If you are living in the U.S. and want to send money to your family in India or Singapore, this is some great news for you.
It’s so easy to send money to India through Google Pay that I wonder why anyone still needs to use a bank or an exchange.
If you need money from abroad but don’t have a bank account, Google Pay makes it easy to send money from Google Play by scanning the barcode on your mobile device or laptop.
1.Background
Many people around the world send approximately $700 Billion to their native country’s people, who pay for essential expenses like medical treatment, education, paying bills, etc.
More than three-quarters (73%) of people transfer money overseas regularly according to Mastercard, who polled a group of 2,000 consumers to find out how they use credit cards for international transactions.
This year, almost 40% of people who responded to the survey said they were more engaged in international payments.
As the Corona Pandemic continues to generate unpredictability, it is even more critical to take care of your loved ones.
When Google Pay launches in India, it will allow users to send money to their friends, family members, and relatives in the United States and Singapore. This marks the arrival of the Tech Giant into the Remittance Service market.
Google has teamed up with Western Union and Wise, two popular money-transfer services, to help consumers move money.
2.Google Pay Overseas Money Transfer
You can send money overseas using Google Pay, which is originally limited to India and Singapore, but Google has plans to expand the service to over 280 countries around the world later this year.
Google will take a small cut of the international money transactions made through their payment application, but they aren’t allowed to tell you which percentage they will receive.
Google Pay has grabbed a lot of attention with its recent update. People from the US have a lot of hope in Google Pay to make life easier when shopping online.
According to The Tech Crunch report, this is a new platform that helps consumers easily make payments to other individuals and organizations from the United States using Google Pay. This does not mean Google Pay does not support payments to merchants or businesses. It only means that the feature that makes payments possible between individuals is not currently available. However, it seems that Google is working on this.
With Western Union’s partnership with Wise, users can now send money to their family and friends, safely, in a convenient manner, and in a more reliable way without any formalities.
Transfer charges will appear when you are sending money.
The Indian and Singaporean receivers will receive all the money that the American consumer wants to send them. In addition, all the charges will be paid to the sender, not the receiver.
The PayPal Remittance Feature is presently available only in the United States.
Users of Google pay which permits them to send money to their friends and relatives living in India and Singapore. The partnership with Google will help Wise and Western Union to expand their presence in the remittance market, and compete more aggressively with their rivals like PayPal who have an extensive global reach, but have been struggling a lot to make their presence felt here.
Immigrants or migrants are increasing rapidly, with the increase of people moving to developed countries like the US.
India receives more foreign remittances than any other country in the world. Though the World Bank estimates that the country could receive around Rs. 5, 58,200 crores in remittances, due to the global economic shutdown, those may not arrive.
3.Google Pay Launch Offers From Western Union and Wise
Western Union Offer
Google has officially stated that Western Union will provide free money transfers to its users when the users are sending money to Google Pay through Google Payments until June 16.
Wise Offer
Wise is offering the first money transfer fee for new consumers up to $500 (roughly around Rs. 36,700.
Google hasn’t yet announced what kind of charges it’s likely to impose on its Google+ service suppliers when they charge for their services after they’ve been free for so long.
4.Steps To Transfer Money From the USA To India Using Google Pay? (for US Users)
When transferring money to an overseas destination, consumers need to first go through a Google account. If you are a Google user, then you should have a Google pay account and if not, you can get one.
When they’ll find the contact on their contact list, they’ve to tap on the Pay option on the app.
Now, You will see an option in Google Pay will display to select either Western Union or Wise. Select any one option among these and then click on the Continue option.
Enter the amount you want to send to the receiver.
This conversion service will show you the exchange rate between the sender’s and the receiver’s currency.
For example, if a U.S. Person is transferring $100 to an Indian user through Western Union, it will display the value of $100 in Indian rupees.
To buy this app you need to log into Amazon Payments and select the option of ‘Buy now from the top right menu. Then, follow the instruction given in the above picture and complete your order.
With the help of a few simple steps, an American consumer can easily transfer funds to an Indian user through the Google Pay application.
Conclusion
That was my post about how to transfer money from the USA to India using Google Pay.
I made sure that the rest of the details that you need to know are listed here.
Paypal is the only service I’ve ever had issues with in the past, which is why I’ve never used it to receive payments internationally.