Because a large number of Nigerians are now able to complete all of their banking transactions online, the introduction of PalmPay into the financial technology industry sector of Nigeria was a real game-changer for a lot of Nigerians.
With Palmpay Ok card, you can easily receive money, save money, and send money using PalmPay. This platform also allows for the payment of bills and the purchase of airtime; both of these services fall under the category of financial offerings.
You can, of course, withdraw money from PalmPay without having to go to the bank, stand in line for a long time, and hand in a withdrawal slip. This option is available to you because PalmPay eliminates these steps.
That’s pretty incredible, isn’t it?
Because of this, we have demonstrated to you how to withdraw money from PalmPay so that you can obtain it immediately in cash and do so without experiencing any anxiety.
Let’s not squander any more time and get started right away!
Making a Withdrawal from Your PalmPay Ok Card Account
It goes without saying that you are able to deposit and move money within your PalmPay wallet with the purpose of either putting it away for later use or using it for another purpose.
People are likely to be perplexed, however, when it comes to the process of withdrawing money from their PalmPay accounts because PalmPay does not offer an ATM card like Opay does.
PalmPay does not currently offer an ATM card for withdrawals; however, the PalmPay app does include a withdrawal feature, so it is still possible to take money out of your PalmPay account.
You were able to withdraw money from your PalmPay account by using a PalmPay agent if you took advantage of the PalmPay withdrawal feature.
Now, let’s take a look at how to make a withdrawal from PalmPay at a POS terminal.
How to Get Your Money Out of PalmPay Ok Card
Simply go to a PalmPay agent that is conveniently located near you and follow the steps outlined in this guide to withdraw money from your PalmPay account using a PalmPay POS agent.
How to take money out of your PalmPay Ok Card Account
- Launch the PalmPay app that’s been installed on your mobile device and sign in to your account.
- To make a payment, select “Pay Shop” from the menu on your dashboard.
- Make sure you get the merchant identification number from the agent (it is usually 8 digits). You also have the option to request to scan the Merchant QR code that the agent possesses.
- Verify the information about the merchant.
- Enter the amount that you want to take out of your account.
- Please enter the PIN for your PalmPay transaction.
- In the event that the transaction is completed successfully, the agent will give you your cash.
- You also have the option of utilizing the PalmPay withdrawal feature in order to remove funds from your PalmPay account.
When you open the PalmPay app on your phone, all you have to do to accomplish this is tap the “Withdraw” button that will appear on the screen.
After that, select and add the bank account number to which you want the money to be withdrawn, enter the amount of money you wish to withdraw, confirm the account details, and enter your PalmPay transaction pin in order to complete the payment.
Keep in mind that the feature of PalmPay known as “withdrawal” functions very similarly to the feature known as “bank transfer.” As a consequence of this, the money that was withdrawn will be deposited into the bank account that was provided.
You are free to use this method at any standard POS terminal.
Fees Associated with Withdrawing Using PalmPay Ok Card
PalmPay is very close to being free. However, if you withdraw money from a PalmPay POS agent’s location, you should be prepared to pay any fees that the agent may try to collect from you.
If it is one of your first three transfers to the POS agent using the app, you won’t be charged because it is free for the first three transfers.
On the other hand, subsequent transfers after that will be subject to a charge of 10 Naira for each individual transfer.
As a result of this, if you use the transfer method to withdraw money from PalmPay, you will be subject to a service fee of 10 Naira for any transfer that is the fourth or subsequent one of the day.
As I mentioned earlier, PalmPay agents decide the fee that they will assess for withdrawals, so you should be prepared to pay their fees in the same manner as you would pay those of a regular POS merchant.
It might interest you to read; Palmpay Ok Card Terms and Conditions
palmpay Ok Card Staff Invitation Code
What is the invitation code for PalmPay? In 2023, the PalmPay invitation number is 192375. If you use this code when you sign up for an account on the PalmPay app, you’ll get a free N100 of money and a sign-up bonus.
Palmpay Ok Card Overdraft
If you would like to overdraft on Palmpay, Kindly click on the overdraft icon on the home page of your PalmPay App to get started.
Palmpay Ok Card Loan
How can I borrow a PalmPay loan?
To borrow a loan from PlamPay, follow the steps below:
1. Download the app on your phone
2. Next, create an account by filling out your details on the registration form.
3. Once your registration is successful, you will be able to see your dashboard.
4. Go to your dashboard and click on “Loans”. You will see the amount you are eligible to borrow then you can go ahead to borrow it.
What are the loan requirements for PalmPay?
To borrow a loan from PalmPay, you must meet the following requirements:
1. You must be a Nigerian citizen living in Nigeria
2. Be at least 22 years old
3. Have a functioning phone to download the PalmPay app
4. Your credit score must be good and you must not have any pending loans to repay
5. Have an active bank account with BV
How much loan can you get from PalmPay?
You can get a loan of up to N200,000 instantly on PalmPay. The best part of it is that you do not need any paperwork or collateral to obtain the loan.
What are the PalmPay loan interest rate and repayment period?
Basically, the interest rate on PalmPay loan is between 15% to 30%. It varies within that range depending on the amount of loan you obtained and your credit score.
As for the loan repayment period on PalmPay, the duration is between 1 month to 1 year. The first time you borrow, the platform will charge you a high-interest rate and your repayment period will be short. However, as you continue to borrow and repay on time, this will improve.
How can I repay my loan on PalmPay?
To repay your loan on PalmPay, follow the steps below:
1. Open the PalmPay app on your phone and login into your account.
2. Next, go to the dashboard and look for the “loan repayment” tab.
3. Click on the tab and select your medium of repayment. You can choose either a Bank transfer or an ATM.
What happens if I default on my loan?
If you fail to pay back your loan on time, PalmPay will increase your interest by 20%. Over time, if you still don’t repay the loan, PalmPay will send your name and details to the Credit Bureau to blacklist. Blacklisting makes you unable to borrow a loan in Nigeria until you pay back the loan.
How can I download the PalmPay app?
To download the PalmPay app, follow the instructions below:
1. Go to the Google Play Store app on your Android phone. However, if your phone is an iPhone, go to the App Store.
2. Next, search for “PalmPay”.
3. Download and install the app.
4. Lastly, register on the platform and borrow a loan.
Palmpay Ok Card Customer Care Number
How can I contact PalmPay?
You can contact PalmPay through the following ways:
Email: [email protected]
Phone Number: 018886888
Palmpay Ok Card Activation
PalmPay Withdrawal – FAQs
How do I withdraw the money from my PalmPay account?
You have the option of getting your money from PalmPay by transferring or withdrawing it directly to your bank account, or you can go to a POS agent nearby, transfer your money there, and then get cash from them.
What are the steps that I need to take to get my money out of PalmPay?
Simply visiting a PalmPay merchant in the area, obtaining the merchant ID, transferring money to the agent, and then getting your money back in cash is all that is required to withdraw money from your PalmPay account.
What kinds of withdrawals are available through PalmPay?
Pay Merchant, Withdrawal, and transferring money to your bank account are all options for withdrawing money from your PalmPay account.
We believe that this straightforward guide on how to withdraw money from PalmPay will help you convert your PalmPay balance into cash in a way that is both expedient and uncomplicated.