Indians who have settled in the UK to improve their financial situation have questions about what is the best way to send money to India from UK and support relatives back home. Next, we will dwell more on the possible options for transferring funds, indicating their advantages and disadvantages.
Leading indicators of payment services
Any financial provider has specific characteristics that must be considered when the need arises to make bank transfers. Let’s look at the leading indicators of money providers:
- Speed of translation. Some Indians may wonder how long it takes to transfer money from the UK to India. After all, these periods can vary from several minutes to a week.
- Share of commissions for international money transfers. As a rule, each service has a fixed price for small amounts, but for large quantities, the interest rate will be affected by the amount of funds transferred.
- Exchange rate value (GBP/INR). If an Indian plans to transfer large amounts, you must choose the best rate to send money to India from UK to reduce the overall transfer cost.
- Easy to use interface. If the functional menu is simple and clear, the likelihood of making mistakes during the online translation increases or will take much longer.
- Most providers set maximum limits for international transfers. It is only sometimes convenient. After all, if the amount is large enough and the transfers are regular, then not all services will allow you to transfer money or rewards to an account in India. In this case, the best rate to send money to India from the UK will be the one with large borders or no restrictions.
The above factors will influence the money transfer charges from UK to India. Therefore, an integrated approach to this issue is required when choosing a service.
Guide to financial providers
This section will list the most popular and reliable payment services and steps to use them so that Indians can transfer to their homeland. Online money transfer from UK to India can be done using the financial providers listed below.
Western Union
This provider occupies a leading position compared with other payment services. The platform is highly reliable. Therefore, many Indians believe that Western Union is the best app to send money to India from UK.
If an Indian’s priority is the ability to transfer large amounts regularly, then the following disadvantages will fade into the background:
- Sending funds may take up to 7 days;
- The exchange rate is not the best;
- Most commissions are hidden.
It is also necessary to consider that the commission percentage will be higher the more significant the amount sent.
MoneyGram
The second most popular payment service, competing with Western Union. No wonder many Indians believe this is the best way to send money to India from UK. This provider is also very reliable, and the system effectively resists cyber attacks. Money transfer can be carried out using several dozen types of currencies. You must use a current account to send your savings to loved ones. It is worth noting that the translation will not take more than 10 minutes.
This online money transfer from UK to India has its disadvantages:
- people are allowed to send no more than 10 thousand dollars monthly;
- transfer fees may be inflated;
- not the most favorable exchange rate.
Its hard to find the cheapest way to send money from UK to India. But if the most important thing is reliability and speed of transferring money to the bank, this is one of the best options.
Remitly
Thanks to this provider, you have the opportunity to receive cash. This service is also quite in demand and features secure wire transfers. If you are wondering how much time it takes to transfer money from UK to India using Remitly, then the answer is 3 days without commission and 3-4 hours with commission. The maximum transfer amount is up to 30 thousand US dollars. Disadvantages include hidden commissions (approximately 35%). Despite this, it is considered to be the best online translation.
Wise
This financial provider is transparent, providing a vast range of transfer functionality. It’s also the cheapest way to send money from UK to India. The Wise service is one of the most popular and has no analogs among other providers. The inconvenience is that the transfer of funds can take several days, and receiving the cash transfer is impossible.
PayPal
Many believe this is the best way to send money to India from UK. It is because the transfer does not require using a credit card best or bank account. The system will ask you to provide the necessary data to carry out the transfer, and only then will the account be activated. Transfer time is up to three days.
It is worth noting that the best money transfer to India from UK will be small as there are no fees for personal use (commercial fees apply). The only drawback is that the transfer rate could be more acceptable.
Xoom
This provider is from PayPal and is considered the best money transfer to India from UK. Quite popular due to fast transfers: sending money is done in a few minutes. The commission amount is constant if the transfer amount is at most 10 thousand US dollars. If higher, then commissions are around 3%.
Hoom is also the best rate to send money to India from the UK, amounting to 0.5-1.5%. The disadvantages include restrictions on the transfer amount – at most 2999 US dollars. Considering the size of the commission, this provider is not the cheapest.
Profile
It is the best app to send money to India from UK. The service has high usage ratings due to low fees and attractive exchange rates for Indian rupees. The menu is straightforward and convenient, and bank transfers arrive in minutes.
WorldRemit
For many Indians, the best way to send money to India from UK is through the financial service from WorldRemit. The provider’s popularity is determined by the ease of use and the provision of various methods for sending funds. The recipient receives cash. If you have any questions about using the service, there is a support service that helps solve many problems. If we talk about disadvantages, there are better providers than this due to non-transparent fees.
PaySend
The Paysend provider is top-rated for ensuring the reliability of international transfers. The service provides money transfer charges from UK to India, thanks to low fees and favorable exchange rates. The provider has a website and an app, which is very convenient.
There are also disadvantages: transfers can only be made from a bank card and only by a UK resident (an Indian who lives in this country for at least 185 days annually).
It is the cheapest way to send money from UK to India. The platform has appropriate reliability, and cheap transfers attract many senders. Transfer of funds is carried out quickly. The exchange rates between pounds sterling and rupees are also encouraging. The only inconvenience is the lengthy registration process on the platform.
XE Money Transfer
It is a very profitable provider for large international transfers. To use the service, people must create an account. Commissions and exchange rates are among the lowest, so it is trendy among Indians. In addition, the transfer takes up to a day. The disadvantage is that bank transfers are the only service this provider provides.
Money transfers
It is a more affordable way to transfer money to a bank account in India. As a rule, the bank charges a commission for providing the service. You need to top up your bank account to send money this way. You will need identification to cash a check. The main disadvantage is that you need to visit a bank branch to make a transfer physically, and the transfer time could be faster.
Wire transfer
This method is traditional and has been used for many decades. This is because the reliability and speed of translation are maintained. Even though this method is considered irrelevant, many people use it. You must be physically present at the bank branch with an identification document for such a transfer. How much time it takes to transfer money from UK to India? Each bank has deadlines for sending, but a commission will be charged for a faster transfer. It is necessary to be accurate when providing information about the recipient – in case of an error, the money will not be returned.
Conclusion
There are various options for transferring money, and each method is suitable. The main thing is to pay attention to shortcomings that may be an obstacle to moving a large amount, or the provider needs to provide quick deadlines for transferring money. The size of the commission and the exchange rate also matter, the size of which may depend on the amount of the transfer.
It would be best if the main criteria guided you and set priorities to choose the most suitable provider. Because there is no ideal platform, each has advantages and disadvantages. Therefore, before you start using, read all the terms and conditions of the provider.
