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Best Way to Transfer Money From India to UK

Overview

Mumbai-based Swati was travelling to the UK for a month-long vacation. During her visit to Glasgow she did a lot of shopping and soon ran out of foreign currency. Swati called up her father back in India and asked him to transfer money to her cousin's account who stayed in Glasgow. But her father was clueless about the best way through which he could transfer foreign currency.

When it comes to transferring foreign currency abroad, many people don’t have any idea about the best ways to do so. Here are the best ways to send foreign currency to the UK from India:

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Transfer foreign currency through Banks
Both public and private sector banks offer solutions to transfer foreign currency abroad There are many banks that also allow non-account holding people to transfer foreign currency to the UK from India. In both the cases, submission of KYC (Know-Your-Customer) details is essential. Apart from that, you also need to provide the recipient’s bank and account details and the SWIFT number of the overseas bank.

The banks mainly let you send foreign currency by two methods:

1. Wire Transfer
IndusInd bank is a member of The Society for Worldwide Interbank Financial Telecommunication (SWIFT). It provides a network that connects various banks and financial institutions across the globe to carry out transactions in a safe and secure environment. Wire transfer is the most preferred way to send foreign currency to the UK from India because identification of recipient and sender is confirmed prior to transfer.

To send foreign currency, you need the bank details such as the name of the bank and address, account details along with the SWIFT number of the recipient’s bank. Every bank usually charges a nominal fee for transferring foreign currency to overseas banks.

As per the guidelines by the Reserve Bank of India, you can send a total amount of USD 2, 50,000 annually to any bank account abroad.

2. Foreign Currency Demand Drafts
This is another way to transfer foreign currency to the UK from India. In this process, the recipients can withdraw the amount sent by you in their local currency. However, it’s a time- consuming process.

3. Third Party Services
There are many third party money changers who can help you transfer foreign currency to overseas accounts. These third party services route the transaction through banks, which increases the processing fees.People prefer wire transfer over other modes because of the multiple benefits it offers which include privacy, speed, and ease.

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