How to Transfer Money from India to UK

We cover the smartest way to transfer cash from India to the UK.

Updated: January 26, 2024
Matt Crabtree

Written By

Matt Crabtree

 

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Sending money from India to the UK is easier. The process of sending money overseas was far more complicated in the past.

It required many trips to the bank, hours of waiting, and the coordination of various paperwork, and then another three to four days for the funds to be transferred when everything was in order. However, that is no longer the case.

These days, you can get your identity verified in as little as two or three minutes for a low cost, and without sacrificing any security. This article will discuss the best way to send money from India to the UK and evaluate the advantages and disadvantages of online banking services and traditional banking institutions.

Why Use Remittance Companies? 📈

One of the safest methods to transfer funds has always been via a bank. But, there are several drawbacks to using banks.

  • A bloated currency exchange rate 💸
  • Processing time increases 💸
  • Substantial costs associated with either transmitting or receiving 💸
  • Must have extra paperwork 💸

Many have started using remittance providers as a result of these problems. There are currently a plethora of reputable online businesses that provide competitive exchange rates and enticing membership deals.

How to Transfer Money from India to UK: 10 Providers (Compared)

Simple and standard procedures for sending money using an internet remittance service are as follows — you need these:

  • Register yourself (email, PAN card, passport may be required).
  • Provide the recipient's bank details.
  • Choose whether to transfer through bank transfer, credit card, or debit card.

So, let's see how much it would cost you to transmit one million Indian rupees to the United Kingdom. This list below only includes tried-and-true choices that have been around for a while. Let's calculate how much money you'd have if you did utilise online banking for overseas transfers.

ServiceScoreRegister
1. Wise★★★★★Click Here
2. Revolut★★★★★Click Here
3. OFX★★★★★Click Here
4. Xoom★★★★Click Here
5. MoneyGram★★★★Click Here
6. Western Union★★★★Click Here
7. Remitly★★★★Click Here
8. BookMyForex★★★★Click Here
9. ExTravelMoney★★★★★Click Here
10. Instarem ★★★★★Click Here

1. Wise

With TransferWise (now called Wise: read our Wise review), you can send money abroad at a fraction of the cost of using a traditional bank. One of the most downloaded apps/visited websites, it also has the top Trustpilot and Google Play ratings for user happiness.

TransferWise, a company formed in 2010 by two financial experts, has an elegantly straightforward mechanism. It uses two domestic transfers instead of one international one, eliminating the need for costly foreign payments.

You’ll see good trust scores for Trustpilot and Google Play. For the last several years, the company's growth rate of over 50% has made it one of the fastest-growing online remittance services, with a client base of over 7 million.

It's clear that their revenue has grown faster than their profit.

This is because the firm is attracting and retaining a rising number of customers, and because its exchange rate and transfer costs are competitively cheap.

It also has more than 7 million users, making it one of the largest online remittance providers. This company has grown by more than 50% in the last few years. If you looked closely, you'd see that their revenue has grown faster than their profit.

This is due to the fact that the firm is attracting and retaining a rising number of customers, and because its exchange rate and transfer costs are competitively cheap.

How Wise Works

In order to complete a transfer using Transferwise, there are two steps (in this case, India to UK transfer): transfer funds from an Indian bank to a Wise account. Then Transferwise sends funds to a UK bank.

When you first use TransferWise, they may contact you to verify your address for security concerns. As they are a bank, this aids their efforts to prevent money laundering and ensure the security of their customers' funds.

Today, I'll show you how Transferwise stacks up against some of your other choices for making an international money transfer from India to the United Kingdom. Transferwise is now running a promotion that waives the transfer fee in certain situations.

Taking advantage of this deal is as simple as clicking the link I provided above. This would show that a small transfer would incur no cost and a big transfer would incur a reduced rate.

