How To Transfer Money From Mobile Money To Bank Account. Mobile Money is the most used payment method in Ghana, especially among electronic payment methods. Both the young and old, the rich and poor use this payment method.
As such, many traditional banks have incorporated it into their systems to enable individuals to send and receive money to and from their bank accounts through their Mobile Money wallets.
This has by far reduced the risks associated with running transactions with physical cash. It has also reduced the stress of moving from one place to the other to deposit money into your bank account or cash out from your account.
However, the big question goes thus; How Do You Transfer Money From Mobile Money To Bank Account?
If that is your query, then you are at the right place. In this article, we shall tackle three things. How to transfer money to and from your linked bank account through MOMO. How to transfer money from your MOMO to another person’s bank account.
How To Transfer Money To And From Your Linked Bank Account
Before you can perform this transaction, you must first ensure that you have activated Mobile banking at your bank and that your bank account is linked to your Mobile Money account.
To get this done, you just need to visit the bank branch where you opened your account and submit your phone number as well as fill some forms. It usually takes a day to get this done. For most people though, this is done during the account creation. So there is no need to go back for this.
Now, let’s look at the steps for making the transfer.
How To Transfer Money Into Your Linked Bank Account
- Dial *170# to access the Mobile Money portal on your phone.
- Dial option 5 for Financial Services
- Then select 1 for Banking Services
- Select Option 1 to Transfer money to your bank account
- Select your bank from the list on the next page.
- Select your bank account details from the options available. If it’s just one, then select Option 1.
- Enter the amount you wish to transfer.
- Review the transaction details and enter your password to confirm.
Once successful, you should receive a notification indicating that you have successfully transfered money to your bank account.
How To Transfer Money From Your Linked Bank Account
- Dial *170# to access the Mobile Money portal on your phone.
- Dial option 5 for financial services
- Then select option 1 for Banking Services
- Select Option 2 to Transfer money from your bank account
- Select your bank from the list on the next page.
- Select your bank account details from the options available on the next page. If it’s just one account, then select option 1.
- Enter the amount you wish to transfer from your account.
- Review the transaction and enter your password to confirm.
How To Transfer Money From Your Mobile Money Account To An External Bank Account
There are times that you would like to make payment to someone and the person requests that you pay into their bank account. However, the money is actually in your Mobile Money wallet. So, how do you send money to the person without having to withdraw it first?
- Dial *170# on your phone to access the Mobile Money portal
- Select option 1 to Transfer money
- Select Option 6 for Bank Accounts
- Select option 1 for Wallet to Bank Account
- Select the Bank you want to send the money to.
- Enter the account number of the recipient
- Enter the amount you want to transfer
- Review the transaction details and enter your password to confirm.
Also check out How To Increase Your MTN Mobile Money Limit
Conclusion
Mobile Money is an integral part of the business ecosystem in Ghana. Since its introduction so many years ago, Mobile Money has been widely used by all groups of people in the country. It is basically used to send and receive money amongst account holders.
However, this is not the only way in which Mobile Money accounts can be used. They can be used to transfer money from and to bank accounts as well.
In this article, we spoke about the steps for Transfering money to and from your linked bank account as well as sending money to an external bank account through your mobile money wallet.
If you have any questions or comments, kindly let us know below.
