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  • Category: Miscellaneous

    From July next year International fund transfer would be affordable

    Either too many NRI 's are facing the huge cost involved in fund transfer to their near and dear ones in India and sometimes the cost of fund transfer range from 3 percent to 5 percent. Having sensed this the government has now facilitated fund transfer through UPI and Paynow real time fund transfer mechanism through which a customer can send or receive money through their registered mobile and that would on real time basis and the cost would be just 2 percent. The swisft transfer of money has become the global requirement as of now and RBI has braced itself with the time and this is huge welcome step.
  • #743256
    Making payments through UPI mode has become so common in our country and if government makes it available across the international boundaries then it will be a great help and support to the NRI as well as other people who want seamless transaction of money from one country to another especially sending to their old parents or their dependents. Right now the cost of fund transfer is high and there are many private players also in the fray who charge sometimes quite a high amount. Even banks are charging high amount on international fund transfers. In light of all these difficulties this step taken by government is definitely worth applauds. This will even help students who are paying their fees for studies in foreign countries and getting money from their home country.
    Knowledge is power.

  • #743265
    There is need for banking and non banking institutions on fund transfer and this is far reaching decision.
    K Mohan @ Moga
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #743271
    UPI is an inter-bank fund transfer mechanism run by the National Payments Corporation of India (NPCI). we can transfer money to others through this mechanism instantaneously using our platform. So far these transactions are allowed within the country only. Now NPCI is working on introducing the same facility to some other countries also. They say in the next 6 months they may start this facility to the United Arab Emirates (UAE) and Singapore.
    This is a good facility especially for the people who do very frequent transactions to other countries. These days we see many people from our country settling in other countries. They will be sending money to their wards or parents at regular intervals. For them it will be an easy way and the expenses for transfer will also come down. As mentioned by the author these days transfer of money to other countries is becoming essential and for such people this is a welcome development.

    always confident

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