It is a month’s end; your salary has been credited, and now that you are planning to toss some of the amounts into your mom’s / dad’s wallet as a help (who are staying in India).
Never better than saying that you’ve been born in the era of gold tech which has advanced through decades. From planning your flight tickets to transacting your pounds.
Thus, transferring money to India from the UK can be a daunting task, but with the right tips and tricks, you can make sure that your remittance is safe and secure. In this article, we will provide you with essential tips for transferring money to India from the UK quickly and securely.
We will cover topics such as.
- What mistakes to be avoided before a transaction
- What safety measures does Xmonies (or other platforms) take to ensure secure money transfers?
- What are international transaction measures taken by India for all the security and encryption of the data of both sender and the receiver?
By following these simple steps, you can make sure that your money transfer is successful and cost-effective.
What is Online Money Transfer Internationally?
Online money transfer has become a popular way to send money from one country to another. It has been used by millions of people around the world, especially those who need to send a remittance from any part of the world, perhaps the UK to India.
It allows you to send money to anyone, regardless of their location, in a matter of seconds. You can transfer funds from your bank account or use online payment services such as Xmonies, PayPal, or WorldRemit.
With online money transfers, you can easily keep track of your transactions and make sure that your funds are safe.
Online money transfer is convenient, secure, and cost-effective compared to traditional methods of sending money overseas.
It allows you to send money in real-time without having to visit any physical locations or wait for long periods for the transaction to be completed.
In addition, it provides an easy way for you to track your transactions and monitor your progress.
Mistakes to avoid while making an online money transfer to India:
When we hear something like transferring money abroad, the first concern that catches us off-guard is all about the safety of the amount.
So, whether it is sending directly through a bank, appointing a foreign exchange broker, or through digital means.
However, with the increasing popularity of online money transfers, it is important to be aware of the mistakes that can occur during such transactions.
From not verifying the receiver’s details to not double-checking the amount transferred, many pitfalls can lead to significant losses or fraud.
Following are discussed 3 major common mistakes to avoid while making online money transfer.
- Look for a transfer option: It’s crucial to consider all of your options and potential costs before starting any online money transfers. Reviewing the advantages and disadvantages of the various options, as well as any transaction-related fees, is crucial. Today, online money transfers from the UK to India can be used to execute a variety of operations.
- Behold over the cheapest option you can get: As a suggestion, Checks and postal mail should no longer be used to send money. As they take too long, the exchange rates and check cashing costs might be high. Look for the most affordable solutions in your area when sending money transfers from the UK to India. However, it is crucial to take into account the degree of convenience as the chosen alternative will provide the money recipient.
- Last-minute transactions are a BIG NO: It’s risky to develop the habit of making payments at the last minute since you can incur expenses. If you take the time to look into your options for sending money from the UK to India, you can save a tonne of time, hassle, and money.
What are Money transfer measures taken by platforms?
Measures in terms of sending money would be subjective to which site you will be choosing for your next remittance. However, a fair outlook to put on sending capacity must be a point to consider.
Generally, banks in the UK serve to incur higher fees/charges on you for every remittance you will send, allowing you to send higher remittances too.
Meanwhile, if you would go with digital platforms for your transfer you could end up paying less fee/charge to no fee at all on the remittance. However, these platforms keep their sending capacity low to moderate too.
For example, Xmonies gives you a flexible transfer option to send up to £10,000 from Uk to India without getting any additional charge on the amount you will send. On the other hand, a bank transfer, such as a transfer from any other bank would have a relatively higher charge while giving you the option to send £ 50,000 or more.
What are international transaction measures taken by Xmonies for security and encryption?
It is legitimate that you worry about sending a huge amount, your salary perhaps to your loved ones. In accordance with the trust, we at Xmonies provide you with the highest security on your transfer, and your data is encrypted.
Every transfer/ transaction you make is monitored by and reported to the FCA and HMRC. Xmonies operates to verify its user details, the KYC, or validate the user data under AML (Anti Money Laundering) and CFT (Combatting the financing for terrorism) however, in case of money laundering cases, or criminal activities financing for any terrorism activity.
Whereas, talking about the recipient side of safety Vikas Saxena the Co-Founder of Xmonies himself confirms, “XMONIES and RationalFX’s delivery partner are subject to FEMA (Foreign Exchange Management Act) regulations and are fully compliant with RBI to conduct the required FEMA checks. The FEMA-recommended checks are all carried out by XMONIES itself. Additionally, any transactions that the RationalFX delivery partner in India flags as potentially fraudulent are monitored and prohibited.”
Sending money from one part of the world to another could be a major thing for you. Thus, keeping all measures in mind would turn out effective for your transfer. However, by now you must have got an idea of what would be effective in terms of your money to reach its destination safely.