With so many options of how to send money to India, it can be difficult to know where to start. However, with online banking, it has never been easier, quicker and cheaper to send money abroad. Services allow for the smooth transition of funds from the UK to India in as little as one hour.
How To Send Money to India from the UK
Non-resident Indians (NRIs) are people of Indian birth, descent or origin living outside of the Republic of India. Reports suggest there are 32 million NRIs living outside of India. In Europe, the UK has the highest population of NRIs with an estimated 1.4 million residents. Subsequently, there is a high demand for sending money to India from the UK.
There are numerous ways to send money to India from the UK whether you are looking to pay remote employees or send money to family and friends. With the ample options available, you can choose the best option for you. Whether you are looking for the best exchange rate, no-fee transfers, or high-speed transfers, you can choose the service that matches your needs.
|Provider||Transfer Amount||Fee||Speed||Visit Site|
|£100||£1||1-4 Business Days||Get a Quote >>|
|£100||£1.04||Instantly - One Day||Get a Quote >>|
|£100||£0||Same day||Get a Quote >>|
Methods to Send Money to India from the UK
Sending Money to India via Net Banking
One of the most common ways to send money to India from the UK is net banking. You can initiate the transfer of a fund directly from your personal bank account through the website of the money transfer company.
Sending Money to India via Online Transfer
Online transfers can be made through the website of countless money transfer companies. This allows you to initiate an online transfer from your personal bank account and directly connect to the money transfer company’s account.
Sending Money to India via Mobile Payment Services
Mobile payment services are gaining popularity, such as Apple Pay and Android Pay.
Sending Money to India via Debit or Credit Card
Payments can easily be made by debit or credit card and this is a widely used method for many sending money from the UK to India. However, this method has its limits when sending large sums of money.
Can I Send Money to India via Cryptocurrency?
Although cryptocurrency services are dense in the money transfer sector, the Reserve Bank of India does not support banks which provide services to crypto businesses.
Convert pounds to rupees in under an hour with services like RemitMoney or TransferGo
Can You Send Money to India For Free?
When transferring money to India from the UK, the majority of services charge a fee per transfer. However, within the options available, some charge more than others. Conversely, although they may charge a transfer fee, they may also offer a more competitive exchange rate. Additionally, if speed is your main priority, some charge a higher fee but can guarantee a speedy receipt of payment. TransferGo, RemitMoney, CurrencyFair and Remit2India are services which allow you to send money to India for free (<£1000).
How Long Does It Take to Send Money to India?
Depending on the service provider that you choose to send money to India, the funds can arrive in the specified account in as little as 1 hour and as long as 2-4 business days. Services such as RemitMoney and TransferGo promise receipt of funds between 0 and 1 hours.
What Do You Need to Send Money to India?
Typically, when sending cash abroad, you will be asked to provide a form of photo ID. Historically, most transfers of this kind needed to be made in person via your local branch. However, now with the ample mobile options available, money can be sent straight from your mobile or computer. To do this, you will need your debit or credit card. In some cases, you will also need a debit card reader.
If you are sending money directly to an Indian bank account, you will need the IBAN code of the recipient’s account. This will be a four-letter bank code, followed by a two-letter country code, a two-letter location code, and a 3 digit branch code.
Is it Safe to Send Money to India from the UK?
Services such as the ones mentioned above are a safe way to send money from the UK to India. They are monitored regularly by foreign exchange brokers in order to ensure that any suspicious behaviour is flagged. Best practices include checking for FCA approval. Whichever service you choose, always check that you have a record of their FCA enrolment number or review the FCA details on their website.
It should be noted that there is always an element of risk when sending money abroad. However, reputable services go above and beyond to ensure the safe transition of funds. Experts recommend to never send your password or security information over email. Additionally, they advise to be cautious about being pressured to make a cash transfer by a foreign exchange broker. When looking at email correspondence, make sure any emails come from a legitimate email address.