Google Pay users: The Google Pay app has taken a big step towards international payments and money transfer. Started from America, Now in the US, Google Pay users will be able to transfer money to their family and friends in India and Singapore.
According to sources, Google is partnering with Western Union for international payments for money transfers. By the end of the year, Google Pay users can get the facility to transfer money to about 200 countries. Google is also in agreement with another payment platform Wise. It is believed that Google Pay’s international money transfer to India will be through Western Union. However, in countries with the convenience of both platforms, users will have the option to choose while transferring
Money can be sent from US only in US dollars
It is easy to transfer money through Google Pay. In the US, your family and friends can search your phone number on Google Pay. The same phone number must be registered on the Google Pay app in India and linked with an account in an Indian bank. After choosing your details in America, they will have to enter the amount they want to send to you. The amount can be sent only from the US in US dollars. They will then choose between Western Union and Wise. They will then know how long it will take to transfer the money and how much money will be received by the recipient after the currency conversion.
No minimum amount is fixed for transactions
There will be no charge from Google for sending or receiving transactions for any international transaction. Whereas Western Union has said that there will be no additional transaction charge on these transactions till the middle of June. The amount transferred will come directly to the account which is linked with Google Pay. In the US, users will be able to send money with a debit or credit card linked with their Google Pay. There is no fixed minimum amount for these transactions. However, the maximum amount may depend on various reasons including the mode of payment.
In a recently released report of more than 250 million people transferring more than 500 billion dollars, it was told that last year, more than 250 million people had transferred more than 500 billion dollars. The report said that the fees on international money transfers are still high and it is on average 6.5 percent of the amount transferred.