Is there a limit to how much money you can transfer? One transfer to an individual might be up to 1.5 million GBP. In a single day, you may wire up to 15 lakhs to commercial recipients. However, 20,000 INR is the very least that may be contributed.

Transfer Time 

When TransferWise receives and translates your funds, the funds should reach the recipient's bank account the next business day. (This can take longer for a first-time transfer). Conversions may take up to two business days. As a general rule, subsequent transfers will be speedier than the first one, although this is not always the case.

Pros

✔️ Real-time middle-market rates make it cheap.

✔️ 24-72-hour rate lock-in.

✔️ No branch visit needed; use online or in-app.

✔️ £2 minimum payment (or the equivalent in other currencies).

✔️ Maximum payout is £1 million.

✔️ Highest customer rating throughout Google Play, TrustPilot, Monito, etc.

Cons

❌️ First transfer might take 2-3 business days.

❌️ Address verification.

❌️ Credit card funding is pricey.

2. Revolut

Frustrated by the foreign exchange process? No more! All the information you'll need to know about using Revolut to send money abroad is compiled here.

Fees from India to The UK

There is a flat cost of 0.3%, ranging from £0.30 to £5, for any other local currency transactions (such as transferring PLN to Poland from the UK).

A flat cost of £3 is applied when sending RUP, USD, GBP, EUR, or CHF, and a flat fee of £5 is applied when sending all other currencies for transactions that are not in the local currency (such as sending USD to Poland from the UK).

Is there a need for more explanation? If you upgrade to Revolut Premium, you will get one free monthly international transfer. Revolut will soon provide a payment widget allowing you to see how much your transfer will cost before you actually send it.

Convenient, huh? There will soon be an announcement, so stay tuned. This page also includes information on the prices they charge.

Timeframe 

The money transactions using Revolut are quick. Their transfers often get there within a day. It may take up to five days, depending on the route, but Revolut keeps you informed about the transfer's progress.

Indeed, they recently released a transfer tracker that shows you exactly where your money is and how long it will take to get to its destination. Try it out the next time you use the Revolut app to make a transfer!

Your financial security is their top focus.

About 25 million people worldwide have used Revolut to safely transfer money internationally. For any questions you may have, their in-app specialists are always available. The Financial Conduct Authority (FCA) in the United Kingdom has recognised Revolut Ltd as an authorised Electronic Money Institution.

Register with Revolut’s App 

The registration process for Revolut is simple. You may either click the “Get Started” button on Revolut’s webpage or install the Revolut app on your iOS or Android smartphone. The registration process is quick and painless. After creating a Revolut account, you may fund it by linking a card or bank account.

In the “Payments” menu, you may choose the amount you want to send, the currency you wish to use, and the country to which you wish to send it. Just enter the information of the person or people you want to receive the funds, and they will handle everything else. Easy-peasy!

Pros

✔️ Tons of sending features. 

✔️ Free account opening.

✔️ Free and premium options.

✔️ Cheap overseas money transfers.

✔️ Current exchange rate is utilised.

Cons

❌️ Revolut might freeze your account for any reason.

❌️ Fees on exchange rates during weekends.

3. OFX

OFX is a U.S.-based online money transfer service that serves more than 190 countries through its website and mobile app. The major benefit of OFX is that it doesn't charge any transfer fees yet provides rates that are competitive with the market leaders. The maximum amount that may be sent is also unspecified.

When sending money overseas, OFX might be a cost-effective choice if the receiver is willing to wait a few days for the money to arrive. Same-day or next-day delivery is not guaranteed with OFX since it is dependent on regular banking hours and processing.

If you want to make a transfer, you'll need to have at least £1,000. You and the person you're sending money to will both need to have a bank account.

Rates

Like its competitors, OFX profits through a markup on exchange rates. Its premiums above the midmarket rate for transfers to the nations we analysed are about 2% to 4%. Bank-to-bank transfers to these nations often incur fees from other providers ranging from around 1 to 4 per cent.

