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With BHIM SBI Pay app, send money from India to Singapore and vice-versa. Check details
On Feb 21, India and Singapore launched the linking of their real-time digital payments systems – UPI (India) and PayNow (Singapore).
After India and Singapore launched the linking of their real-time digital payments systems, the State Bank of India (SBI) will facilitate cross-border payments through its BHIM-SBI Pay app, as part of the linkage initiative between Unified Payments Interface (UPI) and Singapore's PayNow.
Also Read | ExpIained: India's UPI, Singapore's PayNow linked. Who will benefit?
“Avail hassle-free foreign remittance through our BHIM SBI Pay app,” the country's largest lender tweeted on Wednesday, a day after prime ministers of the two countries launched the UPI-PayNow joint facility.
“The initiative will go a long way in boosting the digitisation initiatives, providing easy, seamless cross-border payment facility to users,” said SBI chairman Dinesh Khara, according to news agency PTI.
Cross-border fund transfer using BHIM SBI Pay app
(1.) In a statement, SBI said customers will be able to transfer money from India to Singapore, or vice-versa, by using their UPI ID.
(2.) The receiver will get the money in the local currency, and as per the real-time exchange rate calculation.
(3.) The maximum daily limit is $1,000 Singapore Dollars, or equivalent amount in INR.
(4.) To use this facility, customers must navigate to the ‘Foreign Outward Remittance’ tab on the BHIM SBI Pay app.
(5.) It can be downloaded from the Google Play Store or by scanning the QR code (see tweet). The UPI ID can be created on the app as well.
