How to transfer money internationally using Indian payment app PhonePe? www.deekpay.com

PhonePe is one of India's leading digital payment platforms and one of the first to support theUPIOne of the platforms for international payments.

Can PhonePe be used internationally?

Once activated for international use, users can use PhonePe to access their personalised information from theirBank of Indiaaccount to make QR code scanning payments to foreign merchants. Below is a guide to making international payments using PhonePe.

What is PhonePe International Transfer?

PhonePe International Transfer is a way to make UPI payments to selected businesses abroad. This allows PhonePe account holders from India to use their PhonePe app to scan QR codes and transfer money from their bank accounts when they are in other countries.

Recommended Reading:Introduction to PhonePe, India's Payment Gateway

Eligibility to use PhonePe transfers internationally

Currently, UPI international payments through PhonePe are only supported for selected businesses in Bhutan, Singapore, Nepal, UAE and Mauritius.

To use UPI International, users must have a supported bank account associated with PhonePe.

The following banks currently support UPI International:

HDFC Bank Axis Bank ICICI Bank State Bank of India Kotak Mahindra Bank Punjab National Bank Bank of Baroda Union Bank of India Canara Bank Indian Bank Central Bank of India IndusInd Bank UCO Bank Karnataka Bank DBS Bank AU Small Finance Bank Indian Overseas Bank Saraswat Bank South Indian Bank Punjab and Sind Bank City Union Bank Equitas Small Finance Bank

How to activate PhonePe International Transfer

The activation process for PhonePe International Transfer is simple. Below is a step-by-step guide:

Open the PhonePe app and click on the profile picture. Under the "Payment Settings" section select "UPI International". Click "Activate" next to the bank account that the individual wishes to use for international UPI payments. EnterUPI PINto complete the activation process.

Enabling UPI International through PhonePe is a new feature that is being rolled out gradually. As a result, the option to activate UPI International may not be visible until this feature is available to the user's account.

UPI International will be automatically deactivated after 90 days from the date of activation, but users can also manually deactivate it.

PhonePe international transfer fees

While UPI transfers within India are usually free, the convenience of making international payments via UPI comes at a price. When a user makes an international payment using PhonePe, the international transfer is actually made from the user's bank.

Therefore, while PhonePe itself does not charge any fees, the cost comes from the international transfer fee associated with the user's bank. This fee varies from bank to bank.

Important note on currency exchange rates

In addition to the international transfer fees charged by banks, there is another hidden cost to banks for making international transfers: the exchange rate mark-up when converting Indian rupees into foreign currencies.

The exchange rates published by banks are much higher than the mid-market rates seen on Google. Therefore, while the PhonePe app can be a convenient alternative to making payments abroad, international transfer fees and currency exchange rates can add up to increased costs incurred.

Paying with PhonePe when outside India

After understanding the fees involved and activating UPI International services on PhonePe, here's how users can make payments to businesses when they're outside of India:

Scan the QR code of supported merchants to make PhonePe payment. Enter the payment amount, which will be displayed in both local and Indian currencies. Click Pay. Enter the UPI PIN to complete the payment.

Send money abroad from India using PhonePe

As mentioned above, PhonePe can be used to make payments to international businesses by scanning QR codes. However, the PhonePe international transfer feature does not work for outgoing remittances. Therefore, users need to research alternatives for sending money abroad. It is important to note that when comparing service providers, be sure to check for any hidden fees and markups in the exchange rate!

Receive money transfers from abroad in India with PhonePe

Users can receive money transfers from abroad to their personal PhonePe accounts as long as the sender uses a service that supports international transfers to UPI accounts in India.

Atpay - we are a professional provider of payment solutions and have been deeply involved for many years inIndia PaymentsWe have successfully provided payment functions for countless customers at home and abroad. We are fully confident in payment integration and high-risk payment processing, and welcome inquiries and exchanges.