Do you need to make a money transfer from the UK to India? If so there will be a number of services that will be able to facilitate your money transfer to India, so you may be wondering “what is the best way to transfer money to India from the UK?” To find a cheap way to transfer money to India you will need to find a service that charges low transfers and offers a competitive exchange rate for the Indian Rupee.

In 2010 India was the top remittance receiving country, with a money transfer inflow of US$55 billion. An estimated 11,000 individuals emigrated from India in 2010, with a significant amount of these individuals moving to the United Kingdom. Due to the significant numbers of Indian immigrants living in the UK,  UK – India is one of the most dominant money transfer corridors of the global remittance market.

Finding the best way to transfer money from the UK to India… 

When you make the money transfer from the UK to India you will need to convert the currency that you are paying with (most likely GBP) in to Indian Rupees, so you will ideally want to find a money transfer service that charges low transfer fees and offers a great exchange rate so your money goes further when you are purchasing Indian Rupees.

In the past, the choice of international money transfer services would have been limited to a bank and these service would see the customer being met with significant costs. Now however there are a number of alternatives to banks and competition between the banks has also increased, so money transfers to India from the UK are becoming more and more affordable.

So what are the options?

A bank: Indeed banks are becoming more competitive and there are a number of banks that will enable you to transfer your money relatively cheaply.

Making the money transfer through a bank could however be costly dependent on which bank you use, as there are a number of banks that still charge large transfer fees and offer poor rates of exchange.

Another downside of making the money transfer through a bank is that often it takes a number of days for the funds to be credited to the recipient’s bank account, as long as five days, which is not ideal if you wish to get the money to your recipient quickly.

A money sending bureaux: A money transfer service provider such as Western Union or MoneyGram could be the ideal alternative to a bank as this can see your money received much quicker than if the money was transferred though a bank.

Making the money transfer to India through a money sending bureaux could be cheaper than transferring the money through a bank as the transfer fees are likely to be more competitive than those banks charge.

The downside of money sending bureaux is that their exchange rates are often fixed, so the rate will not reflect price movements which occur every second and you will not be able to benefit from favourable exchange rates when these become available.

Xendpay; The ideal way to transfer money to India

Making a money transfer to India can be really simple and a lot cheaper if you transfer the money through a foreign exchange specialist such as Xendpay.

Specializing in foreign currency exchange and international money transfers, Xendpay allow you to make your money transfers to India cheaply. When you make your UK- India money transfer through Xendpay you will benefit from a market leading exchange rate for the Indian Rupee and will pay a low transfer fee that will be less than a bank or most money sending bureaux would charge. To find out the currencies that we trade and our transfer fees please visit our fee page.

To see how competitive our transfer fees are compared to other money transfer service providers, take a look at the comparison table below.

Transfer £500 from the UK to India Transfer fee Total cost of transfer

Xendpay

From £1.70* £501.70

Western Union

£9.90 £509.90

MoneyGram

£8.99 £508.99

Barclays

£25 £525

*The fees stated above are correct as of the 22/05/2012 10:15 GMT. Please be aware that these fees are subject to change. The transfer fee we charge will vary dependent on your payment method and the amount you transfer.

Making the money to India through Xendpay.com will be really simple as we have an online payments platform that is available to take you payment instructions 24/7, so you will be able to login to your Xendpay account and transfer money from the UK to India at your own convenience. Open a free account in a few minutes. 

As Xendpay is a member of the SWIFT banking network the money will be credited to the recipients bank account within 1-3 days of us receiving your funds, which is often much faster than other money transfer service providers.

As we are a member of the SWIFT banking network we can transfer money to…

…and most Indian banks, as long as they are also SWIFT members. 

 

Benefits of transferring money with Xendpay

  1. Great exchange rate
  2. Low transfer fees 
  3. Transfer money 24/7, online via our payments platform
  4. Online and telephone assistance 
  5. Easy way to transfer money to Lloyds TSB
  6. Fast transfers  For more information, please see our delivery times page. 

 

Find out more about transferring money to India.

Transfer money from the UK to India now.