Mexico is one of the largest remittance-receiving countries in the world with a majority of this amount coming from the US. According to the World Bank, personal remittances to Mexico amounted to approximately 36 billion USD in 2018 and this number continues to grow at an exponential rate.
Recent fluctuations in the strength of Mexican peso and suggested policy changes by the US government have propelled a surge in remittances to Mexico. Moreover, September being National Hispanic Heritage Month has further inspired expats to send money to Mexico. As you get ready to celebrate your Hispanic heritage starting the 15th of September, it is important to seek out the best and most inexpensive ways to send money to Mexico so that your loved ones back home can get your dollars' worth.
There are multiple ways to send money to Mexico from the United States this Heritage month.Traditional ways of sending money were limited to checks, money orders, and forex agents. The new and the best way to send money is online.
There are multiple money transfer companies in the market today. You can use them to send money to Mexico via wire, online transfers, cash pickup, and bank transfers. And you can also use their apps to send money to Mexico. However, it is key to research the best money transfer companies to find the deal that is tailored to your needs, be it transfer fee or transfer speed or the best exchange rates. Different money transfer companies adopt different technologies and excel in their niche. For example, Western Union is one of the fastest ways to make an international money transfer from the United States to Mexico. On the other hand, Wise (formerly known as TransferWise) is one of the cheapest ways to send money online to Mexico.
For your convenience, we have put together a list of the top money transfer companies that will help you decide the best way to transfer your money to Mexico online.
Western Union is one of the oldest money transfer companies in the world. You can use Western Union to send money to Mexico through their app, online, or cash pickup services. Western Union has an extensive network in Mexico with more than 33,000 cash pickup locations. But the instant transfer facility charges a premium and is often not the cheapest way to send money to Mexico.
Xoom offers cash pickup at more than 35,000 locations in Mexico and bank deposits at all major Mexican banks. You can log in to their website or app and use Xoom to send money to Mexicoin less than 15 minutes. You can also pay using your credit or debit card and avail instant phone recharges for the recipient ones through Xoom.
Remitly is one of the cheapest ways to send money to Mexico from the USA. They have a $0 fee when you send $500 or more. Remitly offers cash pickup at more than 25,000 locations including at Bancomer, Elektra, and BanCoppel. It is one of the most favored options to send money to Mexico either through bank deposits or cash pickup.
Wise provides low-cost money transfer to Mexico. It has one of the most competitive exchange rates in the market because it uses mid-market rates. The recipient gets the money directly from Wise's local bank account within 2-5 days. Moreover, Wise's review on Trustpilot shows a rating of 9.1 and it is very often the preferred way to send money to Mexico with lowest remittance cost.
Ria can be used to transfer money to Mexico at more than 17,000 cash pickup locations across the country. You can also deposit the money into recipient's bank account. Some of Ria's partners are Elektra, BanCoppel, and BBVA Bancomer.
Moneygram is yet another safe and fast option to send money to Mexico online. The recipient can pick up cash from more than 19,000 locations in Mexico including at Walmart, Elektra, Oxxo, and Super Farmacia. You can also deposit funds in the recipient's bank account within 24 hours.
Instarem is a money transfer company that offers mid-market exchange rates on all fund transfers to Mexico. They work on a low commission and not a fixed fee. This makes InstaReM attractive for transferring smaller amounts. Read our comprehensive review of Instarem here.
WorldRemit is a low-cost alternative to traditional agent-based money transfer companies. It allows you to avoid agent fees and spend less on your transfers. You can send money to Mexico through bank transfers, cash pickup, instant e-wallet, and airtime top-up. The recipient can receive cash at several banks including Banco Azteca, BBVA Bancomer, and BanCoppel.
These are some of the best money transfer companies available to send money to Mexico. The best way to avoid confusion about sending money to Mexico from the USis to compare best exchange rates side-by-side on CompareRemit and pick one that suits your needs best.
