Before transferring money to India online, knowing as much about the transfer process as possible is essential. Mentioned in this post are 4 remittance tips every NRI should know before making a GBP to INR transfer.
The UK has one of the largest Indian diasporas across the world. To make money transfers more convenient for NRIs in the UK, some reputed Indian banks now offer highly affordable and secure remittance services.
But if you are fairly new to digital money transfers, then it’d be wise to thoroughly understand how it works and what can be done to make the transfers more convenient and safe. Whether it is your first time of transferring GBP to INR or nth time, here are 4 tips that you should keep in mind-
1. Choose a Reliable Remittance Provider
One of the most critical aspects of making your fund transfers to India safe, convenient, and cost-effective is selecting a reputable remittance provider. Needless to say, not every remittance provider is the same, and you should carefully choose one after thoroughly comparing the top options.
In most cases, it is better to stick to a reputed Indian bank for your UK to India fund transfer requirements. Banks offer the highest level of safety along with competitive rates and faster transfers.
2. Check the Transfer Fee
Your GBP will get converted into INR as per the current GBP/INR exchange rate for completing the transfer. This exchange rate fluctuates 24×7. Only by checking the exchange rate when making the transfer can you know the exact amount the beneficiary will get back home in India.
There are also a few Indian banks that offer confirmed exchange rates to ensure that the GBP/INR rate remains the same throughout the transfer. This protects you from sudden fluctuations in the exchange rate and makes your transfers more transparent.
3. Know the Transfer Fee and Duration
Apart from the exchange rate, you should also know the transfer fee of the service provider. The easiest way to get the lowest transfer fee is to open an account in the UK branch of an Indian bank. The transfer fee could be as low as GBP 1 with some of the banks.
Similarly, you should also know the average UK to India transfer duration of the service provider. This could range from same-day transfers to 2-3 working days based on the remittance service you select.
4. Understand the Transfer Process in Detail
Last but not least, you should clearly understand the entire process of sending UK Pound to INR as it can vary between service providers. Detailed information about the same can be easily found on the official website of the remittance provider.
Some Indian banks also have mobile apps for their UK customers to make the transfers more convenient. Follow the basic Internet safety protocol to keep your transfers secure. In case of any queries, errors, or delays, you can always get in touch with the support department of the bank.
Experience the New World of Online Remittance Today
Online remittance has transformed the money transfer industry and made it more affordable, secure, and convenient.
If you’ve recently moved to the UK and want to transfer GBP to India for the first time, then make a note of the tips discussed above to experience all of the great benefits that this digital mode of remittance has to offer.