UPI International on PhonePe! UPI International countries, charges, time & more
UPI International on PhonePe has launched. Find below all the details of the UPI International payments, UPI International countries, charges, time, transaction limit, and more.
UPI International is available in a total of 10 countries and the same is now launched on PhonePe. Now, you can do UPI International transactions using PhonePe in 5 countries currently which include, UAE, Singapore, Mauritius, Nepal, and Bhutan. PhonePe says that they are the first Indian fintech to launch UPI International on their app. To start using the UPI International on PhonePe, you need to activate your UPI-linked bank account for UPI International payments via the PhonePe app. Below are more details on UPI International countries, charges, time, transaction limit & more.
PhonePe has launched UPI International on their app and customers can now do international UPI transactions in a foreign currency from their Indian bank account like they do with international debit cards. So far, Indian customers needed to use foreign currency, international credit cards, or forex cards to pay at international merchant outlets. However now, customers can make transactions using UPI International on PhonePe at international merchant outlets.
An important point to note here is that to make a successful transaction on UPI International, the receiver’s bank needs to support the UPI International service.
It is yet not clear how much PhonePe would charge for these UPI International transactions and what transaction limit PhonePe has set for the same. To activate the UPI International service on PhonePe, you need to use your UPI-linked bank account and enter your UPI Pin.
Nevertheless, below are some details on UPI International charges to give you a fair idea of how the service works and the fees that may be involved. We have also shared below the countries supported for UPI International, transaction time, and limit.
In a UPI International transaction, there are majorly 2 fees involved; Transfer fees and Exchange Rate fees. Some platforms like Wise charge no exchange rate fee but may have a higher transfer fee. Other platforms like Western Union have no transfer fees but may have hidden fees under their “exchange rates fees”
Transfer Fees: ₹132.67 (fixed) + 2.04% of the amount that’s converted using Wise. The fees may change depending on how you are doing the payment and the platform used.
Exchange Rate Fees: Depending on the platform and exchange rates. This can also be charged as a hidden fee under the name of “exchange rate”
PhonePe UPI International Charges: Unknown as of yet
The time taken for a UPI International payment differs on the platform used and the receiver’s bank. Domestic transactions are usually instantaneous whereas international transactions can take from a few hours to a few days depending on the platform.
You can send up to ₹200,000 (2 Lakhs) amount using UPI International. However, if you wish to send more, then you’d need to use other platforms instead of UPI International such as Wise or Western Union.
Thanks to @vicky191in310 for also sharing this news with us in our community. You can check out the same post here - PhonePe becomes first Indian fintech to allow UPI payments abroad
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