Even in this digital world, international transfers from the UK to India continue to involve a lot of guesswork regarding the transfer fee, remittance amount, and more. Check out this post to know how you can make your transfers more transparent and cost-effective.
One of the biggest advantages of digitization is transparency. Apart from making services like international remittance more convenient, technological advancement ensures more transparency and provides customers access to quality services at competitive prices.
But while the remittance service providers continue to embrace digitization, most NRIs still struggle with a lot of guesswork every time they’d like to send money to India from UK. If you are using the remittance services of a reputed Indian bank, then there are a few effective ways to help make the transfers more transparent and secure. Take a look at 3 tips that can help-
1. Use a Remittance Service with Confirmed Exchange Rate
One of the most common problems when transferring money from the UK is not knowing the exact amount the beneficiary will receive in India. The GBP/INR exchange rate fluctuates 24×7 based on the movements in the forex markets. Due to this, the rate at which the transaction is initiated and the rate it is processed can differ.
The fluctuations can sometimes be significant and reduce the amount of INR your beneficiary receives in India. An effective way to avoid this problem is to use a remittance provider that offers a confirmed exchange rate. With this facility, the GBP/INR exchange rate will remain the same throughout the transaction.
2. Check the Transfer Fee
A transfer fee is generally involved while transferring money to India online. Most remittance providers deduct the transfer fee from the amount you’d like to transfer to India. This can also impact the total amount deposited into your beneficiary’s bank account in India.
To make your UK to India transfers more transparent, check the transfer fee and other charges of the service provider before initiating a transfer. The remittance amount can be adjusted accordingly before confirming the transfer. With some Indian banks with branches in the UK, the transfer fee is as low as GBP 1 for online transfers.
3. Use the Exchange Rate Calculator
Before you send money from the UK to India, use an exchange rate calculator to know the exact amount your beneficiary will receive in India. Some of the remittance providers now have this tool available on their digital money transfer portals.
Simply enter the amount in GBP you’d like to transfer, and the calculator will show the exact amount that will get deposited into the beneficiary’s account. As the tool takes the current exchange rate and transfer fee into consideration while calculating, it helps eliminate the guesswork and makes your transfers more transparent.
Make Your UK to India Transfers More Transparent with Online Remittance
Online transfers help NRIs in the UK remit money to India from the comforts of their home. The transfers are faster, secure, and highly affordable compared to offline transfers.
Trust a reputed Indian bank for your remittance needs and use the tips discussed in this post to make your transfers more transparent and convenient.