Do you want to remit money from the UK to India? If yes, then my guess is that you want to do it in the fastest and cheapest way possible, right? Well, good news is that several banks in the UK including the Bank of Baroda offers highly competitive exchange rates for the Indian Rupee and extremely low transfer options that will suit you.
If truth be told, the percentage of money remittance to India has really increased over the years. In fact, this has remarkably strengthened the chances of more and more foreign investors wanting to invest in India. And for this reason, more and more people are in search of the fastest, most reliable and safest ways to remit money to India.
Fortunately, with so many banks and money remittance services available, remitting to India has never been easier. As a matter of fact, several banks in the UK pride themselves on helping residents send money to different destination at competitive rates. Interestingly, there are numerous remittance methods that you can choose from. Keep reading for some of the most sought after methods for remittance to India.
And with that said, let’s jump right in;
– Foreign currency cheques – this is remarkably one of the simplest remittance methods that the people in the UK are familiar with. All you need to do with this option is write a cheque and deliver the same cheque to the recipient. The recipient will then cash the cheque from his or her bank. Though simple, this method of remittance may take more than 20 days.
– Wire Transfer – this method of remittance lets individuals send money to India within two working days. The presence of banking and routing codes is what makes this method safe and secure and above all trusted by millions of clients.
– Money Orders – money orders are provided by the banks. Therefore, you can easily buy a money order from your preferred UK bank and send it via mail. This method is a safe and secure way to remit to India, but it also takes time.
– Remittance Cards – just like a debit card, you can buy a remittance card on behalf of your recipient in India. Provided that you recharge this charge on a regular basis, your recipient in India can use the same card as an ATM card or shopping card. Of all the methods, remittance card is the least time consuming method of remitting money to India.
– Direct money deposit – this method of remittance is perfect for individuals who send money to India on a regular basis. For example, if you have loved ones back in India and you would like to frequently send them money, direct deposit would be the best option for you.
As for this method, an Indian Bank of your choice withdraws money directly from your UK bank account. The recipient will then have access to the money though the Indian account. Of the above, this method is not only faster but also hassle free.