Money Transfers to India
Are you looking to send money to India for the first time or would like to try a better option than what you currently use? Making money transfers halfway across the world does not have to be a problem anymore, thanks to technology. Are you wondering which method is the cheapest or which method is best suited for sending larger sums of money? We answer those questions and more on this page.
What is the cheapest way to send money to India?
It can be expensive to stick to using the traditional ways of making international money transfers, especially if you only use one company or bank. It is even worse with the banks because they charge hidden fees and it doesn’t matter if it’s a zero fee transfer. The key to transferring money back home cheaply is to go for the best possible fees and conversion rates. There are services that allow you to transfer money for free while converting currency at mid-market rates.
Before every transfer, be sure to check all the available services to see what their exchange rates are. Meanwhile, services like TransferWise, WorldRemit, and XendPay have gotten good reviews in terms of low costs, so you might want to start with them.
How to send money to India from UK?
Once you have found an online transfer service with an exchange rate and fees that you are comfortable with, you’ll need to set up an account with them. Typically, you would have to verify the account using your passport, driver’s license, or other legal document before you can start making money transfers. You may be allowed to use your card or a bank transfer to make a local payment.
Once that is done, your Pounds will be converted to Indian Rupees and should get to the intended destination in about one to three days. Apart from online money transfer services, other options include bank transfer, money agents, and mobile money.
Comparing the options for transferring money to India from UK
When you are ready to transfer money, the first port of call for you might be your bank as bank transfer used to be the only way to send money internationally. While the recipient can receive their cash by simply using an ATM, using banks to transfer money to India is expensive.
Another way to go is the money agent route which is both quick and easy. You only have to show up at an agent’s office, hand them the cash you would like to send and give them the details of the receiver who can collect it from a local agent immediately. if you choose this method, you should be careful to use a service with an agent close enough to the recipient.
Online transfer services are often preferred due to the transparency of conversion rate, plus they tend to deliver Rupees to the recipient’s bank account within a few days.
How to transfer large amount of money from India to UK
In order to transfer a large amount of money to UK from India, you’ll need to arrange the transfer through a currency broker or a bank. You can fix the amount of Pounds to be received such that the amount of Rupees you pay will depend on the exchange rate. You can also do this the other way around by fixing the amount of Rupees that is taken. Currency brokers tend to charge less than banks do.
Sending money to India
Sending money to India from UK never got easier than now when you can take advantage of the many different options available. Using online money transfer services is the preferred option for many people due to the lower fees and speed of transaction.
To successfully and easily transfer money to India, you will need to use a transfer service and to do that, you must open an account online. Once your account is open and verified, you may choose between a few methods of transfer. You can use online transfer, use an agent to transfer at a branch, or transfer over the phone.
What is the best way to save money while sending money to India?
If you are looking to save as much as possible while transferring money home, it is best to shop around before every transfer in order to be certain you are using the service with the best possible conversion rate and transaction fees. Online money transfer services are a good place to begin your search.