How to transfer Indian Rupees
History has bound the UK and India together with bonds of business and family, so it not surprising that thousands of people transfer money between the two countries every year.
Transferring money is very simple, and in many cases, it can be done using your standard current account. However, for those who are a little cash-savvy, this is not usually the best method.
Bank account providers have a captive market and rarely compete with each other for money transfer business. In fact, money transfers are one of the many charged functions that enable banks to offer so called, 'free banking'. As such, the fees and exchange rates they offer are usually uncompetitive when compared with money transfer specialists.
Money transfer specialists offer the same transfer services as banks, but they don't have a captive market. They compete daily for every transfer they facilitate and are therefore incentivised to keep their fees low and their exchange rates competitive. This means if you're transferring GBP to INR you're likely to get far more for your money if you use a specialist money transfer service.
Who can use a money transfer service?
Each supplier tends to have slightly different eligibility criteria. However, if you're over 18 years old and the permanent UK resident, you are likely to be eligible.
If you want to get a transfer from India, some UK based (and FCA authorised) firms also offer facilities to non-UK residents.
How safe is my money when transferring to India?
Every transfer service we list has been researched by us, and we don't list any that do not meet our requirements. However, for even greater certainty that your money is protected, you should use a supplier that is 'authorised' by the FCA. Authorised money transfer suppliers are required to keep client money deposited in a ring-fenced account. This ring-fencing ensures that, in the unlikely event that they became insolvent, client money would be protected from the liquidators.
Do I have to transfer to an Indian bank account?
In most instances, you will need to transfer money to a bank account. Some money transfer businesses will be able to 'wire' money to a local agent, but using these services usually incurs a fee, and reduces the value of the transfer.