If you are living in the US and want to send money to your family in India and Singapore, here is some good news for you. Google Pay now lets you transfer money from the US to India without any hassle. In today’s post, we will look at the background, details and how you can receive money from abroad using Google Pay.
Every year, people around the world send around $700 billion to their acquaintances in their countries of origin such as friends, relatives, etc. to pay for essential expenses like medical treatment, education, bill payments, etc. According to the latest MasterCard study, 73% of people regularly transfer money abroad. However, over the past year, 38% of those surveyed reported greater engagement in international payments. This indicates that as the corona pandemic is creating unpredictability, it is even more important to ease the financial worries of your loved ones.
To this end, Google Pay will now allow users in the United States to send money to their friends, family members and relatives in India and Singapore. This officially marked the tech giant’s arrival in the remittance service market. Google has partnered with Western Union and Wise to allow the new service through the Google Pay app.
Google Pay Overseas Money Transfer:
Overseas money transfers via Google Pay is basically limited to India and Singapore, but Google also has some plans to expand the service to around 280 countries around the world later this year. Google will take a small cut of international money transactions done through its payment application i.e. Google Pay. Google Pay with its latest update may attract the attention of a significant number of immigrants or expatriates living in the United States.
As TechCrunch reports, this particular feature will only be applicable for individual consumers to transfer funds and does not include support for businesses. Therefore a United States customer cannot rely on Google Pay to make payments to any merchant or business organization in India at this time.
Working in collaboration with Western Union and Wise, users can now send money to their friends and relatives in a simple, secure and reliable way without any deep formalities. when you’re sending money Foreign exchange rates And Transfer Charges Will be shown Recipients in India and Singapore will receive the full amount the US consumer wants to send – that is, all fees or charges will be passed on to the sender, not the recipient.
The Remittance Feature is currently only available in the US of Google Pay. Available to users which allows them to send money to their friends and relatives living in India and Singapore. The collaboration with Google will help Wise and Western Union increase their presence in multiple remittance markets and compete more aggressively with their rivals such as PayPal, which has a wider reach globally (but has yet to enter India). have made a lot of effort or struggle to do).
Foreign Remittances are increasing rapidly with the increase of immigrants or expatriates in developed countries like USA across the world. According to the World Bank, India is one of the largest foreign remittance receivers, although remittances into the country were estimated to increase by nine percent to $76 billion (which is approximately Rs. 5,58,200 crores) due to the coronavirus.
Google Pay Launch Offers From Western Union and Wise:
western union offer
Google officially said in a blog post that Western Union will provide unlimited free money transfers if users are sending money on Google Pay till June 16.
Wise will charge the first money transfer fee for new customers on transfers of up to $500 (which is approximately Rs. 36,700). However, Google has not yet announced the exact transfer fee that service suppliers will levy after their initial free offering.
How to transfer money from USA to India using Google Pay? (for US users)
- To transfer your money internationally, US consumers must first find the Google Pay user they want to send money to.
- When they find the contact in their contact list, they need to tap on the payment option on the app.
- Now, Google Pay will display an option to choose either Western Union or Wise. Choose one of these options and then click on the Continue option.
- Now, enter the amount you want to transfer to the recipient. It will display the exchange rate of that currency to the receiver’s currency rate. For example, if a US person is transferring $100 via Western Union to an Indian user, it will display the value of $100 in Indian Rupees.
- Now, click on the Continue option. Now, it will display the fee for the transaction and after that, you can transfer money to the recipient via multiple payment methods like debit card, credit card, etc.
By following such simple steps, an American consumer can easily transfer money to an Indian user through Google Pay application with the help of this latest feature.
In the end
So this post was How to transfer money from USA to India using Google Pay? I have mentioned all the necessary details that you should know about. While most people used to rely on PayPal and other payment services to receive international payments from the United States, Google Pay is now ready to give tough competition with its ease of use and powerful security.
Apart from this, if you have any doubt and question in your mind, then you can ask us in the comment section. We would love to assist you asap.
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