Instant access to cash can save the day in today’s fast world, especially in emergency situations or when making urgent payments. HDFC Bank’s payment solution, PayZapp, allows for easy transfer of money from Payzapp Wallet to Bank account, including the use of a credit card to transfer funds to a bank account. This article will explain the process in detail, including scenarios where this feature can be beneficial and the step-by-step guide to transferring money using PayZapp.
Why Would You Need Instant Cash?
Life is unpredictable, and at times you might need cash immediately. The scenarios which can happen are:
- Medical Emergency: Hospitalization can take place at a sudden time, or any emergency treatment can require immediate cash settlements.
- Education Fees: Timelines for payment of tuition fees or examination charges may shock you.
- Bill Payments: Utility bills, rent, or EMI may be needed to be paid urgently in order to avoid the extra cost of penalty.
- Travel Emergency: One may need cash on a trip, such as in last-minute travel or due to unexpected expenses in a journey.
- Business Need: An entrepreneur may need the fund for short-term operating requirements or to meet urgent requirements by his clients.
In such situations, if you don’t have enough balance in your savings account, using a credit card to transfer money into your bank account can provide a quick solution.
What is PayZapp?
The All-in-One Mobile Payment Service. PayZapp is offered by HDFC Bank for all your payments, to recharge your mobile phones, and pay utility bills. Make or book tickets, shop online or transfer money-all very efficiently. Some of the basic features of PayZapp are as follows:.
- Ease of Use: very user-friendly interface.
- Rapid Range of Services: pay bills, mobile recharges, online shopping, and ticket booking.
- Secure transactions are made with the help of an advanced encryption method to prevent financial data from getting damaged.
- Support for Credit Cards: Payments and money transfers are supported using credit cards.
- Instant Payments: The transfer and payments occur instantly.
- Reward Points: Cashback and rewards are earned on qualified transactions.
How to Transfer Money from Payzapp Wallet to Bank Account Usinf Credit Card
Here is a step-by-step guide to using PayZapp for transferring money from your credit card to your bank account:
Step 1: Download and Register on PayZapp
- Download PayZapp: It is free to download on both Google Play Store and Apple App Store.
- Register/Login: Sign up using your mobile number linked with the bank account. Then, follow the verification process by entering the OTP received on your mobile.
- Add Your Credit Card: Add your HDFC Bank credit card or any other bank’s credit card by filling in the card details in the “Add Card” section.
Step 2: Add Money To Wallet
To transfer money to a bank account, you have to add money to Wallet first
- Open the Payzapp App
- Select Payzapp Wallet
- Click on Add Money
- Enter the amount you want to add
- Click on to Proceed
- You will see your Credit Card details under Pay Using section
- If the details are correct Click on Swipe To Pay and the amount is loaded into your wallet.
Step 3: Transfer Money from Wallet To Bank
- Open Payzapp
- Select Payzapp Wallet
- Choose Send Money To Account
- Add Beneficiary by Clicking Add New
- Select Bank Name
- Enter Account Number, Bank IFSC and Beneficiary Name
- Click on Add Beneficiary
- Newly added beneficiary will be activated after 30 minutes, After that you can send upto Rs 50,000 in first 24 hrs
*In case of any issue you can contact HDFC Bank Customer Care for quick resolution of your problem.
Important Points to Note:
- Processing Fees and Interest Rates: Loading money from Credit Card to Payzapp wallet will cost you 2.5% processing fee plus GST charges.
- Everyday/Monthly limits: The credit card provider or PayZapp shall have set some transactional limits. Mainly you can transfer Rs 50,000 per month to a single account in a month. The maximum of Rs 1,50,000 can be trasferred to bank account from a Payzapp Wallet.
- Payzapp Wallet to Bank Transfer Charges: Transferring money from Payzapp Wallet to Bank Account is completely Free
- Eligibility : Your credit card should facilitate cash advances or such kinds of transactions.
PayZapp Wallet Loading Fees & Charges
Payzapp Wallet to Bank Transfer Charges
| Particular | Old Charges | New Charges (6th Jan 2025 Onwards) |
| Wallet to Account | 1.5% + GST | ZERO |
Payzapp Wallet Loading Charges
| Wallet Loading Instrument | Old Charges | New Charges (6th Jan 2025 Onwards) |
| UPI | NIL | NIL |
| Non HDFC Debit Cards | NIL | NIL |
| HDFC Debit Cards | NIL | NIL |
| Non HDFC Credit Cards | 1.5% + GST | 2.5% + GST |
| HDFC Credit Cards | 1.5% + GST | 2.5% + GST |
Advantages of Transferring via PayZapp
- Instant Access to Funds: This process is fast, thereby transmitting the funds to your account in real time.
- Safety Platform: PayZapp employs advanced security measures against transaction and personal information exposure.
- Multi-Payment Facility: Besides credit cards, one can use debit cards or pay through UPI/net banking.
- Cashback Deals: PayZapp has recurring cashback and discounts in its transactions, making sure you save money.
- No Need for Physical Visits: With PayZapp, you can manage financial emergencies without visiting a bank or ATM.
When to Use This Feature
While transferring money from Payzapp wallet to bank account using Credit card can be helpful, it should be used cautiously due to potential fees and interest rates. Use this feature in the following situations:
- Emergency Payments: When immediate cash is needed for medical or personal emergencies.
- Short-Term Liquidity Requirement: To tide over cash shortfall till your next salary or income.
- Avoiding Penalty for Late Payment: For paying essential bills or EMIs.
Cautionary Measures While Using PayZapp
- Do Not Use Excessively: Regularly transferring money from a credit card to a savings account can result in ever-increasing debt if not managed prudently.
- Repayment Discipline: Credit card dues should be cleared on time to avoid extra interest charges.
- Verify Beneficiary Details: Before confirming a transaction, cross-check the account details of the bank in order to avoid mistakes.
- Check Limits: Check daily as well as monthly limits in transactions. Payzapp has a limit of maximum 1.5 lakh per month for transferring money from wallet to bank.
Somtimes bank may also take notice of transactions and limit usage of credit card. I have personally transferred 1.5 lakh regularly for two months and got notice from HDFC bank about blocking my credit card or reducing my credit limit. So use it only if you have urgent requirement and no other source of money is available.
Conclusion
PayZapp is an efficient and safe mode of credit card to bank account transfers. It proves to be a great aid in critical financial situations. With these steps in mind and associated costs, you can make use of PayZapp for urgent cash needs. It is essential to use this facility responsibly so that one doesn’t go into unnecessary debt. You should always pay the transferred amount within the given time frame to minimize the interest charges and be financially stable.