Instant money transfer between india and Singapore!!
Indian High Commissioner to singapore P. Kumaran told that this will enable money transfer between the two countries at very low cost. This will be of great convenience to the working migrants. The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india and the Monetary Authority of singapore (MAS) of singapore are working on linking the money transfer link.
Indian High Commissioner to singapore P. Kumaran told that this will enable money transfer between the two countries at very low cost. This will be of great convenience to the working migrants. The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india and the Monetary Authority of singapore (MAS) of singapore are working on linking the money transfer link.
UPI and PayNow services will be launched soon for money transfer between india and Singapore. The technical preparations to add the link of instant money transfer between the people of the two countries have been completed.
Indian High Commissioner to singapore P. Kumaran told that this will enable money transfer between the two countries at very low cost. This will be of great convenience to the working migrants. He said that the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) and the Monetary Authority of singapore (MAS), the central bank of singapore, are working on connecting the quick money transfer links of the two countries and it may start soon.
He told that singapore wants to connect its PayNow with UPI of India. This project will be completed in the next few months. After this, any person sitting in singapore will be able to send money to his family members in India.
Kumaran told news agency ANI that prime minister Narendra Modi will announce the project once the link linking work is formally completed. This will make it easier for expatriates to send money to india and they will have to pay very less for it. Singapore's PayNow is similar to India's domestic card payment network RuPay.
Indian Ambassador to singapore Kumaran's statement came ahead of the summit meeting of ASEAN and allied countries. The leaders of 10 regional member countries are going to attend this meeting, which starts in Phnom Penh, the capital of Cambodia. Kumaran told that at present money transfer companies have to be resorted to to send money to india, its fee is high.
Migrant workers will be able to send small amounts to india instead of sending large amounts in lump sum through this and its fee will also be less. PayNow is also connected to ASEAN and its allied countries, so it will be easy for people to buy and sell across the ASEAN region through it. In this way india and ASEAN will also be connected to the payment network. Currently the philippines is connected to it and malaysia and thailand payment systems are also connected to it. ASEAN consists of 10 countries Brunei, Cambodia, Indonesia, Laos, malaysia, Myanmar, philippines, singapore, thailand and Vietnam.
Companies charge 10% fee
An estimated 2 lakh indian professionals work in Singapore. They often keep sending money to their homes. The UPI-PayNow link will bring them a lot of benefits and savings, as private companies charge up to 10 per cent to send money to them.
Indian High Commissioner to singapore P. Kumaran told that this will enable money transfer between the two countries at very low cost. This will be of great convenience to the working migrants. He said that the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) and the Monetary Authority of singapore (MAS), the central bank of singapore, are working on connecting the quick money transfer links of the two countries and it may start soon.He told that singapore wants to connect its PayNow with UPI of India. This project will be completed in the next few months. After this, any person sitting in singapore will be able to send money to his family members in India.
Kumaran told news agency ANI that prime minister Narendra Modi will announce the project once the link linking work is formally completed. This will make it easier for expatriates to send money to india and they will have to pay very less for it. Singapore's PayNow is similar to India's domestic card payment network RuPay.
Indian Ambassador to singapore Kumaran's statement came ahead of the summit meeting of ASEAN and allied countries. The leaders of 10 regional member countries are going to attend this meeting, which starts in Phnom Penh, the capital of Cambodia. Kumaran told that at present money transfer companies have to be resorted to to send money to india, its fee is high.
Migrant workers will be able to send small amounts to india instead of sending large amounts in lump sum through this and its fee will also be less. PayNow is also connected to ASEAN and its allied countries, so it will be easy for people to buy and sell across the ASEAN region through it. In this way india and ASEAN will also be connected to the payment network. Currently the philippines is connected to it and malaysia and thailand payment systems are also connected to it. ASEAN consists of 10 countries Brunei, Cambodia, Indonesia, Laos, malaysia, Myanmar, philippines, singapore, thailand and Vietnam.
Companies charge 10% fee
An estimated 2 lakh indian professionals work in Singapore. They often keep sending money to their homes. The UPI-PayNow link will bring them a lot of benefits and savings, as private companies charge up to 10 per cent to send money to them.
