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Best Ways To Send Money To India From The UK

Updated on January 21, 2020 10:12 am
currency conversion from uk pound to inr

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.

Purpose of Remittances

What is the best way to send money to India from the UK?

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.

  • Requirement: Speed, exchange rates, transfer fees, etc.
  • Payment Method: Wire transfer, debit card, credit card, etc.
  • Receiving Method: Cash, Bank deposit, etc.

 

Ways To Remit

How to send money online from the UK to India?

Sending money online is easy, convenient, and secure.

  • Simply compare the top money transfer companies on CompareRemit
  • Pick the best option that meets your requirements
  • Set-up your transfer
  • Select your method of payment
  • Click, send, and your money is on its way!

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.

Money transfer Apps

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.

  • PassTo
  • Wise (formerly known as TransferWise)
  • WorldRemit
  • TransferGo
  • InstaReM

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.

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Or call them using their toll-free line number: 1-866-384-9104.Evaluate Optional Riders Such As “Cancel For Any Reason”"Cancel for Any Reason" is an upgrade option that lets you cancel a trip for any reason for 40%-75% of your insured trip costs. This option can help you save a lot of money should you run into a reason your trip is canceled. While these riders offer added flexibility, they also come with additional costs that may not be worthwhile for every traveler. But you have to pay extra to include it in your plan.Insurance companies usually have a list of the covered reasons in “Cancel For Any Reason” trip insurance. These include terrorism, natural calamities, traffic accidents, and more. If it is not listed, it will not be covered.Sift through the list with a fine toothed comb to see which scenarios are covered. Most travelers find their trip cancellation reasons covered. If you don't need the optional "Cancel for any reason", don't add it.Some plans have promotional offers that may include this coverage if you purchased the plan within a certain time frame. Make sure to check for any promotions and offers like this. Consider Annual Multi-Trip PlansFor frequent travelers, annual multi-trip insurance plans offer significant savings compared to single-trip plans. With coverage extending for an entire year, these plans provide convenience and cost-effectiveness for individuals who travel overseas multiple times a year.Avoid Insuring Refundable CostsIf your travel expenses, such as airfare or hotel bookings, are refundable, there's no need to purchase insurance for them. If you insure a refundable cost and try to seek reimbursement in the event of cancellations, you will need to show proof that certain prepaid costs were non-refundable or your claim will be denied. 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