Sending money to India has become easier than ever before thanks to the numerous remittance services available. However, with so many options, it can be overwhelming to decide which one to choose. To ensure that your money transfer to India is safe, fast, and cost-effective, it’s important to do your research and choose the best remittance service for your needs.
Points to remember before transferring money to India:
Many times, it happens that we take our decisions irrationally and the reason for this can be a different mindset when there are multiple options, or simply it could be the cause of urgency. You might be in a hurry and the last option you see you click on it.
However, we are here back again with excellent brainstorming before you select your remittance service. We will let you know at the end of this article.
- Speed: Generally, a bank-to-bank transfer can take up to a week or 15 days before reaching its destination which you might want to always avoid doing. An individual who might have to send money to his family, friend, or any other significant on an urgent basis. In such a situation a digital transfer can help with its quick transfer. As speed plays a major role when you are sending out cash to international destinations.
- The hidden cost or additional charges: The cost applied when sending money across seas will be always a mandate even if you try to choose multiple services including wire and digital. Most often international wire transfers have seen charging $30 to $70 additional charge. While on the other hand, Xmonies have no such compulsion on the transaction (transfer). Thus, providing absolutely no hidden cost, making it inclusive for one and all.
- Worthiness: Money transfer businesses are inherently dangerous since they are not bound by the same laws as banks. It’s crucial to pick a transparent supplier and a money transfer service with bank-grade encryption to reduce these hazards. For more information you can go through How to Keep Your Money Secure When Sending Online to India.
- Usability: If you want to send money frequently, you should pick an electronic payment option (Website Service) such as Xmonies because money remittance services might be challenging to utilize through other means in day-to-day life.
What are the better ways to send money to India from the UK:
- Online money transfer services: A number of these businesses, including Xmonies, TransferWise, WorldRemit, and Xoom, provide quick, safe, and affordable remittance services to India. In general, these providers have reduced costs and provide competitive exchange rates.
- Banks: The majority of the UK’s main banks provide remittance services to India. Nevertheless, compared to online money transfer services, their costs and exchange rates are typically greater.
- Foreign exchange brokers: Exchange brokers for Remittances have been seen taking hefty amounts as fees while they offer the service for sending remittances to India. However, brokers like OFX and TorFX provide competitive exchange rates and inexpensive transfer costs.
- Prepaid debit cards are provided by some businesses, such as Payoneer, and may be used to remit money to India. These cards allow for the loading of funds from the UK and the usage of cash withdrawals in India.
- Mobile wallets: Popular in India, mobile wallets like Paytm and PhonePe provide a simple method for sending and receiving money. It is simple to send money directly from your UK bank account thanks to the partnerships that several mobile wallets have with UK-based payment processors.
- Cash-to-Cash Services: Cash-to-Cash services are provided by businesses like Western Union and MoneyGram, and they let you send money from the UK to be picked up in India. For people without bank accounts, these services may be useful.
Conclusion:
To get the best price, examine the costs, currency rates, and processing timeframes of each of these choices before making a decision. It’s also critical to confirm the security and dependability of the service provider. Remittances can be sent from the UK to India via a variety of methods, including cash-to-cash services, banks, online money transfer services, foreign exchange brokers, prepaid debit cards, mobile wallets, and even cryptocurrencies.
