How to transfer amazon pay balance to your bank account?
Previously there was no way to transfer amazon pay balance to bank accounts
We kept receiving amazon pay balance gift cards on each purchase but only way to use this balance was to buy/pay bills on amazon
But now the times are changed we can transfer amazon pay balance to any bank account with some charge (5-6%) But please read on
Check the full post to find out more with steps and images
To Transfer your amazon pay balance to bank balance you have buy digital gold from Amazon Pay using Amazon Pay Balance.
Once you have done this you can sell it back to amazon and mention the UPI handle (Bank Account) to which you want to transfer the selling amount.
Here are the steps:
- Open Amazon App > Amazon Pay
- Search for Buy Digital Gold section (Check Image)
Till 14th May 2021 there is 3% cash back (upto 500 Rs) offer, this offer will expire after 14th May 2021
3. Click on Buy Now Button, now you will redirected to buy digital gold page inside the app
4. When you enter the buy gold page for the first time you will have to verify your identity using PAN card number (this is due to government rules and regulations) Once you verify identity you are all set
5. Now Under Buy Gold tab you can you see 3 things
a) Your gold balance
b) Current Gold price: as on 14th May 2021 its Rs 5040.12/gm (Purity 24K 995) (Rs 4893.32 + 3% GST)
c) Text box to enter amount (equivalent gold value in grams will be displayed to the right side)
6. Now Enter the amount you want to buy gold of (Don’t go beyond the amount you have in amazon pay balance). In next step you will get an option to chose payment option please select amazon pay balance (Check image)
7. Once you have done the transaction x gm of gold worth the Amount you entered will be deposited in your account which will be ready to sell in minutes
8. Now Go back Again to Buy gold option in Amazon pay page and go under sell gold tab (Check image)
9. Enter the grams of gold you want to sell, the amount you will receive on selling that gold will be displayed next to it.
Here there is catch: Amazon/The gold partner charges around 5-6% charges for selling gold (includes GST + some fees)
If you have bought gold of Rs 500 and if you want to sell it then Amazon will charge 18 Rs
So your total receivable amount will be 500-18 = 482 Rs (if this is not an issue for you please continue) Click on Sell gold button
10. Next step you have to enter the UPI handle to which you want to send the money to (make sure there is bank connected to this UPI handle)
UPI handle is of the format MobileNumber@paymentpartner for example 946xxxxxx@apl
11. Once you have confirmed the transaction it will around 24-48 hours for the amount to be credited to your bank account.
When to avail this feature
a) If you have received amazon gift card from your friends or family, and you don’t know what to do with it. so you can use this trick to transfer it your bank account
b) When you purchase many things on amazon or pay bills via amazon every month you get cash backs minimum 300 Rs month
DTH recharge, mobile recharge, landline bill, water bill, shopping, electricity bills give you 50 Rs cash back every month as amazon pay balance you can transfer this amount to your bank account using this trick.
Also wait for offers from amazon for digital gold buying, yesterday i bought 50 Rs gold and got 50 Rs cash back (there was an offer)
So thats it friends, hope this helped and answer the question which was lingering around for many years
Please share this with your friends and help them too