Remember the days when sending money internationally involved complex forms, bank visits, and waiting for ages? Well, those days are thankfully fading away thanks to UPI (Unified Payments Interface) and its latest feature – UPI International. Now, Indians can send money abroad directly from their phones, just like they pay their friends back home. But how exactly does UPI International work? Let’s dive in and make those international transactions a breeze!
What is UPI International and Why Should You Use It?
UPI International is a game-changer for anyone who needs to send money overseas. It allows you to make payments directly to businesses or individuals in select countries using your UPI app. Think of it like paying your local pani puri vendor, but instead, you’re sending money to your cousin studying in Singapore. Here’s why UPI International should be your go-to option:
- Convenience: Gone are the days of lengthy bank forms and waiting in queues. With UPI International, you can send money anytime, anywhere, straight from your phone.
- Speed: Transactions are processed quickly and efficiently, so the recipient gets the money faster.
- Cost-effective: Compared to traditional money transfer services, UPI International often offers competitive fees and exchange rates.
Before You Get Started: Things to Know About UPI International
Before you start sending money around the globe, here are a few things to keep in mind:
- Availability: UPI International is still a relatively new feature, and not all UPI apps or banks offer it yet. Check with your bank or UPI app provider to see if they support international payments.
- Supported Countries: Currently, UPI International works with a limited number of countries. These countries are gradually increasing, but it’s best to confirm with your app if your desired destination is included.
- Transaction Limits: There are limits on the amount you can send internationally using UPI. These limits can vary depending on your bank and the recipient’s country.
Activating UPI International: A Step-by-Step Guide
Now that you’re familiar with the basics, let’s activate UPI International on your app. Here’s a general guide (remember, specific steps might differ slightly depending on your app):
- Open your UPI app and log in.
- Locate the settings section. This might be under your profile picture or a dedicated “Settings” tab.
- Look for the “UPI International” option. It might be under “Payment Settings” or a similar category.
- Select “Activate” next to the bank account you want to use for international payments.
- Verify your identity by entering your UPI PIN.
Congratulations! You’ve successfully activated UPI International. Now you’re ready to send money abroad.
Making Your First International Payment with UPI
Sending money abroad with UPI International is similar to making a regular UPI payment. Here’s how it works:
- Open your UPI app and choose the “Scan QR” or “Send Money” option (depending on the app).
- Scan the QR code provided by the international merchant or enter the recipient’s details if it’s a person-to-person transfer.
- Enter the amount you want to send in the foreign currency.
- Select the bank account you want to debit from. Remember, the amount will be deducted from your account in Indian rupees, considering the exchange rate.
- Review the transaction details carefully, including the recipient’s information, amount, and any applicable fees.
- Enter your UPI PIN to confirm the payment.
That’s it! Your money is on its way to the recipient’s account overseas.
Final Thoughts: UPI International – A Step Towards a More Connected World
UPI International is revolutionizing the way Indians send money abroad. It’s convenient, fast, and cost-effective, making global transactions as easy as paying your local chai wallah. With UPI International constantly expanding its reach, sending money across borders will only become smoother and more accessible. So, next time you need to send money internationally, ditch the old methods and embrace the future of payments – UPI International!
