Remittance

Simple, quick, and safe international transfers for remittances to India. Simplify transactions right away.
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Remittance
SET UP UPI
5 mins
26 June 2024

Remittance payments, especially through UPI, have revolutionised international transfers. With its simplicity, speed, and security, UPI payments have become the canonical method for remittances to India. Simplify transactions right away. Whether you are sending money for family support or any other purpose, UPI ensures that your transactions are executed without any delay. This method is not only efficient but also cost-effective, making it a preferred choice for millions worldwide. Remittance refers to money sent from one party to another, typically across international borders.

What is a remittance

A remittance refers to the transfer of money by a foreign worker to their home country. These payments typically serve as a vital source of income for families in developing countries. Remittances can be made through various channels, including banks, money transfer operators, and digital platforms like UPI. They play a crucial role in improving the livelihoods of recipients and driving economic growth in receiving nations.

How to make a remittance

Sending a remittance via UPI is straightforward. First, ensure you have the recipient's UPI ID or bank account details. Then, access your UPI-enabled payment app or platform. Enter the required details, including the amount you wish to send and the recipient's information. Review the transaction details for accuracy and confirm the transfer. Within moments, the funds will be credited to the recipient's account, enabling quick access to much-needed financial support.

Here is a deeper look at remittances:

  • Transferring funds: Remittances can be sent electronically through money transfer services, banks, or even mail.
  • More than bills: While remittances can be used for bill payments, they often go towards household expenses, education, or starting small businesses.
  • Economic impact: Remittances are a significant source of income for low- and middle-income countries, sometimes exceeding foreign aid or investments.

Here is some additional information to consider:

  • Fees: There are usually fees associated with sending remittances, which can be a burden for migrant workers.
  • Development tool: Remittances can play a role in poverty reduction and economic development in recipient countries.

Bajaj Pay UPI and Bajaj Pay Wallet streamline the remittance process, offering a comprehensive platform for quick and secure money transfers. With Bajaj Pay UPI, you can effortlessly send money to friends and family using just their UPI ID. The Bajaj Pay Wallet adds another layer of convenience by allowing you to store funds. Both solutions prioritise security and user-friendly experiences, making remittances simple and efficient.

Conclusion

Remittance payments, powered by UPI, offer a convenient and secure way to transfer money internationally. Whether you are sending funds for personal or business reasons, UPI ensures that your transactions are processed efficiently. With its widespread adoption and user-friendly interface, UPI has become the preferred choice for remittances to India and beyond.

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Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

Frequently asked questions

What is a remittance payment?

A remittance refers to the transfer of money by a foreign worker to their home country. It is often for family support or investment purposes. These payments can be made through various channels. These include banks, money transfer operators, and digital platforms like UPI.

What do you mean by remittances?

Remittances are monetary transfers made by individuals working abroad to their home country. These transfers are crucial for families in developing nations, contributing to their financial stability and well-being.

Is remittance proof of payment?

Yes, remittance serves as proof of payment for the sender and recipient. It includes transaction details such as the amount transferred, the sender's and recipient's information, and the date of transfer. This provides documentation of the financial transaction.

What is a remittance in e-banking?

In e-banking, remittance refers to the electronic transfer of funds from one account to another. This is often conducted through online banking platforms or mobile banking applications. This method offers convenience and efficiency for both senders and recipients.

What is the difference between bank transfer and remittance?

While both bank transfers and remittances involve transferring funds from one account to another, there is a difference. A remittance specifically refers to transfers made across borders. These transfers are usually by individuals to support family members or for other personal reasons. Bank transfers include domestic and international transfers within the same country, not necessarily for personal reasons.

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