A Beginner’s Guide To UPI International Transfers
You’ve found the perfect investment or the perfect employee. All you need to do now is send your money over to their bank account—but what about fees? What about exchange rates? The UPI system makes it easy to send money overseas, but here’s everything you need to know about sending and receiving money through the UPI network.
What is UPI?
Universal Payments Interface is a payments platform that lets you make and receive payments from anyone with an Indian bank account in real-time. You can also transfer funds between your accounts at different banks to create a shared pool of money.
This feature is helpful if you want to manage your finances, exchange US dollar to rupee, or have joint savings account with someone else. It’s free to use and works across devices, which means you can send money via UPI even when you’re away from home.
Which Apps Support UPI?
Many apps support the Unified Payments Interface. Some of them are Paytm, PhonePe, Tez, and JioMoney. Users can also make transactions directly from their bank accounts, as long as they have a credit or debit card linked to their account.
Banks like ICICI Bank, SBI, HDFC Bank, and others offer UPI-based services on their app or website to facilitate hassle-free money transfers between individuals and businesses in India. You can also make these online payments using credit cards.
How Does It Work?
Understanding how UPI works can be challenging if you are new to digital payments. To make it easier, let’s break down how you can use your mobile phone to send money internationally with a simple explanation of how your bank connects to NPCI (National Payments Corporation of India) and accesses its services.
Do I Need a Bank Account to Use UPI?
You don’t need a bank account to use UPI if you’re in India. Instead, you need a bank account linked to your mobile number and location if you’re an international user.
How Secure is It?
The safety of your funds is a huge concern when transferring money internationally. UPI ensures these transfers are safe, secure, and fast by using banking standards established across multiple countries. What’s more, it’s completely free to send and receive money using UPI within India. So whether you’re sending or receiving money at home or abroad – with UPI, you know that your transactions are private and secure.
Can I Send Money Internationally Using My Domestic Bank Account and the UPI App?
You can send money from one UPI-enabled bank account to another. If an Indian resident holds both accounts, you do not need to use an external payment gateway like Western Union, Paytm or PhonePe and any Indian bank’s UPI app will work. However, you need to contact your home country’s mobile network operator (MNO) directly if you wish to send money internationally using your domestic bank account.
Is There a Transaction Limit On Transactions Done Through My Mobile Banking App?
There is no transaction limit on transactions done through your mobile banking app; however, it can vary depending on your bank. So you should check with your bank first before proceeding with a large payment.
When you send or receive funds from overseas, it’s crucial to ensure that your transaction will be processed quickly and accurately. In addition, you can ensure that your funds arrive on time and entirely with some preparation.
Also Read : Advice On New Technology Buying Guide For Project Management Software
