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UPI empowers NRIs to effortlessly manage financial transactions from abroad, offering seamless money transfers and various banking benefits while navigating specific restrictions.
The Ultimate Guide for NRIs Using UPI from Abroad.
The UPI has emerged as one of the most popular methods in the digital world for NRIs to manage their banking needs without any stress. It is, therefore, essential to know how NRIs can use the UPI as the demand for instant and efficient banking solutions rises across the world.
To activate UPI with an international mobile number, NRIs have to go through simply a few steps. This involves the association of their foreign mobile number with their NRI bank account, downloading a UPI app, and registration with the app. Users can create a new UPI ID and select their bank account after they validated their mobile number for quick access to digital transactions to take place in a few seconds.
Benefits of Using UPI
The UPI has many benefits for NRIs in the following ways: They are able to transact in INR to any Indian merchant or other UPI IDs, link their international numbers to NRE or NRO accounts, and transact by scanning a QR code. However, what has received significant attention is the fact that NRIs can also transfer money using account numbers in the absence of a UPI ID by the recipient. Also, they don’t need to reregister when they are visiting India, and the users can generate multiple UPI IDs to manage multiple bank accounts, adding convenience.
Knowledge of Transaction Restrictions
Though UPI is quite advantageous, NRI should know some limitations in it. Purchases and other transactions in foreign currencies are prohibited; all UPI transactions must be in Indian rupees. Moreover, NRIs cannot link more than one account to the one UPI ID, as each account should have a different UPI ID. There are also restrictions on transfers from NRO to NRE accounts, and payments cannot be made using contact numbers in respect of non-residents. Most importantly, the generation or access to UPI IDs for the joint account is exclusively in the domain of the primary account holder.
Ease of the money transfer process
The UPI money transfer mechanism is simple. For instance, if Mr. A wishes to send some amount to his or her family in India, he or she can open the UPI application, enter the UPI ID of the recipient or scan the recipient’s QR code, and enter the amount to be transferred and complete the transaction. On the other hand, to send and receive money, he only discloses his UPI ID to the person who wants to transfer money.
Some of the states that are approving the UPI transactions for NRIs are Australia, Canada, the United Kingdom, and the United States. Banks including Axis Bank, Canara Bank, HDFC Bank, etc. are enabling these transactions, and UPI apps like BHIM and PhonePe are improving the experience. The more people get familiar with digital banking, the more they can manage themselves with the help of understanding UPI and be connected with India.
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