Owing to the high number of non-resident Indians and remote companies hiring Indians, Inward Remittance has increased. No matter your purpose, there are many options to choose from. This involves both traditional and online mediums with applicable rules and conditions. If you plan to money transfer from the UK to India frequently, you need to find a feasible mode.
Some critical factors are speed, exchange rates, fees, and convenience. This lets you get an overall view of how much you need to pay for your benefits. Here is a low down on the best ways to consider the above aspects:
Wire transfer
It is a traditional and the most used method. Here, the bank or an agency you visit uses the SWIFT network. It sends money securely and quickly. For initiating a Wire Transfer to India, you provide the recipient’s bank details. Once done, the services handle the process forward for a nominal fee.
Personalised cheques
This is the safest option for money transfer to India from the UK. It is ideal if the beneficiary wants the ease of withdrawals and is unknown with online methods. Here, you write the cheque that reaches them directly, and there is no chance of misplacement. The recipient should present an ID for authentication. You can always cancel the cheques that do not reach the destination quickly.
Online transfers
It is the easiest method that lets you send money immediately. It only requires you to provide the basic bank credentials of the recipient. You can do this either through the bank’s website or app. For instance, the DBS India remit facility is meant for Inward Remittance. The process is done at no transactional costs and preferential exchange rates. Thus, if you face a time crunch, you should opt for this.
Money orders
It is an economical way of transferring small amounts, especially to remote places in India. Here, you purchase the amount in the recipient country’s currency, the UK, and deposit the same. Your NRI Account is also usable for this purpose. Once done, the recipient conveniently gets the amount in cash at any location. These require the receiver to present an ID for cashing.
Remittance agencies online
You can choose specialised services if you want better deals on exchange rates, speed, and other facilities. These operate to receive and transfer money from UK to India and other countries. Some examples include Remitly, Western Union, PayPal, Wise, MoneyGram, Xoom, Transfast, etc. Compare them and choose the one that suits your needs.
These are some of the popular methods to try if you are looking for some reliable means. Make sure to weigh their pros and cons before deciding on one.
