India’s UPI ID: What it is, how to make one, and how to send money to it with iFAST Global Bank

With the release of the UPI ID gateway for iFAST Global Bank’s international transfers, iFAST Global Bank customers all around the world have been given new ways to send money to Indian recipients. But what is a UPI ID? How does it work? And how can iFAST Global Bank customers send money to it? This guide explores how. 

What is a UPI ID? 

A UPI ID is a virtual payments address for your Indian bank account, allowing you to not divulge more sensitive information when sending or receiving money. A standard UPI will typically appear as “fullname@bankname” or “mobilenumber@bankname”. UPI ID transactions allow customers to send and receive up to 100,000 INR per day, with a 24-hour 5,000 INR probation period. UPI IDs are not only available to Indian customers living in India, but to certain international Indians as well, with certain countries, including the UK, US, and UAE having mobile numbers that are compatible with the UPI system, so long as you have a Non-Resident-External or Non-Resident-Ordinary bank account with the relevant bank. 

How to make a UPI ID? 

Making a UPI ID is a multi-step process that requires precision, time, and understanding. The first step is to ensure that your number (international or local) is on file with your chosen bank account. Depending on the bank, you may need to send a written request, or simply log in to your account online and update your contact information. 

Secondly, download the relevant app. Example apps include Google Pay, PhonePe, and Paytm. Regardless of what number you use, ensure that you are downloading the India version of the app instead of any other version. When you have downloaded the app, enter and register, then enter the phone number you wish to use. If you are using an international number, ensure that you also add the country code. Verify the number with a one-time-password sent to the number. 

Thirdly, link your bank account. Select a bank where your number is registered. The app will automatically fetch your details using your mobile number, allowing you to confirm them. 

Fourthly, set your PIN. The app will first ask for the last six digits of your debit card, as well as its expiry date and another one-time-password for your mobile number. Once verified, you can create a PIN that you can use to authorise mobile transactions. 

Finally, test. Send a small amount to a close friend or relative to test if your UPI ID is working. If something fails, you can immediately troubleshoot, ensuring that you don’t find out something’s wrong when it's too late. 

How do you send money to a UPI ID? 

For iFAST Global Bank customers, the UPI ID is vital for international transactions to India, as it ensures simpler, cleaner transactions. To send money to a UPI ID, iFAST Global Bank customers simply need to navigate to the International Payment button, select India as the beneficiary account country, then simply select UPI ID as the receiving method of choice, instead of the bank account. iFAST Customers will then be given the option to enter the recipient's full name and UPI ID, before sending the money like normal. 

Smoother transactions, together 

With the introduction of the UPI ID gateway, it’s easier than ever to send money to India. The UPI ID simplifies India-relevant transactions by proving a simple tag for transactions as opposed to banking details, which are lengthy and risk information leaks. Now, with iFAST Global Bank’s new UPI ID gateway, you can send money to India that much simpler, ensuring that with iFAST, banking stays easy. 

Same currency international transfers will incur fees. Refer to our Fees and Charges (Link) for up to date figures.