Whether you want to transfer money to India from the UK or anywhere else, the process of international money transfer has become simple and easy, thanks to the internet. It hardly takes two to four working days for your funds to reach the recipient’s bank account.

There are a few things you must consider before you transfer money to India from the Uk. For instance, it would be wise to monitor foreign exchange rates, understand the transaction cost, etc. A seamless international money transfer depends on the purpose of transfer, total transfer amount, and how fast you need the funds to be transferred.

If you are sending money for the first time, pay heed to the underlying tips to make an informed decision:

Shop around and choose the right transfer service provider

It is a known fact that not all banks and non-banking financial companies offer the same benefits and rates. And if you are sending through private money transfer agencies, you will have the challenges of finding a reputed service provider. It is imperative to make a comparison between multiple money transfer services, their rates, benefits, and then choose a genuine and reputed company that offers an inexpensive, easy, and quick transfer.

Know your transfer purpose

It is worth noting that each country has specific money transfer rules and regulations to minimize illegal transactions. When you transfer money to India from the UK, you will need to understand the purposes you are allowed to send along with the transfer limit. You should be able to send money for education, employment, family maintenance, immigration, travels, and tours, or opening a business here.

Find out the transfer limit

Every money transfer service provider allows a certain limit based on the laws in their country. So, it is imperative to find out how much you are allowed to transfer. Make sure you are sending money within the permitted limit. However, if you want to send a large sum, you will have to incur higher charges and go through a lengthier transfer process.

Try not to expedite the processing time

The time taken to transfer money abroad takes about two to four working days. If you want your money to reach before the usual time limit, you will have to pay extra for expediting the transfer time. So, if you want to save money while transferring money abroad, avoid expediting the processing time.

Keep an eye on foreign exchange rates

Since you have to send money in foreign currencies, you will have to incur foreign exchange rates, which constantly fluctuate due to market conditions. A golden piece of advice would be to keep an eye on foreign currency rates and transfer money to India from the UK when the rates are in your favor. This way, you can save a significant amount while transferring money abroad.

Opt for foreign currency demand draft

If your transfer is not time-sensitive, you can choose to send money through a foreign currency demand draft. It generally takes about 15 days for the money transfer to an overseas bank, but in comparison, it is a low-cost option, due to the minimum fixed fee and service tax. You will have to draw a demand draft in the name of the recipient and mail it to them. The receiver will submit the same to his bank to receive the fund in his account.

Transfer large sum

If you have to transfer money to India from the UK to more than one relative, you can send a large sum to one person instead of sending small amounts. Your receiver will then ensure to give others’ share of the money. This way, you will save money on transfer and processing fees.