When it comes to repatriating large sums of money from India, it puts every NRI in a situation where he has to consider different obligations regarding monetary cross-transfer. Taxation, reliability and transfer timelines are a few things that influence these decisions.Personal finances have to be dealt with delicately and ensured that there is no loss during the due process of remittances. There are various options available in the marketplace today, be it via traditional banking or the modern ways of online transfers.CompareRemit offers a platform that allows you to compare different players in the market and pick the best rates that suit your needs.Repatriation from an NRE AccountAs a component of the liberalization scheme of the Reserve Bank of India, remitting funds from India has become relatively easier. Balances in NRE (Non-Resident External) accounts are freely repatriable. No formalities or requisite permissions are required for remittances abroad be it any amount. Funds in accounts are usually funds deposited from abroad or current income like interest or dividends on investments made through foreign funds.Repatriation from an NRO accountBalances in NRO (Non-Resident Ordinary) accounts are subject to certain conditions. The remittance of USD 1 million per financial year from NRO accounts is allowed subject to certain procedural formalities. NRO account balances include income earned locally or certain capital account transactions. Form 15-CA and 15-CB need to be submitted before a remittance can go through.Read more on difference between NRE and NRO account on CompareRemit.The Traditional Option - BanksThe most sought after choice for remittances to the UK are banks. Banks are the most popular means of transferring money to the UK because:There is a high level of trust owing to the various government regulations.Familiarity and the comfort of knowing the neighborhood-friendly banker.There are two ways one could remit funds using banking services:Online - If your bank has given you access to internet banking and allows repatriation through online instructions.In-Person - One could walk into the bank yourself and have the formalities completed there and then and have the satisfaction of seeing it to its destination with a receipt in your hand.However, it is important to note that INR to GBP/GBP to INR exchange rates may not always be competitive. The transfer fees can be high and the charges, not always transparent.Selection of Remittance Service ProviderShould you want to avoid remitting through banks, approaching a marketplace of money changers would be the next best option. A selection of remittance service providers should be made based on the following:- Transfer chargesSpeed of transferExchange ratesCharges on the conversion of currency (INR to GBP)Freeze option on exchange rate while process requirements are completedFlexibility of payment optionsAlternative Options for Remittance from India to UKWise - UK based transfer service supporters - Wise incorporates credit cards/debit cards, SWIFT, international transfers to bank accounts, domestic wire transfers and more. Wise offers competitive exchange rates for pound to rupee or rupee to pound conversions. It assures fast and low-cost online money transfers from India to the UK.ExTravelMoney - One of the easiest services for transferring funds from India to the UK, they also offer the facility of booking orders online.Western Union - In four easy steps available online and your money is sent from India to the UK. They offer competitive rates and faster transfers as well.Thomas Cook - Provides the best foreign exchange rates besides giving the assurance of secure and timely remittances for specific purposes.BookMyForex - With zero commission and zero charges, they claim to send money from India to the UK at guaranteed lowest exchange rates. The time span for the transfers to be effective is 12 to 48 hours.To select the right money transfer service one should keep the cost and time factors in mind. Convenience at a reasonable cost should be the mantra for selecting a suitable remittance service provider.
