How to Withdraw and Deposit Money from Loco

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Loco started its journey as an online quiz app. It was launched in November of 2017 and allowed users to win real money by answering ten questions. Every day, a quiz was conducted and users who answered all ten questions correctly won a cash prize. The Loco withdrawal was easy and convenient for users back then. Over the years, the demand for e-sports streaming increased in India. As a result, Loco also transformed itself to suit the demand for e-sports in India.

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Formerly known as Showtime, Loco changed itself to become commonplace for esports streamers and viewers. Since 2020, Loco has witnessed tremendous growth in its users. You can easily set up your stream on Loco and earn real money as you gain popularity. Want to know how to withdraw money from Loco app? Read on to know how to withdraw and deposit money from Loco in simple steps.

How can you withdraw your money from the app?

Does Loco really give money to streamers? Well, Loco offers rewards to users that can be redeemed via the Loco app itself. The steps to utilise the rewards on the Loco app are as follows:

• On the lower portion of the Loco app, click on the ‘Rewards’ section. Your gold coin balance and available rewards will be shown. Loco offers you gold coins for watching streams.

• You can then click on ‘Your Rewards’ to view your rewards on the Loco app.

The above steps were for redeeming gold coins on the Loco app. If you want to stream and earn money, you will have to download the Loco Studio app from the Play Store. Loco Studio offers Beans as your streaming channel grows. A single Bean on the Loco Studio app is equal to INR 0.072. After TDS deduction, a single Bean on the Loco Studio app is equal to INR 0.0576.

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How to make deposits on the app?

The wallet of the Loco app consists of Gold and Diamonds. You cannot pay real money to the Loco app for redeeming rewards. Rewards on the Loco app are redeemed only via the available Gold and Diamonds. However, you can purchase more Diamonds on the Loco app if needed. To buy Diamonds on the Loco app:

• Click on your profile picture and a menu option will open.

• Click on the ‘Wallet’ option and view your Gold and Diamonds balance.

• On the bottom of the screen, you will see an option to buy diamonds. Click on it to shop for more Diamonds.

• Choose any set of Diamonds and pay for it online via net banking or debit/credit card. You can also buy Diamonds with your Google Play balance.

Diamonds on the Loco app can be used to show support to your favourite streamers. On the Loco Studio app, you don’t deposit money. You don’t have to search ‘how to withdraw money from Loco Studio’ as you can do it in simple steps.

What are the withdrawal methods at the app?

On the Loco app, you can use the available Gold and Diamonds to get rewards. However, you can withdraw real money via the Loco Studio app if you are a streamer. Withdrawal methods on the Loco Studio app are Paytm, Mobikwik, Bank Transfer, and UPI. If you just want to watch esports streaming, you can do it via the Loco app. You don’t need to download the Loco Studio app if you aren’t a streamer.

Terms and conditions for withdrawing money from the app

Do you know how to withdraw money from Loco app? Well, you should also know the terms and conditions associated with withdrawing money from the Loco app. Terms for withdrawal on the Loco and Loco Studio app are as follows:

• On the Loco Studio app, you need a minimum of 1389 Beans to make a withdrawal.

• Via the Loco app, users can redeem only three rewards in ten days.

• On the Loco app, one can redeem rewards worth up to INR 10,000 in a year.

Loco money transfer and withdrawal process are simple to facilitate the viewers and streamers.

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How to do bank account verification on the app?

You don’t have to verify your bank account on the Loco app. Bank verification is required only for the Loco Studio app because you need to withdraw the money earned via streaming. The step for bank account verification on the Loco Studio app are as follows:

• Open the streaming centre on the Loco Studio app.

• Click on the ‘Manage Account’ option.

• Click on the ‘Add’ option in front of the ‘Bank Transfer’ button.

• Provide the bank account details on Loco Studio and press the ‘Confirm’ icon.

How to do PAN card verification on the app?

If you know how to withdraw money from Loco app, it is more than enough. The Loco app does not ask for your PAN card details for watching streaming videos. Also, on the Loco Studio app, you do not have to provide your PAN card details for withdrawing Beans. Loco payment can be done without the PAN card details.

Withdrawal time on the app

The Loco app allows you to redeem rewards at any hour of the day. However, you can only redeem rewards up to INR 10,000 in a year. Similarly, you can withdraw beans at any hour of the day on the Loco Studio app. Loco withdrawal is permitted at all times to facilitate the users.

Withdrawal fees of the app

There are no charges on the Loco app for redeeming your Gold. However, on the Loco Studio app, you have to pay TDS for withdrawing Beans. The price of a Bean on Loco Studio after TDS is INR 0.0576.

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What is the daily withdrawal limit on the app?

On the Loco app, there is no daily withdrawal limit. However, you can redeem rewards worth INR 10,000 in a year via the Loco app. In ten days, you can redeem a maximum of three rewards on the Loco app.

Why do the withdrawal requests get cancelled on the app?

Sometimes, withdrawal requests can get cancelled on the Loco app due to a technical fault. In such a case, one should try placing a withdrawal request on the Loco app again. If your Loco balance is still not being processed, check for any errors in your bank account or linked e-wallet. If everything seems fine, you should immediately convey your issue to the customer support of Loco. Loco ensures that every streamer can exchange their earned Beans with real money in their account. Usually, fewer withdrawal issues are found on Loco.

When will the withdrawal be processed?

On the Loco and the Loco Studio app, withdrawals are processed in quick succession. You don’t have to place a prior request on Loco to make withdrawals. Sometimes, a little time can be taken to process your withdrawal on Loco Studio.

How to cancel the withdrawal request on the app?

Do you know how to withdraw money from Loco/Loco Studio? Well, if you know the withdrawal process, use it when needed. Don’t withdraw money from Loco Studio if you don’t need it. You can cancel a reward after redeeming it on Loco. Similarly, you cannot cancel a withdrawal request on the Loco Studio app. Loco withdrawals are usually done in quick succession so one cannot cancel it.

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Question Answer
What is a Loco redeem code? You can promote Loco to your friends/family members and win rewards. You can share the Loco redeem code/referral code with your friends/family members.
Is Loco safe for streaming? Loco is a trusted and safe platform for streaming esports. Your sensitive data will not be provided to a third party by Loco.
How to withdraw money from the Loco app? You cannot withdraw money from the Loco app as it is for watching streaming videos only.
What is Loco Studio? If you want to earn money by streaming, you can download Loco Studio. It offers Beans to streamers as they earn views. The Beans on Loco Studio can be exchanged for real money.

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About The  

Rohan Mathawan
Rohan Mathawan

This article is authored by Rohan Mathawan, who is presently working as the Vice President of Media Sales and Operations at Techstory Media. Rohan started his career as an online gaming and technology content writer and has written more than 5000+ articles for reputed brands and companies like Techstory Media, MarketingCrap, and a few other ad agencies in the last 4 years. Rohan loves to read about online gaming during his pastime. His passion to create content about online gaming drive him to dive deep into the research of the topic and the result is a highly relevant and captivating piece of content that is appreciated by his readers.

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