Hello Today we’ll be discussing on How to withdraw money from Palmpay ok card to bank account.
PalmPay is a leading Nigerian fintech company providing payment solutions through their OK card and mobile wallet. A common need for PalmPay users is transferring money from their prepaid account balance back to their regular bank account. This guide explains the easy process to withdraw funds using the website portal or mobile app.
Launched in 2019, PalmPay aims to boost financial inclusion and cashless transactions in Nigeria leveraging next-gen technology. Users can send/receive money, pay bills, buy airtime, shop online and in-stores using the OK debit card or PalmPay mobile wallet linked to account balance.
PalmPay offers affordable pricing with no maintenance fees. Opening an account only requires BVN verification using government ID. Customers enjoy benefits like 5% interest and discounted gift cards.
The company has attracted over 300,000 users plus raised millions in venture capital demonstrating promising growth in coming years across Nigeria.
Overview of OK Debit Card
The PalmPay “OK Card” is a smart payment card providing customers ability to load balance and spend at merchant locations nationwide. It functions similarly to traditional debit cards with tap-and-go contactless transactions, online shopping capabilities, and more.
However, the OK Card is not linked to a current/savings account at traditional bank. Rather, users transfer funds from external bank account into PalmPay wallet, which pools balances for card payment deductions.
How To Withdraw Money From Palmpay Ok Card To Bank Account
The process of withdrawing funds from your Palmpay OK Card to your bank account is quite simple and straightforward, this ensures you can access your funds whenever needed.
- Now let’s see how it goes:
- Login to Your Palmpay App: Access your Palmpay OK Card dashboard on your phone using the correct PIN to login or finger print for quick process.
- Go to “To Bank”: Tap on the “To Bank” option to begin the palmpay Ok card withdrawal process.
- Add Bank Account Details: Input your ten-digit account number in the first paragraph.
- Select your bank name (e.g., Access Bank, Zenith Bank, First Bank) in the second paragraph.
- Click “Next” and proceed to the “Method of Payment” section.
- Select OK Card as Payment Method: Choose “OK Card” as your payment method.
- Input your transaction PIN to complete the transfer.
- Alternative Method – Sportybet:
- If the above method encounters issues, an alternative is withdrawing through Sportybet.
Fund your Sportybet account through the Palmpay app, then withdraw to your bank account
Linking Bank Account
To move funds from PalmPay, first link bank where money should be sent. Login and under Settings tap Linked Accounts to connect a bank via account number, BVN lookup, or card details.
Linking verifies account ownership for smooth withdrawals/deposits. Keep bank PIN handy during linkage to input for confirmation. Complete identity confirmation if prompted.
Using PalmPay Abroad
The OK debit card enables payments abroad wherever Mastercard is accepted including millions of ATMs, stores, websites, etc. However, foreign exchange fees apply.
For overseas cash withdrawals, use OK card at Mastercard/Cirrus ATMs charging roughly ₦250 plus 3.25% margin on market rates.
Securing PalmPay Account
Protect account access using precautions like:
- Strong login password
- Enable PIN access on mobile app
- Set transaction authentication alerts
- Memorize security questions
- Avoid public WiFi login
Monitor account activity daily and report unauthorized payments immediately per terms. Update contact details to receive status notifications.
FAQ About How to withdraw money from Palmpay ok card to bank account
How does OK card work?
The OK card is a prepaid card offered by a financial service provider.
It allows users to load money onto the card and use it for transactions at various merchants and online.
The card usually requires activation and can be managed through a mobile app or website.
What is the Palmpay OK Card?
The Palmpay OK Card is a virtual card that provides users with access to loans from Palmpay. The card is designed to be easy to use and can be activated within seconds on the Palmpay app. Once activated, users can apply for loans and receive funds directly to their Palmpay account.
Is the Palmpay OK Card a Loan?
Yes, the Palmpay OK Card is a loan. It is designed to provide users with access to quick loans without the need for collateral or a credit check. However, it’s important to note that there are certain fees associated with the loan, and users are required to pay back the loan on the 1st and 16th of every month.
Is PalmPay regulated in Nigeria?
Yes. PalmPay is registered under relevant financial laws and regulatory frameworks enacted by Central Bank of Nigeria that govern e-money issuers.
How do I create a PalmPay account?
Download the PalmPay app, register your details, submit BVN for account creation within minutes. Open website account with same process.
Can I have multiple PalmPay accounts?
No. Individuals are restricted to single PalmPay wallet account according to policy. However, access dashboard from both app and website using same login.
Is my money safe in my PalmPay account?
Yes. PalmPay utilizes encryption, 2-factor authentication, fraud monitoring and advanced security measures to protect account funds according to global standards.
How do I change my PalmPay PIN?
Login to PalmPay app, go to Settings > Security > Change Transaction PIN. Enter current code and new desired PIN.
Can I pay bills like DSTV via PalmPay?
Yes. PalmPay supports payments of bills, utilities, services, taxes and more via account balance or linked card using convenient in-app biller listings.
How do I get an OK card replacement if damaged?
Login to support portal and raise card replacement request detailing issue and upload any documents required. New card delivered to registered address.
Can I use PalmPay overseas while traveling?
Yes. The PalmPay OK debit card powered by Mastercard can make payments and ATM withdrawals globally with applicable FX fees per transaction.
How do I update personal details in my PalmPay profile?
Login via app or web, and go to Account > Personal Details page to edit and save changes to name, phone, email or documents for verification.
Can I receive international payments into PalmPay?
Yes. PalmPay wallets support deposits using domestic/cross-border bank transfers and remittances partnerships.
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Conclusion
PalmPay offers a convenient way for Nigerians to store and transfer money digitally using the mobile wallet linked to OK debit card.
When needing to withdraw funds back to your regular bank account, simply login to PalmPay portal, enter amount to transfer, confirm recipient bank details, and submit request. Processing completes within 24 hours on business days.
Keep withdrawal limits of ₦200k daily and ₦2m monthly in mind when moving large sums. Updating bank linkages streamlines future transfers to proper destination.
PalmPay withdrawals provide people alternative financial access, payments capabilities, and cashflow control unavailable from traditional institutions alone.
After reading this article know you How to withdraw money from Palmpay ok card to bank account.
