How to Use UPI for International Payments: Save Up to 90% on Bank Fees
Introduction
Unified Payments Interface (UPI) is a real-time payment system developed by the National Payments Corporation of India (NPCI). It allows users to make instant payments to merchants, individuals, and businesses using their mobile phones. UPI is one of the most popular payment methods in India, and it is now being used for international payments as well.
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Benefits of Using UPI for International Payments
- It is a secure and convenient way to make payments.
- It is fast and efficient.
- It is low-cost.
- It is available 24/7.
- It is supported by a wide range of banks and apps.
List of Banks that Support International UPI Payments
As of September 2023, the following banks support international UPI payments:
- Bank of Baroda
- Union Bank of India
- Punjab National Bank
- Canara Bank
- Bank of India
- Indian Bank
- Central Bank of India
- Bank of Maharashtra
- The Federal Bank Limited
- IndusInd Bank Limited
- Karur Vysya Bank Limited
- South Indian Bank Limited
- City Union Bank Limited
- Punjab & Sind Bank
- ESAF Small Finance Bank Limited
- The Cosmos Bank
List of UPI Apps that Support International Payments
The following UPI apps support international payments:
- Google Pay
- PhonePe
- Paytm
- Amazon Pay
- BharatPe
How to Make an International Payment Using UPI
To make an international UPI payment, you will need:
- A UPI-enabled app that supports international payments.
- A bank account that supports international payments.
- The recipient’s UPI ID or bank account details.
Once you have all of the necessary information, you can follow these steps to make an international UPI payment:
- Open your UPI-enabled app.
- Select the “International Payments” option.
- Enter the recipient’s UPI ID or bank account details.
- Enter the amount you want to send.
- Enter your UPI PIN.
- Confirm the payment.
The payment will be processed instantly, and the recipient will receive the funds in their account within a few minutes.
Fees and Limitations of use UPI for international Payments
The fees and limitations for UPI international payments may vary depending on the bank and app you use. However, in general, you can expect to pay a small fee for each transaction. There may also be currency conversion fees involved.
Conclusion
UPI is a secure and convenient way to make international payments. If you are looking for a fast, affordable, and reliable way to send money to friends and family abroad, then UPI is a good option to consider.
I hope this blog article has been helpful. If you have any questions, please feel free to ask me in comments
