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Best ways to send money from the UK to India

By: Admin Super

The United Kingdom, with its diverse job market and unique educational opportunities, remains a highly attractive destination for people from all around the world. A significant part of the migrant community is made of individuals from India who come to the UK for various reasons, including reuniting with family members already residing there. According to Alex Ellis, the British High Commissioner to India, in 2022, the UK granted a total of 2 836 490 visas, with Indians receiving 25% of them, surpassing all other countries.

 

Once settled in their new home and with a stable source of income, people often consider how to support their loved ones back in India. The most natural course of action in this situation is to provide financial assistance. It is at this moment that individuals commonly ponder: What is the best way to send money to India from the UK? How can I do this profitably while ensuring swift delivery? Is online money transfer a secure option? 

 

Additionally, questions arise about how much time it takes to transfer money from the UK to India. 

 

In this article, we will examine the most popular money transfer methods available in 2023, explain how to find the cheapest way to send money from the UK to India and what other things you should consider to make an informed decision. 

 

How to send money from the UK to India in 2023?

 

Among the various money transfer methods available, we would like to highlight the following three:

 

Bank Transfers (Online Banking)

Traditional bank transfers are a commonly used method to send money. You can initiate an international wire transfer through your bank, which involves currency conversion and transferring funds to the recipient’s Indian bank account. While this method is secure, it can be costly due to high fees, and banks may struggle with offering the best exchange rates to send money to India from the UK.

 

Cryptocurrency

Some individuals and businesses explore cryptocurrency options like Bitcoin, Ethereum, USDT, and others for cross-border transfers. Cryptocurrency transactions typically have lower fees and faster processing times, but they also come with their own set of risks and regulatory considerations. Moreover, they require prior knowledge of blockchain technologies and, therefore, might not be the best option for people who want to make a money transfer to India from the UK effortlessly. 

 

Online Money Transfer Services

Online money transfer services are gaining popularity worldwide as they combine the convenience and security of online banking with the cost-effectiveness and speed of cryptocurrency transactions. In this article, we will provide detailed information about various companies to help you identify the best way to send money to India from the UK.

 

What to look for when choosing a money transfer service?

Considering that we all have different backgrounds and tastes, it is hardly possible to find a service that will satisfy absolutely everyone. However, there are several key aspects that you should definitely consider when getting ready to make your first online money transfer from the UK to India:

  • Pricing; 
  • Exchange rate;
  • Security;
  • Speed.

We will take a close look at each of these bullet points and explain what things you should pay special attention to. 

We have compared several money transfer services using the same parameters and prepared an objective overview. 

 

Pricing

Money transfer companies require significant investments in IT solutions, licensing, customer support, and other aspects to maintain their websites and apps. To cover these expenses, they often impose transaction fees. In some cases, money transfer charges applied to transfers from the UK to India are fixed; certain companies also use a flexible model where the fee might depend on the transaction sum or the sending or receiving method. It’s crucial to carefully review the final fee amount after filling out the transfer form and before confirming the transaction.  

 

In the table below, we have compiled relevant information on transfer fees charged by companies facilitating online money transfers from the UK to India:

 

Service Fee (for a 100 GBP transfer)
Profee 0
Wise 0.83 GBP
Western Union 0
Remitly 0
Xe 1.99 GBP
CurrencyFair 1.19 GBP

 

(Provided data is accurate as of the beginning of November 2023)  

 

As observed, some companies still apply transfer charges, while others, like Profee, make efforts to minimise customer expenses. Notably, certain money transfer services let you make only the first transaction for free. Profee allows you to conduct multiple transfers from the UK to India within your personal limit without incurring a service fee.

 

Exchange Rate

Selecting the most profitable exchange rate is essential to find the cheapest way to send money from the UK to India. An unfavourable exchange rate can significantly impact the cost of the transfer, resulting in the recipient receiving less INR than expected. This is particularly crucial when a specific sum must be credited to the recipient’s Indian bank account, such as for loan payments. 