Transfer Time 

Currency exchanges may take anything from two working days up to four.

This includes the half-day it takes the business to receive money from your bank account, plus the additional one-to-three days it takes to distribute the money to the beneficiary.

As compared to other companies, such as those that send money worldwide in a matter of minutes, OFX does not have a competitive edge in terms of speed (though it costs more).

Methods 

Only domestic direct debit or domestic wire transfers from your bank account are accepted for transferring funds. It is possible to use various payment options, such as credit cards, debit cards, and even cash, with certain money transfer service providers.

Pros

✔️ Quick and simple access to support staff, thanks to OFX's worldwide network of offices.

✔️ Excellent mobile app. 

✔️ See current and historical mid-market rates, as well as information on the status of any active or completed transactions.

✔️ Users are quite complimentary of the app.

✔️ For whatever amount sent, OFX doesn't take a cut like some other services. 

Cons

❌️ The data transmissions are slower. There are easier ways to navigate the site. There is no online chat function, however, the provider's website does contain a frequently asked questions section. 

❌️ You need to sign up for an OFX account before you can see their consumer exchange rates.

❌️ There is just one method of payment accepted. 

4. Xoom

Xoom, which is owned by PayPal, is a fast money transfer service. The company, which has been around since 2001, is entirely web-based and can often complete international wire transfers in under an hour.

Funds may be sent from India to over 160 other countries using a variety of delivery methods, including direct deposits into bank accounts and cash for collection at places. To transfer a sizable sum, though, you'll have to provide quite a bit of personal data.

High-Speed

As compared to its rivals, Xoom's spreads on currency exchange are around average, and its markups above the midmarket rate are about average as well. Users that need to transfer a lot of money quickly who don't mind divulging a lot of personal information will like Xoom. If you pay using a bank account, the fees are minimal.

Xoom's flat price for sending money abroad from a bank account is £4.99, regardless of the amount sent. (Note that if you select cash collection as the delivery option for larger transfer amounts to particular countries, the cost may be as high as £17.99 even if you finance using a bank account.)

It's hard to find a slow Xoom. Unlike other rivals, money may often be received within minutes, even when financed via bank accounts. With verified accounts, the maximum monthly transfers are quite high.

In exchange for authenticating your identity, Xoom will let you send up to £50,000 every day to a recipient's bank account. A minimum Xoom money transfer of £10 is required.

Simple Interface

Xoom has a pleasantly simple interface. Xoom allows you to check transfer fees, transfer times, and delivery choices by country, all without creating an account.

Customers who make regular transfers would appreciate the option to initiate a forex transaction with only a few clicks. The frequently asked questions are structured and written in a way that is easy to understand.

The app works in several languages. Agents are trilingual, speaking both English and Spanish and Indian subcontinent, making them accessible to callers in both countries. As an added convenience, we provide multilingual email support.

Overall solid reputation. The mobile app is well-rated, with an average of 4.8 stars in Apple's Store and 4.7 stars for Google Play.

It may take more time to reach certain locations. Certain deliveries may take up to a few days, as stated on the website; nonetheless, this is the very minimum for bank deposits at many of its rivals.

Pros

✔️ Fees are minimal.

✔️ Money may often be received within minutes.

✔️ Maximum monthly transfers are quite high.

✔️ Simple interface.

✔️ Several languages.

✔️ Solid reputation. 

Cons 

❌️ It may take more time to reach certain locations.

❌️ In order to send larger sums, identity verification is required.

❌️ No real-time chat with a representative.

❌️ Hefty charges associated with loading funds onto a card.

5. MoneyGram

MoneyGram money transfers may be made in a variety of currencies and are processed quickly, but this convenience does not come without a price.

There are more than 200 countries represented by MoneyGram's broad network of over 350,000 agent locations and kiosks. It also offers a wide variety of ways to send and receive money, such as cash delivery and mobile phone recharges in some regions.

