OLA Money Bank Transfer charges: TLDR – Do not use OLA money for transferring money to bank

OLA Money is powered by zip cash and OLA money bank transfer charges are same as what are charged by folks at zip cash. Until January 2017, there were no charges upto 1000 rupees and people have been using OLA money quite heavily due to this very advantage. But, a company cannot operate for free forever right? That is why, you are charged some amount even if you want to transfer 100 rupees from your OLA money account to your or someone else bank. Here are the OLA Money bank transfer charges.

OLA Money Bank Transfer charges

Bank Transfer charges =  4% of amount to be transferred + service tax

For instance, here is a screenshot showing that I have INR 1524 OLA Money balance and I want to transfer 500 rupees to my friend’s bank. For 500, I am being charged 23 rupees which to be honest, is quite a lot for IMPS transfer.

OLA Money Bank Transfer charges

Here is another screenshot where I am transferring 1500 rupees. The situation is even worse here, with 69 rupees being charged as transfer fees. OLA has definitely lost their mind.

OLA Money Bank Transfer charge

It is better to spend this money on OLA cabs, online sites or get some petrol rather than transferring money to your or someone’s bank account. On the flip side, PayTM and Mobikwik don’t impose any charges. I have transferred 5000 using Paytm and did not pay any charges. Alternatively, you can use BHIM app and avoid paying charges while transferring upto 1000 rupees.

Here is complete breakdown of OLA Money and their charges:

Account Opening: None
Reload: None
Mobile Topup: None
Bill Payments – Registration Mode: None
Bill Payments – Instant payment Mode: 1.5%
DTH Recharges: None
Third Party Websites: Upto 2%*
P2P – One ZipCash a/c to another: None
Bank Transfer: 4% + service tax applicable (or what ever is mentioned on the bank withdrawal check out page)
Courier Charges for Home Delivery: Rs. 20 per transaction
Courier Charges for Gift Voucher Delivery: Rs. 30 per voucher

It appears that OLA Money has given up and wants to restrict users to take money out of their digital wallets. This is not a move that will attract a lot of people because their rivals are not charging outlandish charges to the end users. I hope the company will do something about it because we all totally heart their cabs.

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