Mumbai: Eurobank has started a UPI-based remittance service from Greece for Indian customers, promising near-instant transfer of money at minimum costs, a senior bank executive said on Wednesday.

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The service, which was launched last Monday, enables Indian customers banking with Eurobank in Greece to transfer money to India through UPI-linked systems.

The Memorandum of Understanding (MoU) between NPCI International Payments Limited (NIPL), a subsidiary of National Payments Corporation of India (NPCI), and leading Greek bank Eurobank was signed in early 2024, for enhancing cross-border payments using the UPI platform.

"There will be a charge, which will be kept at a minimum level, largely to cover the operational cost of the platform," Stavros Ioannou, deputy chief executive officer, group chief operating officer and international activities, Eurobank SA.

Ioannou said the platform was developed through interoperability between Eurobank's systems and NPCI's infrastructure to facilitate seamless remittance flows from Greece to India.

The facility is currently available only to Indian customers in Greece who hold accounts with Eurobank and support inward remittances to India. The bank said the initiative aims to make money transfers easier for the Indian diaspora in Greece.

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Eurobank will open its first representative office in India duirng the visit of Cyprus' President Nikos Christodoulides in the financial capital on Thursday. The office will offer services such as cross-border transactions, business opportunities and facilitating flows between India and Greece/Cyprus.

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