And the transfers are quick: you may have your hands on the cash in a matter of minutes, while bank transfers might take anything from a few hours to a day to reach the most popular locations.

Large Network

Yet, there is a price to pay for these added conveniences. From what we could tell, MoneyGram was one of the most costly services we found for international wire transfers.

Its monthly and daily internet transfer maximums of £10,000 to £15,000 were among the lowest of the companies it reviewed. MoneyGram's strengths lie in its extensive network and its speedy (albeit pricey) transfer times.

MoneyGram has a very extensive system for sending money across borders.

More than 200 nations have access to MoneyGram's 350,000 agents and kiosks. And a quick service, usually, you may pick up your cash within a few minutes. In certain countries, the funds might be deposited into your bank account the very next business day.

The recipient has the option of having the funds deposited to their bank account, debit card, or mobile wallet, or picking up cash at an agent location. Moreover, home delivery is an option in several nations. You can schedule recurrent payments. Scheduled weekly or monthly automatic fund transfers are possible.

Finally, for your convenience, MoneyGram provides access to transfer fees, transfer times, and delivery choices without requiring you to create an account. The frequently asked questions are neatly laid out and simple to understand.

Less Streamlined 

That said, it’s definitely on the pricey side. Sending money with MoneyGram is more expensive than with many other services. You’ll notice constrained transfer sizes too. Online transfers from the US to most countries are capped at £10,000 per transfer and £15,000 per month, respectively, which is less than what other rivals allow.

There is no telephone assistance available. Live chat, an online contact form, and Twitter are all ways to get in touch with customer service, but a phone number isn't provided.

There was also a lawsuit filed by the Consumer Financial Protection Bureau. MoneyGram was sued by the Consumer Financial Protection Agency and the state of New York in April 2022 for delaying the transfer of cash to foreign recipients. 

Pros

✔️ Very extensive system for sending money across borders.

✔️ Quick service.

✔️ Several funding mechanisms.

✔️ Schedule recurrent payments.

✔️ Simple interface.

Cons

❌️ Definitely on the pricey side.

❌️ Constrained transfer sizes.

❌️ There is no telephone assistance available.

❌️ Lawsuit filed by the Consumer Financial Protection Bureau.

6. Western Union

Although Western Union is a reliable alternative for moving money throughout the globe because of its extensive branch network, it also has somewhat high transfer fees.

Western Union has more than 550,000 money transfer facilities in more than 200 countries and territories. Western Union is unique among money transfer companies in that it facilitates both local and international transactions; the company's forte is facilitating the rapid movement of cash abroad.

Tricky Pricing

Yet, Western Union has a convoluted price structure and has failed in the past to adequately safeguard its customers. In 2017, it settled with the US Department of Justice and other federal agencies for its failure to prevent wire fraud on its platform for £500 million, during which it admitted its wrongdoing.

As part of this decision, Western Union pledged to do more to safeguard its customers by beefing up its compliance processes to root out any fraudulent behaviour that could occur.

Registration 

Western Union requires its customers to sign up for an account and go through a series of identification verification requirements before they can utilise their service. In order to safeguard against fraudulent use, the data you provide online is secured.

This introduction to Western Union is intended just for Indian readers interested in moving funds domestically or internationally. If you need to send or receive actual cash, this is the best option. Customers that need to transmit to locations not often serviced by other carriers, such as jails and foreign military sites.

Pros

✔️ Get provide quick wire transfers. Funded transfers financed using cash or debit cards may reach at their international destinations in a matter of minutes. The money would be waiting for the receiver at a store or bank.

✔️ Cash may be used to finance a transfer. Most alternative money transfer services cannot accommodate this request.

Cons

❌️ Definitely not the cheapest. In terms of both fees and prices, you might discover more affordable transfer options at other destinations. 

❌️ In order to send £500 to Mexico online using financing from a bank account and delivery to a recipient's bank account, you will be charged a flat price of £2. Yet, the identical transfer situation to the United Kingdom would cost you about £12. 

