How to Transfer Money to UK from India through Remittance Service
In Remittance, there are two different methods available. They are inward remittance and outward remittance. The inward remittance is a method used to send money to India from other nations. In outward remittance, we can able to send money from India to any other nation. To transfer money to UK from India, you need to use the outward remittance service.
You can use the outward remittance for various reasons based on the approval provide to that specified bank or the money exchange by the RBI. Major purposes are as follows,
· Educational Purposes
· Financial support
· Domestic deposit
· Sale of assets
· Travel expense
· Medical treatment
· Business reasons.
Even though both banks and money exchanges offering this, but they are having vastly difference in their offerings. The places where these two mainly differ are in exchange rates and transfer fees. Typically, transferring money to the UK or any other country through the bank is costlier compared to money exchange. Along with this the documentation procedure and the processing time is also higher in banks. Usually, banks only transfer money to other banks and not to any other money changers.
If we take foreign exchange on other hand, it is a very simple process that too possible with help of online as well. The exchange rates in Foreign Exchange are based on the real-time exchange value. So, they will provide the best possible rate available in the market to make you more benefitted. Through the foreign exchange, you can able to transfer money to any bank or any other exchange of your choice.
When It comes to processing in currency exchange, any one of your KYC documents such as PAN, the passport is enough, with the correct sender address, you can able to Transfer Money Overseas in less than a minute with very minimum steps.
The steps are, go to desired the money exchange website, log in or create your account and choose the place and the currency which you need to transfer, lock the exchange rate and provide your KYC document. Then a single click, your transfer is done.
Since foreign exchanges are designed especially for these reasons, you will get the best experience in terms of customer support and they will guide you to complete the transfer more quickly. Also, the portal which you are using to transfer the money is very user-friendly with things such as history, transfer status, live exchange rates are also available.
Although banks and money exchanges are available as an option. Due to the flexibility and fasten process time, picking the money exchange is the best decision.