Beyond a common love of cricket and tea, the historic ties between Britain and the subcontinent mean that thousands of people need to send money to India from the UK everyday.
The Indian diaspora makes up a significant proportion of the UK population, and many of those residents need to make a money transfer to India on a regular basis.
Whether you are sending contributions to family in India, or you are planning a lavish Indian wedding, you will be eager to find the best way to transfer money to India from the UK.
What is the cheapest way to send money to India from the UK?
Anyone planning to send money overseas will be keen to find the best exchange rate. While most high-street banks allow you to make a money transfer to India, they may not offer the best money transfer rates to India, and often charge you a costly transfer fee. The most economical option can be a specialist currency exchange service.
By making an international money transfer online with moneycorp, you will benefit from zero transfer fees, as well as competitive exchange rates and expert guidance from experienced currency dealers.
How to transfer money from the UK to India
Sending money to India is slightly different to sending money to other countries. The Indian rupee is a restricted currency with strict rules set by India’s central bank, the Reserve Bank of India.
When you send money to India, you can only use a ‘spot’ transfer, which means an immediate transfer at the exchange rate at the time of the trade, rather than via a forward contract. To help you better understand the process, the advisers at moneycorp offer expert guidance every step of the way.
What do I need to send money to India?
Once you have registered with moneycorp, you will receive your own international payments account, enabling money transfers to hundreds of countries worldwide. You can send anything from a modest sum to a large amount of money.
To make a money transfer to India, you will need your UK bank details and the recipient’s bank details, including the IFCS code of the branch. The recipient can be your own bank account in India or someone else’s, for example an Indian supplier, mortgage provider or family member.
Simply select the currency you wish to transfer to and the desired amount. moneycorp will collect pounds sterling from your UK bank account, exchange it to Indian rupees at the current exchange rate, and deposit the sum into the chosen bank account in India.
The recipient’s bank will provide a Unique Transaction Reference (UTR) number for each money transfer, allowing you to track your transfer and check when it has been sent or received.
Can I make an online money transfer to India?
With your moneycorp international payments account, you can log in securely and transfer money to India at the touch of a button.
To use your account and make payments on the go, you can download the moneycorp app and send money to India from your mobile phone or tablet.
Your online account also lets you view live exchange rates and sign up for alerts via email or SMS to keep you informed on FX market movements.
A prudent choice
With over 40 years of experience, moneycorp has helped thousands of people like you to transfer money to India quickly and economically. A moneycorp currency exchange expert will be happy to offer you guidance tailored to your needs, so you know you are making the most of your money.
With competitive exchange rates and zero transfer fees, the money you save with moneycorp can be better spent on a ticket to the cricket.
- Make your pounds go further when you send money to India with the Telegraph International Money Transfer Service.
moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.
The above article was created for Telegraph Financial Solutions, a member of Telegraph Media Group. For more information on Telegraph Financial Solutions click here.
Information correct at date of publication.