India Singapore Remittance: Sending money from abroad to India has become easy, the UPI-PayNow service started in 13 new banks, is your bank included in the list or not?
The National Payments Corporation of India (NPCI) has announced that the International Remittance Service UPI-PayNow is now being launched in 13 new Indian banks. These include banks like Kotak Mahindra Bank, HDFC Bank, and Bank of Baroda. With this, a total of 19 Indian banks have become a part of this facility. Customers of these banks will be able to use UPI to send cross-border or international remittances to Singapore through the UPI-PayNow service.
What did NPCI say?
NPCI International Payments Limited (NIPL), the international branch of NPCI, said in a press release that now more banks have joined the UPI-PayNow real-time payment service, making cross-border remittance, i.e., sending money between India and Singapore, even easier and faster. This service will start from July 17, 2025.
What is UPI-PayNow? (What is UPI-Pay Now?)
The UPI-Pay Now service is a joint initiative of the Reserve Bank of India (RBI) and the Monetary Authority of Singapore. It is a real-time money transfer facility, through which people of India and Singapore can send money to each other through their mobile number or UPI ID / Virtual Payment Address (VPA). It is the world's first cloud-based real-time cross-border payment system, and is considered a big step towards strengthening global payment connectivity.
According to the press release:
Now, users of both countries can easily send money to each other.
The UPI-PayNow integration has made cross-border money transactions easier and faster; money reaches the receiver's account in a few seconds.
This service is completely secure and reliable.
It is especially good for those who send small and frequent amounts.
Which banks are now connected to this facility?
Now a total of 19 banks are connected to this service which includes: Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, HDFC Bank, IDFC First Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, UCO Bank, Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India.
Ritesh Shukla, MD and CEO, NPCI International, said that by expanding the UPI-PayNow linkage, we have taken another step towards strengthening the cross-border payment infrastructure. This facility will further strengthen the financial connectivity between India and Singapore. Now more people will get the benefit of this service, which will make sending money even easier.
How to send money with UPI-PayNow? (How to send money through UPI-PayNow?)
The press release also explains how to use the UPI-PayNow linkage to send money cross-border. Let's know about it...
How to receive money in India?
Recipients in India can receive money sent from Singapore in their accounts in any of these 19 banks through any of their UPI-enabled apps like BHIM, Google Pay, and PhonePe, and bank apps. That is, the recipient should have an account in one of these 19 banks.
How to send money from India to Singapore?
Money can be sent from India to Singapore through Canara Bank, HDFC Bank, Karur Vysya Bank, ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India. In Singapore, customers of DBS SG and Liquid Group can take advantage of this service.
This service is very good for the workers and students belonging to the expatriate community of India.
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