A Guide to Sending Money to UK from India

Are you a student planning to pursue your higher education in the UK? Then, there are countless reasons you need to send money to the UK, and whatever your reason, it’s important to have a reliable and convenient way to do so. If you haven’t done it before, sending money to UK from India can seem overwhelming. Things like fees and currency exchange rates may be enough to make you feel dizzy, especially if you don’t have much experience in sending money abroad.

How to Send Money to UK from India?

There are different ways to send money to UK from India, which include:

1. Online Money Transfers

Online platforms offer fast and cost-effective international money transfers. These services often offer competitive exchange rates and lower fees than traditional banks.

2. Bank Transfers

Send money to UK from India using your bank's international transfer service. This method is reliable but can sometimes be slower and more expensive due to higher fees and less favourable exchange rates.

3. Wire Transfers

Use wire transfer services provided by companies to send money internationally. These services are widely available and can facilitate quick transfers, often within minutes, but may come with higher fees.

4. PayPal

Send money electronically to a UK PayPal account using your PayPal account linked to your Indian bank or card. PayPal is convenient and widely used but may charge higher fees and offer less complementary exchange rates than other options.

Though these methods help you send money to UK from India, they differ in cost, time, and experience. 

What is the Best Way to Send Money to UK from India?

Opting for a non-bank remittance business may be your best option. But with so many alternatives, how can you choose the best one? It's all about selecting a reputable company that is authorised to conduct money transfers. Consider things like speed, rates, simplicity of use, and more. You can check out WSFx Global Pay, an authorised AD-II category remittance provider that helps you to transfer money to UK from India easily and conveniently.

How Can Money Transfer Services Help?

Sending money to the UK from India can be streamlined and efficient with the right money transfer service. Here’s how they can help:

1. Seamless Digital Platforms: These days, there are numerous money transfer options, such as smartphone applications, that can help transfer cash comfortably without necessarily having to go to banking halls.

2. Transparency: Most of the services come with clear pricing and no hidden fees to indicate exactly what you are being billed for.

3. Accessibility: Many service providers have a presence in both the online and offline world to cover all preferences and make it easy to transfer money from any location.

4. Competitive Rates: Money transfer services often offer competitive and transparent rates, making them ideal for various purposes such as university fees, medical expenses, or travel funds.

5. Swift Transfers: While conventional bank transfers may be slow or expensive, many services for conducting transactions by wire take only a few business days—usually 12 to 48.

6. Rate Alerts: Some services offer rate alert features, such as setting the desired rates to set alerts and receiving notifications once the target exchange rate is reached. 

7. Flexible Payment Options: One of the money transfer services is WSFx Global Pay, which provides the “Book Now, Pay Later” option through its features. This option enables clients to lock in their desired rates within short periods, thus becoming more flexible and saving on costs.

8. 24/7 Convenience: Both websites and apps offer up-to-date exchange rates all day long, meaning you can buy or transmit cash at any time, free and easily.

5 Things to Consider While Sending Money to UK from India 

Let's examine the 5 essential considerations when sending money to the UK from India. These factors will help ensure a seamless and financially sound transaction process.

1. Beneficiary's Personal Information

Ensure that you gather and verify the recipient's details when sending money to UK from India, confirming their alignment with the provided documentation.

2. Beneficiary Bank's SWIFT Code

The SWIFT code, or Bank Identifier Code (BIC), is essential for directing funds to the correct financial institution when sending money to UK from India.

3. Beneficiary's Account Number

The International Bank Account Number (IBAN) is a crucial detail that uniquely identifies their bank account within the respective institution. Guarantee precise crediting of funds by providing the IBAN when sending money to UK from India.

4. Name Consistency

Match the name linked with the provided account number precisely with the beneficiary's details when sending money to UK from India.

5. Senders K.Y.C Documents

When sending money to the UK from India as a university student, you will need to give K.Y.C documents. We have provided a full Purpose Wise Mandatory Documentation Required

Before proceeding with the international money transfer, it's essential to review and authenticate all the provided details mentioned earlier thoroughly. This meticulous process helps guarantee a seamless and accurate transaction, reducing the risk of complications or delays.

Send Money To UK in just 4 steps with WSFx Global Pay

1. Beneficiary: Fill in the Beneficiary details like university name, country, address, bank details (Swift/IBAN), etc.

2. Remitter: Fill in the name and PAN details of the remitter.

3. KYC: Upload mandatory KYC documents for processing the remittance.

4. Payment: Make payment to proceed with the remittance successfully.

Factors to Consider for Sending Money in UK

Before sending money to UK from India, it's crucial to consider several factors. 

1. Get the best deal on exchange rates by comparing.

2. Watch out for transaction and currency conversion fees.

3. Make sure to use trusted remittance platforms.

4. Transfer Method:

• Wire transfers are cost-effective.
• Demand Drafts are slower but simpler.

5. Documents Needed: Have address proof, photo ID, beneficiary details, and Swift code ready.

6. Threshold & Tax Collected at Source (TCS):

• Usually 7 Lakh threshold per financial year.
• TCS will be applied above 7 Lakh, ranging from 0.5% to 5%.
  

Consider various things and think carefully before selecting the most suitable way to send money from India to the UK. Checking out the exchange rates, getting to know fee structures and selecting reliable remittance platforms will guarantee cheap and safe transactions in all cases. With the right approach, you will learn how to handle international money transfers in order to address your studying or individual necessities while in the UK, free of worry or overcharges.