Best Way to Transfer Money From India to UK

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.