Summary of this article
Eurobank launches UPI-based remittance service for Indians in Greece
Service enables near-instant money transfers from Greece to India
Facility currently limited to Eurobank account holders in Greece
Eurobank has launched a Unified Payments Interface (UPI)-based remittance service in Greece for Indian customers, allowing near-instant fund transfer to India at low operational costs.
The service became operational earlier this week and is currently available to Indian customers in Greece who hold accounts with Eurobank. Through the initiative, customers can transfer money directly to India using UPI-linked systems.
Low-Cost Transfers For Indian Customers
The move follows a Memorandum of Understanding (MoU) signed in early 2024 between NPCI International Payments Limited (NIPL) and Eurobank to improve cross-border payments through UPI infrastructure.
Stavros Ioannou, deputy chief executive officer, group chief operating officer and international activities at Eurobank SA, said the charges for the service would remain low and would mainly cover operational costs.
According to Ioannou, the platform was developed through interoperability between Eurobank’s systems and the infrastructure of the National Payments Corporation of India (NPCI). The arrangement is aimed at establishing smoother remittance flows from Greece to India.
Eurobank said the initiative is designed to simplify money transfers for the Indian diaspora living and working in Greece. Cross-border remittances have become an important financial requirement for overseas Indians, especially for regular family support and savings transfers.
What The Service Currently Covers
The newly launched facility is currently limited to remittances from Greece to India for Indian customers who hold accounts with Eurobank. The service allows users to transfer money to India through UPI-linked systems using the bank’s platform.
The announcement does not indicate that Indian tourists in Greece will be able to use all UPI payment features, such as scanning QR codes for merchant payments, peer-to-peer transfers within Greece, or bill payments through Indian UPI apps.
It also does not mean UPI has become a domestic retail payment system in Greece. At present, the arrangement is focused on carrying out faster inward remittances to India through banking channels linked with UPI infrastructure.
Eurobank said customers will have to pay a small service charge, mainly to cover operational costs. The bank has not announced any separate tax related to these transfers. However, regular foreign exchange conversion charges and existing banking and tax rules applicable to international remittances may continue to apply, depending on the nature and amount of the transaction.
The bank has also not specified whether there will be limits on transaction amounts, daily transfer caps, or differences in processing charges based on the value of remittances.
Eurobank To Open India Office
The bank also announced that it will open its first representative office in India during the visit of the Cypriot President Nikos Christodoulides to Mumbai on Thursday.
The representative office will support services related to cross-border transactions, business opportunities, and financial flows between India and both Greece and Cyprus.
UPI’s International Expansion
UPI has steadily expanded its presence outside India over the last few years through partnerships with banks, payment companies, and financial institutions in multiple countries.
At present, UPI-based payment acceptance is available in countries including Bhutan, France, Mauritius, Nepal, Qatar, Singapore, Sri Lanka, and the United Arab Emirates. India has also been working with several other countries to expand the use of UPI for payments and remittances.
The expansion of UPI internationally is aimed at supporting easier digital payments for Indian travellers, students, professionals, and the diaspora, while also improving cross-border financial connectivity.
FAQs
What is Eurobank’s new UPI service?
Eurobank has launched a UPI-linked remittance facility that allows Indian customers in Greece to transfer money to India digitally.Who can use the new remittance facility?
The service is currently available only to Indian customers in Greece who hold accounts with Eurobank.Can Indian tourists in Greece use all UPI payment features?
No, the service currently supports remittances to India and does not offer full UPI payment features for tourists in Greece.Will users have to pay charges or taxes on transfers?
Eurobank said a small operational charge will apply. Existing foreign exchange and remittance-related rules may also continue to apply.