❌️ Remitly and WorldRemit are two options to transfer money to impoverished nations. Check out what Wise (now called TransferWise) and OFX have to offer if you need to send money to a developed country.

❌️ Costs are difficult to compare since the charge and exchange rate might vary greatly depending on the method of payment and the method through which the receiver gets the funds, among other things.

7. Remitly

With Remitly, you can transfer money online or using the Remitly mobile app from any of 28 different countries to any of 100+ other countries using your choice of many different currencies. The receiver may get a bank deposit, mobile money transfer, or cash upon collection from a local agent, depending on the location.

Established in 2011, more than 100 nations may receive packages sent from any of the 28 participating countries.

Change currency according to your final destination. Almost 37,000 users have given this service a 4.1-star rating on Trustpilot. To better serve their customers, they provide multilingual help.

Use the Remitly website or mobile app to quickly and easily see the current exchange rate.

In addition, you may utilise our comparison table to get a feel for the Remitly exchange rate you'll need to know. Remember that if you transfer funds internationally, the currency rate you get may differ from the one you initially received. 

Register with Remitly 

For those looking to convert Rupees INR into GBP euros as quickly as possible, our top selection, Wise, can get you there in as little as two business days.

The most convenient place to check the current Remitly exchange rate is on the service's own website or mobile app. You may estimate potential fees and currency rates by opening a Remitly account online or using the app.

Still, with Remitly, you can easily convert your Rupees to Sterling Pounds in seconds. How long it takes to send money from India to the UK is subject to a number of variables, the most important of which are:

  • Your service provider.
  • The method of payment you've decided to use.
  • Payment instructions for when a holiday occurs.
  • Mandatory procedures for authenticity confirmation here or at the target country.

Pros

✔️ Low costs.

✔️ Issues transfers right away.

✔️ Helpful customer service.

✔️ Mobile + Web

Cons

❌️ Low limit on how much you can send.

8. BookMyForex

BookMyForex is an authorised Reserve Bank of India (RBI) money changer (RBI). When it first opened its doors in November 2012, it partnered with major Indian banks and foreign exchange providers to give its clients competitive rates and streamlined service.

BookMyForex doesn't charge its customers anything to use the service, but the consumer is liable for the 225 INR bank fee and the 18% Goods and Services Tax (GST) required by Indian law.

Pros

✔️ For a fee of 2% of the total order, you may lock in the exchange rate for a period of up to 3 business days.

✔️ Costs for making a bank transfer are minimal when compared to those of competing services.

✔️ BookMyForex allows non-UK. citizens to send money abroad after a brief verification process.

✔️ Send money to almost any country in the world.

✔️ There is no minimum transfer required.

Cons

❌️ BookMyForex doesn't support unusual currencies.

❌️ Due to the partner branch verifying KYC papers, the procedure cannot be done entirely online. Otherwise, you may arrange for the partner branch to come to get the KYC paperwork from you (free for amounts greater than INR 50,000).

9. ExTravelMoney

If you're looking for a place to compare and contrast various foreign exchange options in India, go no further than ExTravelMoney. ExTravelMoney, which launched in December 2014, claims to have partnerships with more than 4,000 FX stores throughout India, allowing its clients to get the best exchange rates.

As ExTravelMoney is an aggregator, it shows you prices from reputable currency suppliers in your chosen region.

If you're looking to make a money transfer from Mumbai, for instance, you may narrow your search results to just reveal money transfer companies based in that city.

Pros

✔️ Discover a plethora of options for exchanging currency in your area.

✔️ As several different companies are vying for your business, you may benefit from inexpensive fees and favourable exchange rates.

✔️ With a deposit of INR1,000, you may lock in an exchange rate for two days.

Cons

❌️ If you need to transmit a currency that isn't widely accepted, you may need to find another service.

❌️ Minimum £200 required to be sent (or equivalent).