Money transfer charges from the UK to India can vary, and customer-oriented services frequently present competitive exchange rates to entice new clients. We have checked out several remittance companies that allow you to make your first transaction with a promo rate, and here are our observations:

 

Service Exchange rate (for a 100 GBP transfer) Recipient gets (before service commission)
Profee GBP 1 = INR 102.8776 10287.76 INR
Wise GBP 1 = INR 101.0809 10235.00 INR
Western Union GBP 1 = INR 102.7090 10270.90 INR
Remitly GBP 1 = INR 102.7900 10279 INR
Xe GBP 1 = INR 102.5123 10251.23 INR
CurrencyFair GBP 1 = INR 101.8442 10064.42 INR

 

(Provided data is accurate as of the beginning of November 2023)  

 

As shown, Profee offers the best rate to send money to India from the UK for the first transaction compared to many other reputable remittance services. It’s important to note that even if you become a regular customer, Profee continues to offer competitive rates thanks to its unique rate tracking and calculation system. The rate displayed before confirming your transaction remains final, ensuring market fluctuations do not affect the recipient’s payout.

 

Security

When seeking the cheapest way to send money from the UK to India, it’s crucial not to overlook the safety of your transfer. While alternative options like buying cryptocurrency at favourable prices or transferring cash with someone travelling to India may be tempting, it’s essential to objectively assess the associated risks and opt for payment methods with minimal fraud possibilities.  

 

When selecting the best website or app to send money to India from the UK, prioritise security by ensuring that the service has connections with reputable payment systems like Visa and Mastercard. Look for indicators such as ‘Verified by Visa’ and ‘MasterCard SecureCode’ on the company’s website, which signify an additional security layer requiring customer verification for each withdrawal through a password or one-time code sent by their bank. Do not forget to make sure that the transfer service has an up-to-date PCI DSS certification. 

 

Additionally, you need to ensure that the company maintains transparency regarding its legal status. Concealing information about registration, legal name, and organisation type may suggest illegal operations.  

 

Profee is a good example of a secure money transfer service. The company is officially registered in Cyprus and operates under the regulation of an Electronic Money Institution (EMI) by the Central Bank of Cyprus. Profee holds a regularly renewable PCI DSS Level 1 certificate and follows the 3DSecure transaction confirmation protocol to prevent unauthorised withdrawals. Moreover, the company has developed internal security tools to reduce your risks to zero and make Profee the best way to send money to India from the UK in terms of reliability. 

 

Speed

If you Google ‘How much time it takes to transfer money from the UK to India?’, you will see that the most common answer is ‘24-48 hours’. Although it is not that long, there are situations where same-day delivery is crucial. That is why online money transfer companies invest in tools to expedite transaction processing, aiming to be the best money transfer service for delivering funds from the UK to India promptly. 

 

Profee recognizes the importance of providing instant support to loved ones. The company’s specialists employ cutting-edge IT solutions that enable you to transfer funds from a UK bank card to an Indian bank account within minutes and provide you with continuous support along the way. 

When evaluating the best website or app to send money to India from the UK, consider factors that indirectly impact transaction speed, such as user interface simplicity. Complex registration and transfer processes can significantly offset other advantages. Fortunately, the Profee team prioritises user experience by simplifying the registration process, asking you to provide only basic information such as full name, date of birth, phone number, email, nationality, and residence address. Sending money from the UK to an Indian bank account is equally straightforward, requiring just payment method details, the recipient’s full name, the recipient’s bank name, account number, and IFSC code. Before confirming the transfer, you can double-check the service fee and make sure that you received the best rate to send money to India from the UK. 

 

Summarising it all, we would like to remind you that when sending money from the UK to India in 2023, it’s essential to consider pricing, exchange rates, safety, and speed. Profee stands out as a secure, cost-effective, and efficient option, offering competitive prices and robust anti-fraud measures. We hope that this information will help you make an informed decision when you start searching for the best way to send money to India from the UK!

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