Sending money internationally is now easier than ever with the right service provider. PassTo is a convenient option for individuals in the UK who want to transfer money from GBP to INR and support their loved ones in India. In this article, we will guide you through the simple and efficient process of using PassTo for your international money transfer needs.Why Should You Choose PassTo?When it comes to international money transfers, PassTo is the clear choice for users in the UK. With their reliable and secure platform, PassTo ensures that your funds are transferred safely and efficiently.Here are some of the reasons why PassTo should be your top choice when sending money abroad:The first transfer is freeSpecial welcome exchange rates for new usersSend money to over 70 countries worldwide from the UKTransfer money in as little as a few minutes or same day/next business dayExcellent customer service via email, phone, or in-App chatSend up to £3,000 per day to most of our countriesSet up an account in just 2 minutesEarn a £50 gift through our rewards program when you invite 3 friends to make their first transfer of at least £200 eachPassTo is authorized and regulated by the FCANow that you understand why PassTo is the preferred option for sending money abroad, let's dive into the straightforward steps involved in initiating your first transfer from the UK to India.How to Send Money from the UK to India with PassToIn just a few simple steps, you'll be well on your way to sending money from the UK to India in no time. Step 1: Create an Account with PassToTo get started, visit the PassTo website (https://passto.co.uk) or download the PassTo mobile application from here and sign up for an account. Provide the necessary details and complete the registration process. Once your account is created, you'll gain access to PassTo's features and services.Step 2: Verify Your IdentityAs with any reputable money transfer service, PassTo requires you to verify your identity to comply with regulatory requirements. This step typically involves submitting valid identification documents, such as your passport or driver's license, and proof of address.Step 3: Choose a Payment MethodOnce you have successfully registered, you can proceed to choose a payment method from the options provided. PassTo allows you to select either your bank account, credit card, or debit card as the source of funds for the transfer.Step 4: Add a RecipientAfter verifying your identity, you can add a recipient to whom you wish to send money. Provide the recipient's details, including their full name, contact information, and bank account details in India and the details will be saved for future transfers . You also have the flexibility to choose how the recipient will receive the money. PassTo offers three options: bank deposit, mobile wallet credit, or cash pickup. You can select the most convenient option for your recipient.Step 5: Choose the Transfer Amount and CurrencySpecify the amount you wish to send in GBP and select the desired currency as INR. PassTo will display the current exchange rate and any applicable fees associated with the transfer. Take note of the exchange rate as it will impact the final amount your recipient will receive in Indian Rupees.Step 6: Review and ConfirmCarefully review all the details of the transfer, including the recipient's information, transfer amount, exchange rate, and fees. Double-check for any errors or discrepancies. If everything is accurate, proceed to confirm the transfer.Step 7: Track the TransferThroughout the process, PassTo keeps you informed and updated on the status of your transaction. You can conveniently track the progress of your transfer within the app itself or receive push notifications, ensuring that you are always aware of where the money is going and how long it is expected to take to reach its destination.Step 8: Money Delivered to the RecipientOnce PassTo processes the transfer, the money will be delivered to the recipient's bank account in India. The time it takes for the funds to reach the recipient may vary, but PassTo strives to offer quick and reliable transfers. It often can be delivered in as little as a few minutes!Sending money from GBP to INR can be a hassle-free experience with PassTo. By following the steps outlined above, you can take advantage of PassTo's user-friendly platform and robust services to securely transfer funds to India. With PassTo, you can ensure that your money reaches your loved ones in India conveniently and efficiently.
As with any other currency pair, the GBP to INR exchange rate fluctuates based on supply and demand on the international market.Inflation rates, interest rates, imports and exports, the political climate, and economic conditions are a few of the key factors that affect the fluctuation of currency values.Rate Increase by the Bank of England is Viewed as DovishEven though the Bank of England is expected to raise interest rates by 75 basis points, which would be the biggest increase since 1989, economists predict that policymakers will take a more dovish stance in the future as the likelihood of a recession rises. As U.K. inflation reached a 40-year high of 10.1% in September this year, the Bank is anticipated to increase its main lending rate for the 8th time in a row. However, slower growth momentum and a significant change in fiscal policy are expected to limit calls for further aggressive monetary tightening. The new prime minister, Rishi Sunak, dropped the