UPI Remittances Abroad: Here’s How BHIM, PhonePe, And Paytm App Users Can Transfer Money To Singapore Via Smartphone
The UPI-PayNow link facilitates instant, secure, and cost-effective remittances from the Singapore-based Indian diaspora directly into Indian bank accounts.
Are you looking to send money from India to Singapore? Your smartphone can be your best help in this task. By using the UPI-PayNow link, you can make fast, safe, and affordable transfers. The UPI-PayNow link facilitates instant, secure, and cost-effective remittances from the Singapore-based Indian diaspora directly into Indian bank accounts. Users of BHIM, PhonePe, and Paytm apps can take advantage of this feature.
Moreover, banks such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India have also been offering the service via their apps.
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Benefits of UPI-PayNow Transfers
1. Instant: Funds are transferred in real-time, reaching the recipient’s bank account within seconds.
2. Secure: The linkage utilises robust security protocols to ensure safe and reliable transactions.
3. Cost-effective: Transaction fees are not very high, making the service a preferable choice for frequent remittances.
4. Convenient: The facility is available 24/7, 365 days a year.
Understanding the UPI-PayNow Linkage
The UPI-PayNow linkage provides a convenient (24/7), real-time, secure, and easy means for customers of participating banks and non-banking financial institutions (NFIs) to transfer funds across borders. Singapore’s PayNow and India’s UPI users will be able to send money instantly and securely across the two countries.
A PayNow user of a participating bank/NFI in Singapore can send money to a UPI user of a participating bank in India and vice versa.
A Singapore PayNow user sending money to India will need to key in the recipient’s registered UPI identity.
An India UPI user who wishes to send money to Singapore needs to put in the recipient’s registered Virtual Payment Address (VPA) or PayNow mobile number.
Steps for Indians to transfer money to Singapore via Mobile or VPA:
Step 1: Log in to your bank’s net banking or mobile banking account.
Step 2: Go to Foreign Outward Remittance and agree with the terms (one-time activity).
Step 3: Enter the beneficiary’s Singapore mobile number or VPA proxy (virtual payment address).
Step 4: Follow the instructions, check the summary, and submit the transaction.
Cancellation and Exchange Rate
One should keep in mind that as the payment happens in real time, there is no scope for cancelling the request once submitted.
The participating banks will determine the exchange rate used for the transfer.
The user or sender will be able to see the applicable rate before submitting the remittance.
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