How to Cash Out (or withdraw) on Palmpay in Nigeria 2024

Cash Out withdraw Palmpay Nigeria

Learn how to Cash Out (or withdraw) on PalmPay in Nigeria.

Ever used PalmPay to shop online or send money to friends, but wondered how to get that cash back in your hands? Look no further! This post explains what you need to know about cashing out on PalmPay in Nigeria.

What is PalmPay Cash Out?

PalmPay Cash Out, simply put, is the process of withdrawing money from your PalmPay wallet into physical cash. It’s a convenient way to access the funds you’ve accumulated using the PalmPay app.

Benefits of Cashing Out with PalmPay

There are several advantages to using PalmPay for cash withdrawals:

  • No need to carry around a debit card or wait in line at the bank. You can initiate a cash out right from your phone.
  • PalmPay employs robust security measures to protect your transactions.
  • Choose between withdrawing to your bank account (free) or through a PalmPay agent (fees may apply).
  • Cash withdrawals are typically processed quickly, allowing you to access your money within minutes (for agent withdrawals) or a few business days (for bank transfers).

Requirements for Cashing Out on PalmPay

Before you can cash out on PalmPay, there are a couple of things to ensure:

  • BVN and NIN Verification: This is a crucial step for all Nigerian mobile money platforms. You’ll need to have your BVN and NIN linked to your PalmPay account for successful transactions.
  • Minimum Withdrawal Amount: PalmPay has a minimum withdrawal amount, which means you can’t cash out amounts below a certain limit.

How to Cash Out with PalmPay in Nigeria (2 Methods)

PalmPay offers two (2) convenient methods for cashing out: withdrawing to your bank account (free) or through a PalmPay agent (fees may apply).

Method 1: Withdrawing to a Bank Account (Free)

This method is ideal if you have a linked bank account and prefer to avoid any withdrawal fees. Here’s how to do it:

– Linking Your Bank Account:

  • Open your PalmPay app, then login.
  • Tap on the “Wallet” section.
  • Find and tap the “Add Bank Account” option or something similar.
  • Proceed to enter your bank details, including account number and bank name.
  • You may be required to verify your bank account ownership through a one-time PIN (OTP) sent to your registered phone number.

– Initiating a Withdrawal:

  • Once your bank account is linked, head back to the “Wallet” section.
  • Now, locate the “Withdraw”, or the “Cash Out” option.
  • Select “Bank Transfer” as the withdrawal method.
  • Enter the amount you want to withdraw, ensuring it meets the minimum requirement.
  • Select the bank account where you want to send the money.
  • Check the information thoroughly, then confirm the transaction.

Method 2: Withdrawing Through a PalmPay Agent (Fees May Apply)

This method is suitable if you don’t have a linked bank account or prefer to receive cash immediately. However, keep in mind that PalmPay agents may charge a small fee for the service. Here’s the process:

– Locating a PalmPay Agent:

  • Open the PalmPay app and tap on the “Withdraw” or “Cash Out” option.
  • Select “Agent Cash Out” as the withdrawal method.
  • The app will display a map showing nearby PalmPay agents in your location.
  • Choose the agent closest to you or the one most convenient for you.

– Withdrawing Cash at a PalmPay Agent:

  • Visit the selected PalmPay agent with your phone and a valid ID (your National ID card or driver’s license will do).
  • Inform the agent that you want to make a PalmPay cash out.
  • Open the PalmPay app and initiate a withdrawal transaction.
  • Select “Agent Cash Out” as the method and enter the amount you want to withdraw.
  • Your phone screen will show a unique QR code.
  • Show the QR code to the PalmPay agent and confirm the transaction.
  • Once the agent verifies your details and the transaction, you’ll receive your cash.

PalmPay QR Card: Can You Use it for Cash Out?

While the PalmPay QR card allows you to make payments at stores and POS terminals and transfer money to others, it cannot be directly used for cash withdrawals at ATMs or agent locations. The QR code on the card is for identification and linking it to your PalmPay account, not for cash out transactions.

Now, you can easily and securely cash out your funds on PalmPay in Nigeria. Yes, you can enjoy the flexibility of having your PalmPay balance readily available in physical cash whenever you need it.