The United kingdom is a preferred destination for many students and professionals from India. In the recent census, there were 1.4 million people from the Indian ethnic group, making the thirst largest ethnic group after White British (At 80.5%), Other White (4.4%) and Indians with 2.5% of the total population in the UK
Many Indians living and working in the UK send money to friends and families back in India. According to the RBI report from 2019, the United Kingdom is one of the top remittance sending countries to India. The purpose of sending money to India from the UK was primarily for family maintenance and investment. If you are looking to invest in India, here are our top investment recommendations.
Sending money online is the easiest way of sending money to India. The best, however, depends on your requirements and how you are paying and receiving.
Sending money online is easy, convenient, and secure.
In the age of smartphones, every brand is going mobile. Most Money transfer companies today have their own apps to facilitate sending money online. We have reviewed the best money transfer apps in the market with CompareRemit’s favorite feature.
We have also covered the cheapest ways of sending money to the UK
Money transfers to India can be expensive depending on the option. The GBP-INR exchange rates and transfer fees differ a lot between India's major banks and money transfer specialists. Here are some of the best ways to send money online to India.
TransferWise was built by the same people who built Skype and Paypal. It was first launched in 2011, with the peer-to-peer networks which enable them to offer real mid-market rates which can see on Google or XE.com. One of the most impressive services about TransferWise is the transparency of the conversion rate that is going to be applied. This lets the user of a guaranteed rate and removes the uncertainty that banks take advantage of and paying less. The other service is, how quickly the money gets delivered to the Indian bank account after the pay of TransferWise in the UK.
Usually, it takes one to two working days to arrive in the recipient’s Indian bank account but though most of the time it was credited the next morning of the transfer. The reason for the quick money transfer is that they deliver the money locally, and also the recipient gets Indian Rupees directly from their Transferwise’s Indian bank account.
Unlike with other providers in which the fee increases as the user increase GBP amount, WorldRemit has a cheap fixed-fee tariff, this gives better overall exchange rates for larger amounts. They provide a cost-effective solution for transferring money to India from the UK. WorldRemit also charges a flat low transfer fee of £1.99 and guaranteed exchange rates. WorldRemit is a good option for the person if he is going to send large amounts.
TransferGo is for the UK and Eurozone only online remittance providers. They allow the users to send money to over 40 different countries and can be one option to send money to India. Users can send money online through their website easily, and the money is delivered directly to a recipient’s bank account quickly. There is no limit in transfer with TransferGo but there can be limits placed by banks if they allow transfer under daily limits or restrictions. Unlike the above-mentioned services, TransferGo sets its own exchange rate for sending money to India rather than the transparent mid-market exchange rate. The mid-market exchange rate is the rate that is on Google or Reuters.
For TransferGo, depending on how fast the user wants the money to reach; within 30 mins or longer in three business days, there can be a fixed fee and a currency conversion fee.
Many banks and money transfer providers add a mark-up to the FX rates as high as 5 percent to their users for sending money from the UK to India. Likewise, there are hidden charges which make for an inefficient international money transfer experience. InstaReM offers the users cost-effective through their Zero-Margin FX rates with transparency and sourced directly from Reuters. They charge a nominal fee which is low for remittance fees. They are also clear on any hidden charges. Users can also earn bonus InstaPoints upon joining and each time of the transferring.
The factors affecting your money transfer value, payment and receiving methods are interrelated. If you need your money to be sent immediately, most often you will have to pay a premium. And if your beneficiary can wait for a few days, you can enjoy high exchange rates and low to zero transfer fees. If you are confused about which one will best meet your requirements, compare the top money transfer companies on CompareRemit and narrow down.