How BHIM, PhonePe, Paytm Users can Transfer Money from Singapore to India?
In a significant stride towards enhancing international remittance services, the National Payments Corporation of India (NPCI) has successfully linked India’s Unified Payments Interface (UPI) with Singapore’s PayNow. This groundbreaking UPI-PayNow linkage allows users of major UPI apps such as BHIM, PhonePe, and Paytm to receive remittances from Singapore in real time, offering a swift, secure, and cost-effective solution for the Indian diaspora residing in Singapore.
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Key Players in the UPI-PayNow Linkage:
Users of BHIM, PhonePe, and Paytm, as well as customers of Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India (SBI), can take advantage of this cross-border remittance facility. Additionally, the linkage is set to expand, with more third-party application providers (TPAPs) and banks like Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, HDFC Bank, IDFC First Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, and UCO Bank expected to join soon, providing users with a broader range of choices.
Benefits of Utilizing UPI-PayNow for Remittances:
Instantaneous Transactions:
Funds are transferred in real-time, reaching the recipient’s bank account within seconds. This feature is crucial for those seeking swift and timely remittances.
Security Protocols:
The UPI-PayNow linkage employs robust security protocols, ensuring that transactions are safe, reliable, and protected against potential threats. Users can have confidence in the security measures implemented for their financial transactions.
Cost-Effective Solutions:
With competitive transaction fees, the service is particularly suitable for small and frequent remittances. This affordability makes it an attractive option for a wide range of users.
Convenient Access 24/7:
The remittance service is available 24/7, 365 days a year, providing users with the convenience of transferring money at any time, enhancing accessibility and flexibility.
Steps to Transfer Money from Singapore to India:
Log in to Banking Account:
Log in to your bank’s net banking or mobile banking account. Ensure that you have access to foreign outward remittance services.
Enter Beneficiary Details:
Enter the beneficiary’s Singapore mobile number or Virtual Payment Address (VPA). This requires the recipient’s registered PayNow mobile number or their VPA for successful money transfers.
Review and Submit:
Review the transaction details and submit the transfer. This straightforward process streamlines the remittance procedure for users.
What is the Per-Day Transfer Limit?
Currently, the Reserve Bank of India (RBI) has imposed a per-day transfer limit of ₹60,000 (equivalent to around SGD 1,000) for Indian users. It is worth noting that this limit may be subject to revision by the RBI.
Conclusion:
The UPI-PayNow linkage marks a significant milestone in facilitating cross-border remittances between Singapore and India. Users of BHIM, PhonePe, and Paytm, along with customers of participating banks, can now enjoy the benefits of instantaneous, secure, and cost-effective money transfers. As the linkage continues to expand, it promises to play a pivotal role in promoting financial inclusion and contributing to the growth of India’s digital payment ecosystem. Whether you are transferring funds for the maintenance of relatives abroad or as a gift, the UPI-PayNow linkage offers a convenient, accessible, and reliable solution for cross-border remittances.