❌️ You must be present to complete the wire transfer procedures.

10. Instarem 

With its headquarters in Singapore, Instarem serves as a frontrunner among providers of digital payment solutions in Southeast Asia, Asia Pacific, Europe, and the Americas. Save money by using Instarem to send money to 55+ countries.

Moreover, Instarem provides a Best Transfer Amount Guarantee and Zero-Margin FX Prices.

MassPay is a worldwide business payments platform provided by Instarem for its commercial customers. Its platform enables the sending of single and bulk payments to over 60 countries in several currencies utilising the same web, file, and API interfaces.

Pros

✔️ Transfer costs between 0.25 and 1 per cent are rather low.

✔️ There are no hidden fees associated with our exchange rates, and we always provide the highest possible transfer amount.

✔️ There will be no ambiguity and no surprise fees.

✔️ Immediately redeemable points for purchases; InstaPoints.

✔️ Professionals solely devoted to helping customers.

Cons

❌️ In terms of regions covered, the Middle East and Africa are completely absent.

❌️ No longer allowed to receive or make international transfers to/from New Zealand

❌️ The time it takes to activate your account may be longer than expected.

❌️ A credit card wouldn't be accepted there.

❌️ Personal financial advice is not included in the 24/7 assistance.

Comparison Guidelines

1. Be familiar with currency exchange (and how to find the best). Markups on currency exchange rates are one method that money transfer services generate revenue. Most money transfer services will not match the exchange rate offered by a third-party website, such as Bloomberg or Reuters

These sites only provide the exchange rate between two currencies, but they are a good place to start if you want to know what the current market rate is.

Look at the foreign currency amount when comparing conversion rates for international transfers with firms like Western Union. The greater it is, the less profit you make and the more you give to your intended beneficiary.

2. Assess the overall transfer fees from various service providers. Payments are broken down into two categories: initial charge and markup due to currency conversion (see above). Locate a service that offers the best exchange rate and the lowest charge. Compared to banks, online nonbank providers often have lower transfer fees.

3. Thirdly, if you can help it, try not to use a credit card. Although certain service providers may provide this, doing so may result in greater interest or cash advance fees from your credit card company, in addition to any initial expenses.

To transfer money across bank accounts, direct deposit is often the most cost-effective (but time-consuming) option. Use a debit card instead of a credit card if you need access to your money immediately and at a cheaper cost.

OFX is ideal for those needing a low-cost bank-to-bank transfer option who are less concerned with turnaround time.

Mid-Market Rate 

The rate at which currencies are traded on average, in the “middle of the market”, is called the mid-market exchange rate. Hence, it's the exchange rate your bank or money transfer service receives while making foreign currency transactions.

Customers shipping or converting less than 1,000 USD often aren't charged the mid-market exchange rate. Instead, the retail exchange rate offered by banks and currency services is calculated by adding a markup or margin, in the form of an additional charge, to the mid-market rate.

It is usual practice to add a premium to the exchange rate when making foreign payments. Nevertheless, since this cost is often included in the rate applied rather than being clearly advertised, it might be difficult to know precisely how much you pay for your transfer.

Markups on exchange rates typically range from roughly 3% to as much as 5%, however, this may be much more or lower depending on the currency, payment amount, and supplier. While it may not seem like much initially, such charges may rapidly add up to more than the transfer price.

Comparison Summary

Due to the immediate nature of a wire transfer, the fees associated with sending money via bank wire will be higher than those associated with sending money through remittance companies like Wise or Revolut.

The fees for a wire transfer range from Rs. 500–800, per transaction for INR to GBP, before taxes; the fees for a demand draught, for the same amount, range from Rs. 200–500, plus taxes.

There are financial institutions that do not have access to the SWIFT facility; in these cases, you will need to create a demand draught and take it to a financial institution that does. The costs associated with sending a demand draught or using SWIFT to another bank will be your responsibility as the sender.

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