Different ways for ‘Money transfer from UK to India
While living abroad, as an NRI in the United Kingdom, you may need to send money to India at some point. Whether you’re sending money to your family or relatives in India or transferring funds to manage finances back home, there are different ways for money transfer from UK to India. From e-transfers to traditional methods of payment, various options are available to transfer money to India. Today, these traditional methods may appear less popular when there are faster electronic methods for transferring money between accounts, states and even countries – though that doesn’t mean that they’re not still viable options. If cost is your primary concern, there are certainly inexpensive options for transferring money, and the cheapest method may vary depending upon your circumstances. It is important to do some research and make sure you make the best choice to send money. Listed below are some of the options you have to transfer money to India as an NRI.
Bank Drafts and Cashier’s Checks
Available at any bank, these methods for money transfer are often great choices when it comes to physical transfers that are being sent in foreign currencies. You can purchase bank drafts in the currency of the location you’re sending money to. Inexpensive money orders can be purchased through many post office branches. This form of money transfer is traceable; in case the drafts don’t reach the destination. They are more economical albeit time-consuming.
One of the most common ways to make international money transfer is the wire transfer method. The sender has to go to an institution like bank or other agencies or branches of agencies, and send the money. The wire transfer facility gathers information from the sender about the recipient and recipient’s bank or some other facility where the money needs to be sent. After the information is acquired from the sender, the sender institution initiates the wire transfer, and sends the message to the receiving institution. This process takes a few days.
International Money Order
International money orders are a safe, cheap, and fast way of sending money especially to remote places in India. The money orders can be deposited into your bank account or cashed at many check cashing locations. Most of them will require an ID to cash the checks. It is simple to purchase and no checking account is required. It is an ideal way to send money if the amount is small. Money orders are typically used for smaller amounts than bank drafts. Though these forms of money transfer may take more time, they tend to be a more economical choice than services like wire transfers – and they are traceable in case they don’t arrive at their destination.
Sending a cheque is an another option, cashing the cheque can be delayed because the bank has to verify the deposit. The recipient may have to pay additional fee for the exchange rate and encashment. This method is safer than sending cash by mail because you can cancel a check if it fails to arrive at its destination.
Online Money Transfer
One of the most easiest way to send is by online money transfer. All you need is an internet connection and use of local banking services to transfer money to an account in India. You will need information including the name and address of the account holder or the recipient, information about the financial institution the money is being sent to, and the IFSC code of the recipient bank. This method is especially recommended if you do regular transfer of funds. You can avoid the steep banking charges and the transaction can be done from the comfort of your home.
Having more choice is always good news. The mode of transfer depends on the sender’s priorities like speed of transfer, amount of money transferred, whether the money transfers are regular or one-time transfers, cost of transfers, and the receiver’s convenience. Finally, the sender and the receiver have to communicate well to decide on the best way to send money.