2.99% depending on the mode you choose.
- Download SnaPay
- Enter mobile number and verify your account
- Enter your address and other details
- Open the application and update your bank details and other payment methods
- Find Payment Request option on the application and enter the amount you want transferred
- Request the amount to be transferred and select a transfer mode
- Each mode has a charge attached to it – 1 Day Transfer – 2.99%, 2 Day Transfer – 2.60%, and 3 Day Transfer – 2.50%
- Continue to payment page and select Amazon Pay as method
- Log in to your Amazon account and make the payment + the adjacent charges
- Once paid, the transfer will automatically take place
Method #4 – Bikry Application
Bikry is a new platform that allows small businesses to grow by setting up an online store at absolutely no cost whatsoever. The platform is one of the few that provide such a service and can also be used to transfer Amazon Pay balance to your bank account. The application has the capacity for direct online payments which can be used to our benefit in this particular case.
- Download Bikry application
- Create an account and verify your number and account
- Complete the KYC procedure that takes about a full day to complete
- Once done, head towards the home page of the application and find the option – Request Payment, click on that.
- Enter the amount you want transferred on the next page
- Send that request link to your phone or WhatsApp
- Open the link and use your Amazon Pay wallet to make the payment
- For each transaction, Bikry charges you 1.50%, which means if you transfer Rs. 1000, you will only receive Rs. 985.
Method #5 – FPay Application
Another third-party application that allows you to transfer money from Amazon Pay wallet to your bank is FPay. FPay is actually made for providing discounts and cashbacks on recharge or bill payment, however, it is a neat way to move money from your Amazon Pay account to your bank account. The service comes with a hefty 25% charge if you wish to transfer money though, so remain mindful of that. Otherwise the method is incredibly viable. The application has its own personal wallet as well, which can be used to move money from Amazon to your bank.
- Download FPay on your phone
- Create an account and complete all verifications required
- Go to FPay wallet and click to add money
- Enter the amount with all the billing details
- As you land on the payments page, choose Amazon pay
- Login to Amazon when it pops up and complete the payment like you normally would
- The transfer is almost instantaneous
- The application will charge you 25% of the total amount as fees. So if you transfer Rs. 25, only Rs. 20 would be sent to your account. Similarly, if you transfer Rs. 100, only Rs. 75 will be transferred to your bank account.
Method #6 – PayMatrix Application
PayMatrix is a great application if you wish to pay your rent using your credit card. It seamlessly transfers money from your credit card to any bank account you want. It can also be used to transfer Amazon Pay balance to bank account with only a 2% extra charge on every transaction. The transactions are uber secure and allow for a smooth and simple transfer.
- Download the application PayMatrix
- Sign up and enter your details and verify them
- Find the BIll Payment option and add the biller information – in this case, you.
- Fill in the bank details it requires
- Enter the amount you want to add and click on wallet as payment method
- Select Amazon Pay and finalize the payment
- The application charges you 2% from the total amount as fees. So if you send Rs. 100 to your bank, you will only receive Rs. 98.
Method #7 – Zingoy Application
Zingoy is another method to safely transfer money from your Amazon Pay balance to your bank account. Zingoy is originally an online platform to earn cashback on your purchases. The platform is easy to use with plenty of stores to earn cashback on. The application also allows you the ability to move money from Amazon to your bank. The process involves getting a Paytm gift voucher which can be easily transformed into money which you can then send to your bank account.
- Download and create an account on Zingoy
- In the search section find Paytm Gift Voucher
- Choose the amount of gift vouchers you need amounting to the money you want transferred.
- Enter the required details and information
- On the payment page, choose Amazon Pay as the payment method.
- Login to Amazon when the pop-up shows up and verify the details
- The service charges you 7% as fees
- Once payment is done, you can collect your voucher and add to your Paytm Wallet
- From Paytm you can easily transfer money anywhere you want
Frequently Asked Questions (FAQs)
How to transfer Amazon Pay balance to bank account?
Currently, Amazon does not have any feature that allows you to transfer Amazon Pay balance to your bank account. However, there are a few methods you can use to safely make that transfer. Check Amazon Digital Gold for the easiest and most hassle free method. We have listed multiple techniques above if you wish to take a look.
How to transfer Amazon Pay balance to Paytm?
There is only one method you can use to transfer money from your Amazon wallet to Paytm. Use Zingoy and purchase Paytm vouchers using Amazon Pay balance to make the transfer.
Can Amazon Pay balance be used along with Amazon Pay UPI?
Yes, you can definitely club your Amazon Pay balance with Amazon Pay UPI to make any purchase.
Here are a few ways you can easily transfer Amazon Pay balance to bank. Some of these are obviously easier than others, but most of them require you to pay a surcharge in order to make use of the service. You might think that Amazon Digital Gold does not ask for any fees, but the buying and selling of gold, even virtual gold, comes with GST attached to it. So, you might purchase gold worth Rs. 2000 using your Amazon Pay Wallet, but after paying 3% GST, you might only receive Rs. 1940.
That said, buying gold has one advantage. You can simply invest in that digital gold during a low market and sell at a much higher price. This way you can transfer Amazon pay balance to bank with ease, plus with a profit. Since you cannot move funds between Amazon wallet and your bank account for now, the listed methods might help you do exactly that but using third-party applications and a little bit of processing fees.