Can I transfer money from ShopeePay to a bank account?

Transferring Funds from ShopeePay to Bank Accounts: A Comprehensive Guide

ShopeePay, a popular mobile payment solution, offers users the convenience of managing their finances online. One of its key features is the ability to transfer funds from ShopeePay to bank accounts. Understanding this process is crucial for maximizing the benefits of using ShopeePay.

Types of ShopeePay Balances

It’s essential to note that ShopeePay balances are categorized into two types:

• Transferable Funds: These funds can be withdrawn to bank accounts or transferred to other ShopeePay users through DuitNow.
• Non-Transferable Balances: These funds remain within the ShopeePay system and cannot be transferred out. They can only be used for purchases on Shopee and selected merchants.

Eligibility for Transferring Funds

To transfer funds from ShopeePay to a bank account, you must meet the following eligibility criteria:

• You have a ShopeePay account that is fully verified.
• Your ShopeePay balance includes transferable funds.
• You have linked a valid bank account to your ShopeePay account.

Transferring Funds

To initiate a transfer, follow these steps:

1. Open the Shopee app and tap on “ShopeePay.”
2. Select “Transfer.”
3. Choose “To Bank Account.”
4. Enter the amount you wish to transfer and select your linked bank account.
5. Review the transfer details and tap “Confirm.”
6. Enter your ShopeePay PIN or authenticate using facial recognition.

Processing Time

Once the transfer is initiated, the processing time may vary depending on your bank. Typically, funds will be credited to your bank account within 1-3 working days.

Transfer Limits

ShopeePay imposes daily and monthly transfer limits. These limits are subject to change and can vary based on your account’s verification status. It’s advisable to check the ShopeePay Terms and Conditions for the most up-to-date information.

Conclusion

Transferring funds from ShopeePay to bank accounts is a straightforward process that allows users to access their funds conveniently. By understanding the types of ShopeePay balances and eligibility requirements, you can utilize this feature effectively. Remember to adhere to the transfer limits and processing times to ensure a seamless experience.