If you are someone who is staying in the United States and want to send money to your family in India and Singapore, then here’s some good news for you. Google Pay now allows you to transfer money from the US to India without much hassle. In today’s post, we will be looking at the background, the 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 like friends, relatives, etc in their native countries, which pay for essential expenses such as Medical Treatment, Education, Paying Bills, etc. Corresponding to the latest MasterCard study, 73% of people transfer money overseas regularly. However, in the past year, 38% of people surveyed stated greater engagement in international payments. This indicates that as the Corona Pandemic continues to generate unpredictability, easing the Financial Anxieties of your beloved ones is even more critical.
For this, 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 arrival of the Tech Giant into the Remittance Service Market. Google has associated with Western Union and Wise to allow the new service through the Google Pay application.
Google Pay Overseas Money Transfer:
Overseas money transfers through Google Pay are originally limited to India and Singapore, but Google also has some plans to enlarge this service to about 280 countries worldwide later this year. Google will take a small cut of the international money transactions made through their payment application i.e. Google Pay. Google Pay may grab attention to a significant number of immigrants or migrants living in the United States with its latest update.
Following the report by TechCrunch, this special feature will only apply to the individual consumers to transfer funds and it doesn’t comprise support for the Businesses. Therefore a customer from the United States cannot depend on Google Pay to make payments to any merchant or business organization in India at this time.
Working together with the cooperation of Western Union and Wise, now users can send money to their friends and relatives in a simple manner, safe procedure, and reliable way without any intense formalities. The Foreign Exchange rate and Transfer Charges will be shown when you’re sending money. The receivers in India and Singapore will receive the complete amount of money that the US Consumer wants to send – that is, all the charges or fees will be charged to the sender and not the receiver.
The Remittance Feature is presently available only to the U.S. Users of Google Pay which permits them to send money to their friends and relatives living in India and Singapore. The cooperation with Google will help Wise and Western Union to enlarge their existence in multiple remittance markets and contend more aggressively with its opponents like PayPal, which has an extensive reach globally (but has strived or struggled a lot to enter India).
Foreign Remittances are increasing rapidly with the increase of immigrants or migrants in developed countries like the United States worldwide. According to the World Bank, India is one of the largest Foreign Remittance Receiver, though remittances to the country were estimated to come over by nine percent to $76 billion (which is roughly around Rs. 5, 58,200 crores) in 2020 because of the Coronavirus epidemic and a worldwide Economic Shutdown.
Google Pay Launch Offers From Western Union and Wise:
Western Union Offer
Wise will offer the first money transfer fee for the new consumers on transfers up to $500 (which is roughly around Rs. 36,700). Although, Google hasn’t yet announced the exact transfer charges that the service suppliers will impose after their initial free offerings.
Steps To Transfer Money From the USA To India Using Google Pay? (for the US Users)
1. To transfer your money internationally, the US Consumers will first have to search for the Google Pay user to whom they want to send the money.
2. When they’ll find the contact on their contact list, they’ve to tap on the Pay option on the app.
3. Now, Google Pay will display an option to select either Western Union or Wise. Select any one option among these and then click on the Continue option.
4. Now, enter the amount you want to transfer to the receiver. It will display the exchange rate of that currency to the receiver’s currency rate. For example, if a U.S. Person is transferring $100 to an Indian user through Western Union, then it will display the value of $100 in Indian rupees.
5. Now, click on the Continue option. Now, it will display the charges for the transaction and after this, you can transfer the money through the receiver through several payment methods like Debit Card, Credit Card, etc.
By following such simple steps, a US Consumer can easily transfer the funds to an Indian User through the Google Pay application with the help of this latest feature.
So it was the post about How to transfer money from the USA to India using Google Pay? I mentioned all the required details that you should know about. Where most of the people were reliable on Paypal and other payment services to receive international payments from the USA, google pay is now all set to give a tough competition with its ease of use and powerful security.
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