UPI Goes Global: What Cheap Remittances Mean

A European bank now lets Indians in Greece send money home via UPI — fast and cheap. This is part of a bigger trend of UPI going global, which could save Indian families crores in transfer fees every year.

Here's what happened: Eurobank in Greece has launched a UPI-linked remittance service, letting Indian diaspora send money directly to Indian bank accounts in near real-time.. India is the world's largest remittance-receiving country, pulling in over $120 billion annually — and high transfer fees eat into a large chunk of that.. UPI's global expansion now covers multiple countries including Singapore, UAE, UK, France, and Mauritius, with more corridors being added by NPCI International..

What you should do: If your family abroad sends you money regularly, ask them to check whether their local bank or fintech supports UPI-based transfers to cut wire transfer fees.. Compare remittance options using tools like NPCI International's partner list — some corridors charge as little as ₹0 versus ₹1,500–₹3,000 via traditional SWIFT transfers.. If you receive foreign remittances frequently, ensure your bank account is UPI-linked and your mobile number is active to receive instant credit without delays..

Remittances received via UPI from abroad are NOT taxable in India — they count as personal transfers, not income, so you don't need to declare them as earnings in your ITR.