Transfer Money To The UK Easily (May 2023) – Forbes Advisor INDIA

How To Send Money To The UK?

The United Kingdom (UK) is one of the desired locations for students to study abroad and is also a popular choice to settle overseas. The current average live exchange rate of 1 GBP is equal to 101 INR. 

You can transfer money through online services, banks and other financial institutions. Choose a money transfer method where remittance is processed by authorized banks. You can opt for a wire transfer or demand draft (DD) to send money to your loved ones in the UK. 

Let us discuss the factors and ways to transfer money to the UK.

What Are The Ways To Transfer Money To The UK?

There are two ways in which an individual can send money to the UK:

Wire Transfer

Wire transfer is the super easy and best way to send money to the UK. They are generally done by the banks but some online services offer it cheaply. The online service providers can provide you with better rates than what the banks offer. 

The wire transfer procedure can be costly as banks can charge you between INR 500 to INR 1000 to process them. Most banks in foreign countries that receive the money also charge you a foreign correspondent fee that ranges between GBP 10 to GBP 40. 

Demand Draft

Demand drafts in a simple way are physical paper drafts that are issued in foreign countries. It is also an easy way to send money to the UK. Though it is convenient, the process is time-consuming. Whereas, the mode of wire transfer takes up to 48 hours to complete the process of transaction.

Steps To Send Money To The UK Easily

For wire transfers, with reliable services and low rates, you can consider an online service provider. The following can be general guiding steps to follow for transferring money online.

Step 1: Download the mobile application or go to the preferred bank’s website and press “International Money Transfer”.

Step 2: Select the country UK and city and enter the desired amount.

Step 3: Press on the “book this order” button.

Step 4: Verify the details of the remitter.

Step 5: Verify your eligibility and the purpose of your remittance.

Step 6:  Upload the required documents like the remitter’s address proof.

Step 7: Now, add the beneficiary’s details like name, address, routing number, bank name and address, account number and swift code. 

Step 8: Verify all the details you entered and then select your preferred location to process your order.

Step 9: Once everything is verified, you can proceed with payment with either NEFT/RTGS or net banking.

Step 10: Lastly, you will get the order confirmation summary from the online service provider.

How to Convert INR to GBP?

You can convert your INR to GBP with live exchange rates at any bank, financial institution or an online service provider. We offer the Forbes Advisor Currency Converter Calculator for you to check live exchange rates that are updated timely. 

You can check out the rates before verifying it with any bank or online provider. You simply have to type the amount and convert it into your desired currency like INR to GBP.

For more details, you can check out GBP to INR Forecast.

Factors You Should Consider Before Making A Transaction

• It is the best choice to choose a service provider that can offer you transparent rates and processes remittances via authorized banks. 
• Check the feedback and reviews before you choose a mode to transfer money to the UK. 
• The important factor is the exchange rate before transferring money to the UK. You need to be updated with live exchange rates and see which financial institutes, banks or online exchange providers provide you with the best rates.
• You need to be aware of the fees charged for the transaction. A fee is charged on every transaction from one country to another. The minimum fee charged via BookMyForex is INR 225 in addition to goods and service tax (GST) and if the amount of transaction exceeds INR 7 lakh in a financial year, tax collection at source (TCS) will have to be paid.

Frequently Asked Questions (FAQs)