controversial tax cuts at the centre of his predecessor Liz Truss' fiscal policy plan, so there is no longer a conflict between monetary and fiscal policy.The government's U-turns, which reduced market turbulence, mean that the Monetary Policy Committee (MPC) of the Bank won't have to counter the additional inflationary impact of government policy as it considers the possibility of future weaker growth.In light of what is likely to be a less generous household and business energy cost assistance scheme under Sunak, Goldman Sachs economists on Monday downgraded their 2023 U.K. growth predictions from an annual rate of -1% to -1.4%.Following Liz Truss' dismal fiscal policy statements in late September, the pound hit a record low versus the dollar. However, with Sunak's appointment and his decision to keep the more moderate Finance Minister Jeremy Hunt, the pound has since recovered somewhat.Sending Money Overseas When sending money to a foreign country, you need to take the current exchange rate into consideration. Take, for instance, the case of sending money from the UK to India. When you send money to India at a time when the exchange rate is favourable, the amount of money that your recipient receives will be higher.Today’s GBP to INR exchange rate (as of November 27, 2022) is 98.7572 INR per 1 pound as per Pound Forecast.GBP to INR 2023 Forecast Monthly GBP to INR Forecast 2023 MonthOpenMin-Max in INRCloseAveragedJanuary 1 GBP/102.05 INR102.05-106.691GBP/105.11 INR103.98February1 GBP/105.11 INR101.99-105.111 GBP/103.54 INR103.94March1 GBP/103.54 INR98.92-103.541 GBP/100.43 INR101.61April1 GBP/101.09 INR99.43-102.451 GBP/100.94 INR100.81May1 GBP/92.09 INR97.53-100.941 GBP/99.02 INR99.61June1 GBP/99.02 INR99.02-102.421 GBP/100.91 INR100.34July1 GBP/100.91 INR96.41-100.911 GBP/97.88 INR99.03August1 GBP/97.88 INR94.93-97.881 GBP/96.38 INR96.77September1 GBP/96.38 INR95.97-98.891 GBP/97.43 INR97.17October 1 GBP/97.43 INR95.49-98.391 GBP/96.94 INR97.06November1 GBP/96.94 INR96.18-99.101 GBP/97.64 INR97.47December1 GBP/97.64 INR93.84-97.641 GBP/95.27 INR96.10Source: Pound ForecastEven though you can send money through your banks, this is not the best option for sending money abroad. The good news is that the market is flooded with companies specialising in money transfers.PassTo is one such company that offers money transfer services from the UK to several countries and could be your best option for transferring money from GBP to INR. It is a London-based money transfer app that was introduced in late 2019 to offer simple, affordable money transfer services that save time, effort, and money. It primarily targets expats living in the UK.Reasons to Choose PassToPassTo has a lot to offer when it comes to transferring money:Easy Sign-up processSend money to friends and family in over 60 countries worldwide, and expandingGet the best exchange ratesTransfer money with no hidden fees Get discounted pricing for new usersFree First 2 transfers FCA regulated secure platformGet your money transferred in just a few minutes or same day/next business daySend Airtime Top-ups to 150+ countries in real-timeSend up to £2,000 per dayEarn money using PassTo Rewards ProgramMultiple payments and delivery methods24/7 customer service via email, phone, or in-App chatTrust score 4.6/5 stars on TrustPilotPassTo FeaturesTransparent Pricing and Competitive Exchange RatesPassTo fees are always shown upfront before you make your transfers. Do note that the fees will vary based on the destination country, the payment method, and the delivery method.PassTo uses an in-house algorithm that compares the exchange rates on behalf of its customers to provide the best exchange rates when sending money abroad. Even though there are several variables that affect the rates, you'll be able to view the best rates for the currency corridor you've chosen so that you can estimate how much money your recipient will receive.Faster Transfer PassTo can deliver your money in as little as a few minutes, making it one of the fastest transfer services available. For some countries, it can show up the same business day or the day after.Higher Sending LimitsYou can typically send up to £2,000 per day, £10,000 per month, and £50,000 annually. However, the limits will vary from country to country.Multiple Payment Options You can fund your transfers using debit cards, bank transfers, and credit cards.Multiple Delivery MethodsTransfer money to bank accounts, mobile wallets, Cash Pickup agents, and airtime top-ups. PassTo Rewards ProgramRefer your 3 friends to PassTo and earn a £50 gift when they make their first transfer of at least £200 each. Your friends will also get a £5 gift each. You can visit their website to learn more about their rewards program.How Do I Transfer Money Using PassTo?Here is a step-by-step guide to transferring money using PassTo:Download the PassTo app from the App Store or Google Play Store or visit their websiteSign Up & create an account Verify your account Set up your preferred payment method Enter details about your recipient Verify the transfer details Press Send!Track your transfer in the app itselfBy using PassTo, you can send money internationally with transparent fees, the best exchange rates, and a platform that is both safe and simple to use. Use PassTo to send money from the UK to India today!To compare all exchange rates, fees, and transfer speeds, use our online comparison tool for GBP to INR here.
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