NRI Banking
Difference between SWIFT vs UPI vs Fintech Apps
Simplified and convenient. That’s what payments have become for Non-Residents today! Multiple payment options are before you for making international transfers efficiently. The sought-after ones include Unified Payment Interface (UPI), the SWIFT or Society for Worldwide Interbank Financial Telecommunications transfer, and Fintech apps.
How does each of these solutions work? Any regulations you should know about? Find the answers in this blog.
Swift transfer for NRIs
Also known as a wire transfer, SWIFT transfer works on a messaging system between banks across the world. They use the SWIFT code or Bank Identifier Code (BIC) to facilitate international money transfer.
This code is made up of 8-11 characters. These characters include crucial details that help in identifying the recipient bank. The first four characters suggest the bank name in an abbreviated form. Next, follow the 2 letters representing the country. The two digits next to them form the location code identifying the bank’s main office. Lastly, the branch’s identity is narrowed down to a 3-digit branch code.
How to initiate a SWIFT transfer?
Follow along these steps:
- Gather the recipient’s details, such as their legal name, address, bank name, account number, branch code, etc.
- Along with these details, ask for the SWIFT code, which is either mentioned on the recipient’s bank statement or you can search it on a SWIFT code finder.
- Request a SWIFT transfer from your overseas bank account and fill in all the details relating to the recipient and the transfer amount, currency, and the purpose of transfer.
- Double-check for accuracy and confirm the transaction by paying the transfer fee. This will depend on the banks involved, the currency, and the transfer amount.
- It takes roughly 2-5 business days for the transfer to process. You can track the progress with a transaction ID.
- If you are on the receiving end, please provide accurate details to the sender and calculate to currency conversion value while requesting funds.
UPI for NRIs
Since its introduction in 2016, UPI has taken over the way payments function in India. Due to the convenience and swiftness it provides, fund transfer has become a breeze. This is because of the unique VPA (Virtual Payment Address) or UPI ID. Either that or the mobile number is all you need to send or receive funds.
As a Non-Resident Indian (NRI), you too can now take advantage of this efficient payment system. National Payment Corporation of India (NPCI) allows you to use UPI with your Non-Resident External (NRE) or Non-Resident Indian (NRO) account. This enables hassle-free transactions with your home country.
You qualify for UPI if you reside as an NRI in any of these countries:
- United Kingdom
- United States of America
- Canada
- Australia
- Saudi Arabia
- Qatar
- Oman
- United Arab Emirates
- Singapore
- Malaysia
- Hong Kong
- France
How to use UPI as an NRI?
Here’s how you can get started with UPI as an NRI:
- Download any UPI app that supports international numbers from the Google PlayStore or App Store.
- Create your UPI ID by linking your international mobile number. The mobile number you provide must be registered with your NRE/NRO account.
- Follow the in-app instructions like verifying your mobile number and linking your bank account.
- Set up your UPI PIN and start making payments right away!
Note: All the transactions through UPI will adhere to the limitations imposed on your NRE and NRO accounts.
Fintech apps for NRIs
If you want to experience full-fledged money management in your home country, banking apps are the answer. Several banking apps provide specialised bank accounts for NRIs.
NRE Account helps in holding foreign income in India, NRO is for managing your Indian income, and Foreign Currency Non-Resident (FCNR) is a fixed deposit that holds your earnings in the original currency.
Besides maintaining these accounts for easy fund management, you can access the following services through Fintech apps as an NRI:
- Apply for loans
- Avail of General and Life Insurance
- Build your portfolio with Mutual Funds, Portfolio Investment Scheme (PIS), specialised NRI investment schemes, etc.
- Make international transfers.
- Make bill payments and manage other expenses in India through your NRO account.
Conclusion
As is evident, SWIFT, UPI, and Fintech apps simplify your financial relationship with India as an NRI. It is no longer a tedious affair to maintain funds and make international transfers while residing in another country. These financial solutions make your life easier and let you take autonomy of your finances better.
All you have to do is be prepared with the basics. For SWIFT, the accuracy of the recipient’s details becomes crucial. For UPI and Fintech apps, you will need an NRE/NRO account. The process to open these accounts is rather simple, with minimal paperwork and KYC.
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