How To Withdraw Money From Palmpay OK Card To Bank Account
Palmpay is a popular prepaid card service in Nigeria that allows users to store money, make purchases online and in stores, and withdraw cash. The Palmpay OK card takes these capabilities one step further by allowing direct linkage to a Nigerian bank account.
This makes the Palmpay OK card extremely useful for those who want an easy way to load funds from their bank account, spend money online or in person, and then transfer any unused balances back to their bank when needed.
The process of withdrawing money from a Palmpay OK card into your linked Nigerian bank account is quick and straightforward. In this guide, we’ll explain step-by-step how to transfer money from your Palmpay OK card to your bank using the Palmpay mobile app.
Requirements
Before you can withdraw funds from your Palmpay OK card to your bank, you need:
• An active Palmpay OK card registered in your name
• The Palmpay mobile app downloaded on your smartphone
• A Nigerian bank account in your name that is linked to your Palmpay OK card
If you don’t have one or more of the above, I’ll also give instructions on how to set those up properly in this guide.
Step 1: Download the Palmpay Mobile App
The first step is to download the Palmpay mobile app to your smartphone device. This can be an iPhone, Android phone, or other mobile device capable of running iOS or Android apps.
Here is where to find the Palmpay mobile app:
Apple iOS devices – Download from the Apple App Store
Android devices – Download from the Google Play Store
Search for “Palmpay” in the app store and look for the app published by PalmPay Corporation. The app icon is green and white and looks like a palm tree.
Install and open up the app once downloaded.
Step 2: Create a Palmpay Account & Order a Palmpay OK Card
When you first launch the newly installed Palmpay app, you’ll have to create an account. Here is how to sign up:
1. Select “Create a free account”
2. Enter your phone number and click “Continue”
3. Enter the 4-digit verification code sent via SMS
4. Set a password and click “Next”
5. Provide your details like full name, DOB, residential address, etc.
6. Upload a valid ID document like national ID, passport, or voter’s card
7. Review details and accept terms & conditions
8. Click “Create Account”
Once signed up, order your free Palmpay OK card via the app. You will have to load a minimum of 100 NGN into your Palmpay wallet to activate the card upon arrival.
Step 3: Link Your Nigerian Bank Account
To be able to withdraw funds from your Palmpay OK card to your bank later, you first have to link a Nigerian bank account. Here is how to link a bank account within the Palmpay app:
1. In the app menu, go to “Account” -> “Linked Accounts”
2. Click on “Link new account”
3. Select your bank from the list of available Nigerian banks
4. Enter your account number and click “Continue”
5. Input your bank account PIN or OTP sent to your phone and click “Link Account”
Once successfully linked, you will see your Nigerian bank account listed under Linked Accounts. You can repeat to link additional bank accounts if needed.
Step 4: Fund Your Palmpay OK Card
Before you can withdraw money, you first need to have funds loaded onto your Palmpay OK card. Here are a few ways to load/fund your Palmpay card:
Bank Transfer – Do an online transfer or ATM transfer from your linked Nigerian bank account directly to your Palmpay account using your account details provided in the app.
Cash Deposit – Take your Palmpay OK card to an authorized Palmpay agent location for instant cash loading for a small fee.
Card Transfer – Use another credit/debit card to transfer funds into your Palmpay OK card account instantly.
The money transferred by any method will immediately reflect in your Palmpay account balance. Do note transfer limits apply based on your card tier. Verify your loaded balance under “Wallet” before withdrawing.
Step 5: Initiate Withdrawal to Bank
Now finally, once your Palmpay card has been loaded with funds, you can proceed to withdraw money back to any linked bank anytime:
1. Under “Wallet”, click on “Withdraw”
2. Select transfer option as “To Bank Account”
3. Choose your recipient bank account
4. Enter the withdrawal amount
5. Add an optional description and click “Continue”
6. Review withdrawal details carefully!
7. Enter your Palmpay app PIN to confirm withdrawal
8. Wait for withdrawal status to show “Processed”
And that’s all there is to it! Within 24 hours typically or max 72 hours, the withdrawn amount will reflect in your bank account ready for use.
Additional Tips
Here are some additional tips worth knowing when using the Palmpay service:
Verify Identity Properly
Make sure to verify your identity by uploading a valid ID when creating your account. This prevents withdrawal issues later on.
Set App Login PIN/Password
Secure your Palmpay app with a login PIN or password to prevent unauthorized access or transfers. Don’t share this with others.
Link ALL Your Bank Accounts
Link multiple bank accounts you use rather than just one to have flexible withdrawal capabilities later on.
Monitor Failed Withdrawals
Check back on “Failed” withdrawal status and re-initiate after some time or contact support if issues persist.
Cash Withdrawals Too
You can use Palmpay agents to directly withdraw cash from your card balance instead of bank transfers only.
Use Reference Field
Entering a description in the reference field when withdrawing helps reconcile your bank statement later.
Troubleshooting Tips
Despite Palmpay’s reliable service, some users may occasionally encounter issues like:
Insufficient balance – Load more funds and retry withdrawal
Incorrect bank details – Redo bank account linking process
OTP issues – Request new OTP and don’t share previous one
Withdrawal failures – Try again later or contact customer support
Most problems can be fixed yourself by following the above troubleshooting tips. But for complex cases, reach out to the friendly Palmpay Nigeria customer assistance for specialized support.
Frequently Asked Questions About Withdrawing Money From A Palmpay OK Card To A Bank Account
How long does it take for a Palmpay withdrawal to reach my bank account?
Most Palmpay withdrawals take between 24-72 hours to reflect in your bank account. The funds need to be processed and settled between the PalmPay systems and banking networks, which takes 1-3 days typically.
Can I withdraw cash instead of transferring to my bank account?
Yes, instead of doing a bank transfer you can opt to withdraw cash. Visit an authorized Palmpay agent location to withdraw cash directly over the counter using your Palmpay OK card. A small fee may apply.
What are the limits when transferring from Palmpay to bank accounts?
Palmpay has defined transaction limits based on your user tier. Verified starter tier accounts can withdraw up to ₦200,000 daily and ₦500,000 monthly. Upgraded premium tiers have higher limits.
Do I need to have a card to withdraw to bank?
Yes, you need an active registered Palmpay OK card in your name to be able to withdraw funds into your linked bank accounts. Without a Palmpay OK card, bank transfers are not possible.
What happens if my bank details are incorrect when withdrawing?
If your recipient bank details are inaccurate while configuring a withdrawal, the transfer to the bank account will fail. You will have to create the transfer again using the correct account details for a successful withdrawal.
How do I get a new Palmpay card if damaged/expired?
Simply login to your PalmPay app and under Card Management, choose to request a new card. Existing card funds with then be transferred minus replacement fees. This saves you from creating an account afresh.
Conclusion
Palmpay makes transferring money from their prepaid card to Nigerian bank accounts easy with their linked bank account feature. Within this guide, I’ve provided a step-by-step walkthrough on setting up your card, linking bank account recipients, loading/funding your card, and finally withdrawing money into any preferred bank you choose in just a few taps.
So whether you are receiving payments from international clients, wanting to shop online without using your regular bank cards, or even just trying to budget your spending, the Palmpay OK prepaid card combined with easy bank withdrawals is an advantageous service to leverage.
