When it comes to making transactions we are more tech-savvy than ever before however managing multiple accounts can be daunting for anyone this is where the unified payments interface comes to the rescue allowing us to connect multiple bank accounts with just a single upi id but why limit ourselves to transactions within our country when we can go international that’s where upi international comes in allowing us to send and receive money globally in this blog we will be discussing the full form of upi the need for upi international upi id and the daily transaction limit.
Full Form of UPI ID
UPI stands for Unified Payments Interface.
What is UPI ID
What is upi id: upi id is a unique identification number that is necessary to complete the transaction through upi International it is a series of alphanumeric characters that make the identification process easier the upi id can be a mobile number account number or virtual payment address vpa that begins with getting an upi id is simple and easy install an upi enabled bank application or download a third party upi app from the app store set up your account by creating a unique vpa and linking
your bank account you can also link multiple accounts to the same upi id once you have set up everything you are ready to go and can start enjoying the hassle-free transaction experience that upi provides now that you know what an upi id is and how to get one for yourself let s move on to the next section and learn about the daily transaction limit of upi international
Currently, You can make UPI International payments in the following countries:
You can Make transactions using Phonepe
Daily Transaction Limit
When it comes to international transactions upi International imposes certain restrictions to ensure secure money transfer upi allows only inr currency for cross-border transfers in terms of transaction limits UPI International operates with a minimum of rs 1000 and a maximum of rs 2 lakh per transaction but how does upi international fare against other transfer services let’s compare pay pal allows a maximum of 10,000 per transaction with a cap of 60,000 in a single month.
whereas transfer wise allows up to 1 million daily with an upper limit of 3 million every year with the comparison in mind upi International has ample space for growth in terms of daily transaction limits furthermore upi limits are subject to the bank’s individual policies which means that the limits may vary from bank to bank it is best to inquire specifics from your banking institution, in summary, upi international imposes a lower ceiling in comparison to some other platforms but it also has the added benefit of lower transaction fees
Phew that was quite a lot of information to digest about upi international we hope this blog has provided you with insights into the full form of upi upi id and the daily transaction limit it is important to stay updated with the latest developments and transaction limits on upi international as it is a convenient and reliable service for international money transfers don t forget to share this blog with others who might find it useful and keep exploring the world of online transactions with upi international
To Read More Blogs related to Finance click here