Best ways to send money to India from the UK | Finder UK

Send money to India

Find fast, low-fee ways to transfer cash to India from the UK.

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WorldRemit

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  • Use promo code 3FREE to get three free transfers
  • Easy to use with round-the-clock help
  • Get cash to family and friends in minutes
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Want to send money to India? Online money transfer companies usually offer the lowest fees and the most competitive exchange rates, often beating your local bank by a long shot. You’ll need to send cash if your recipient doesn’t have an account with a supported bank, so compare options to find the best deal for your situation.

Compare services that send money to India from the UK

Table: sorted by promoted deals first
Our table below lets you compare the services you can use to send money abroad. Choose if you want to send under or over £10,000, and you’ll be shown a list of services that can help you.
Data updated regularly
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
Wise (TransferWise) for large transfers
Within an hour
From £3.75

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Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Central FX
24 hours
£0

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CentralFX's dedicated team will guide you or your business from first call to final payment.
CurrencyTransfer
24 hours
£0

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CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Wise (TransferWise)
Within an hour
From £3.75

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Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
PassTo
PassTo
24 hours
From £0.99

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PassTo specialises in remittances to bank accounts and cash pickup locations in 45+ countries.
Azimo
Within minutes
From £0.99
SPECIAL OFFER ✓ First two transfers free for new customers.

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Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
CurrencyFair
24 hours
€3
SPECIAL OFFER ✓ Zero fees on your first 10 transfers

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CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly
Within minutes
From £1.49
SPECIAL OFFER ✓ Free transfers and better exchange rates for new customers

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Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From £1.99
SPECIAL OFFER ✓ Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.

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WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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Compare up to 4 providers

How to send money to India online

Sign up and send money with a digital money transfer specialist in four steps:

  1. Sign up for a free account. Pick a provider and sign up for a free online account using your contact information, proof of ID and preferred payment method.
  2. Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Indian bank account details.
  3. Confirm transfer details. Double-check your payment method, expected fees and destination.
  4. Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to India. Some money transfer providers send a text or email when your transfer is complete.

What’s the best way to send money to India?

Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to India. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Banks, PayPal and other options are available but come with high fees, weak rates and longer turnaround times.

Blue icon representing money transfers Image: Infogram

Digital money transfer services

Companies like OFX and CurrencyTransfer specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Indian bank account, often in as little as a day or two.

Picture not described: BlueCoinsCashIcon_Infogram_94x62.png Image: Infogram

Cash transfers

Services like MoneyGram allow you to transfer cash for pickup at a local branch in India – often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees. If a cash pickup is necessary, compare MoneyGram to digital services like WorldRemit or Remitly when possible.

Picture not described: BlueBankIcon_Infogram_62x56.png Image: Infogram

Banks

Indian rupees are a popular currency, so your local bank may be able to exchange them. If your bank supports Indian rupees, beware of high fees and wide margins on the exchange rate compared to digital and other options.

Let’s crunch the numbers: Sending £1,000 to India

Let’s say you need to send £1,000 to family in India. Here’s what you might face as far as fees and exchange rates as of 30 April 2020.

Digital money transferCash transferBank transfer
Fee£0£1.90£20 + additional correspondent bank fees
Exchange rate1 GBP = 94.28 INR1 GBP = 91.78 INR1 GBP = 92.62 INR
Transfer speed1-2 daysMinutes4 days
Amount receivedINR 94,284INR 91,780.05INR 90,770.64
Verdict
  • Best value
  • Fastest
  • Slowest and most expensive

The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with INR 3,514 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to India in as little as 15 minutes.

How to get the most out of your money transfer to India

Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to India to meet your needs:

  • Exchange rates. The GBP to INR relationship can fluctuate, so using a service that allows you to lock in exchange prices may help you save money down the line.
  • Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger exchange rate.
  • Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the number of Indian rupees you’re sending.
  • Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, look for a digital specialist that offers instant transfers to India.
  • Minimum limits. Average incomes vary widely between the UK and India, which means companies with high minimums transfers may not be your best choice.
  • Transfer methods. Whether you want money sent to an Indian bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.

How to send an emergency cash transfer

When it’s more important to send money to India quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.

How to send money to India without a bank account

If you don’t have a bank account, you can still use cash transfer services to send money to India. Similarly, a recipient can get the money with a cash transfer if they don’t have a bank account. These services are widely available around the world and although they’ll typically not be the cheapest available, they can be fast and convenient.

India’s exchange rates explained

The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. India’s exchange rate is flexible compared to the pound sterling, which means it sometimes shifts a little bit a day, if not more. Factors that influence the exchange rate include interest rates, economic stability and inflation.

Today’s exchange rate GBP to INR

1
0
Updated: 19 Apr 2021 15:32:52 UTC

Documents needed to send money to India

To send money to India from the UK, you’ll need government-issued ID and other documents, while documents needed to pick up money in India may be different by company.

Documents to send money to India from the UK

To send money from the UK to India, you’ll need documentation and details that include:

  • Identification. Most services require a driver’s licence, passport or other government-issued ID.
  • Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal checks.
  • Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, Indian bank account and routing number.

Documents to receive money in India

To pick up money in person, documentation can include:

  • Transfer number. The person sending you money can forward the transfer’s confirmation details – called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
  • Government-issued ID. An Indian passport, Indian driving licence, Indian Aadhaar card or a similar government-issued ID is typically required to pick up cash.
  • Amount sent. You may need to know how much was sent, usually within 10% of the total.
  • Sender’s information. Take along your sender’s full name, the sending country and their address, if known.

What to watch out for

Sending cash to India may be limited by the Money Transfer Service Scheme (MTSS), which is created by the Foreign Exchange Management Act (FEMA) of India and enforced by the Reserve Bank of India. Transactions sent to banks typically fall under the Rupee Drawing Arrangement, but cash transfers are classified under the MTSS.

Bottom line

It shouldn’t cost a fortune to send money to India. Compare transfer companies that specialise in foreign for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.

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