Non-Resident Indians (NRIs) have a new, efficient way to send money to India. The National Payments Corporation of India (NPCI) has enabled UPI (Unified Payments Interface) transactions for NRIs with Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts, making it possible to complete transfers instantly and at lower costs compared to traditional wire transfers. With just a smartphone, NRIs can now send funds home from virtually anywhere in the world.
Setting Up UPI for International Transactions
Getting started with UPI as an NRI is straightforward. Users need to:
- Link International Mobile Number: Connect their international mobile number to their bank account.
- Download a UPI App: Use a UPI-enabled app that supports international numbers, and follow the bank’s onboarding steps.
This new service makes sending money for family support, bills, or urgent needs much easier.
Eligible Countries and Participating Banks
Currently, NRIs in select countries, including the USA, UK, UAE, Australia, and Canada, can link their numbers to UPI. Supported countries include:
- Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, UAE, UK, USA
Several prominent Indian banks, including HDFC Bank, ICICI Bank, Axis Bank, and Federal Bank, have partnered with NPCI to support this initiative, ensuring smooth international transactions.
A Game Changer for NRIs
The introduction of UPI for NRIs revolutionizes money transfers by making them instant, reliable, and budget-friendly. This move reflects NPCI’s commitment to modernizing financial transactions, benefitting NRIs by providing a simple, accessible way to meet their financial obligations in India without high fees or long wait times.
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