You might think sending money between India and the United Kingdom is a slow and expensive process. Perhaps you’ve used your bank to send money to and from the U.K. Or maybe you’ve relied on international checks. If so, then you might think the process has to be complicated. However, money transfer services are a solution that can save you time and money.
If you’ve never used a money transfer service, then you might wonder what makes them an alternative worth considering. To answer that question, we’ll explore the benefits of using a money transfer service and some of the top services for transferring money to and from the United Kingdom.
What Are Money Transfer Services?
A money transfer service is a company that makes it easy for users to send and receive money internationally and domestically. They often offer several ways to access their services, including an online platform, mobile app, or agent location.
Money transfer services typically have several advantages when compared to alternatives like using international checks and banks. That’s why they’re a good option worth exploring if you want to send money to and from the United Kingdom.
When Would You Use a Money Transfer Service?
There are many reasons you might want to use a money transfer service. For example, you might work abroad and need to send money to a loved one back home in another country. Or you might need to pay for your child to study in a foreign country.
Whatever the reason, money transfer services can be useful for getting your money where it needs to go. If you’re looking for a way to send money between India and the United Kingdom for any reason, then money transfer services are a good option.
The Benefits of Using Money Transfer Services
When it comes to transferring money internationally, money transfer services are one of the options to consider. These companies offer a number of benefits that make them an attractive alternative to using other options like international checks and banks.
The first advantage is the quick speed of transfers. Most services complete transfers within one or two business days. Another advantage is the cost. According to Toptal, for instance, transfer fees have declined “year-on-year since 2008” because of pressure from the UN and G20.
Money transfer services are also accessible, with many companies offering websites, mobile apps, and agent locations. So, it’s easy to send and receive money around the world. Finally, reputable money transfer services use advanced security measures to provide peace of mind.
Top Options for Sending Money To and From the U.K.
Money transfer services are increasingly popular — in fact, Renolon projects the number of people using money transfer services will reach 13 million in 2023, up from 5,850 million in 2018. That demand has led to an influx of money transfer companies hitting the market.
While choice is great, it can also be overwhelming. That’s why we’ve rounded up some of the top options for sending money to and from the U.K. to help make things easier. These are just a few of the options to have on your radar when researching money transfer services.
- Instarem is a low-cost option for sending money between India and the U.K. It grants users points for each transfer. Those points can be redeemed for discounts on future money transfers. Plus, transfers often arrive on the same day.
- Remitout is designed for student remittance purposes. So, it could be a great fit if you have a student studying in the U.K. It enables you to send money from India to cover education expenses abroad on its website or app.
- Western Union has a network of more than 200 countries and territories, including India and the U.K. Since it has more than 170 years of experience, it’s a well-established and trusted name in the industry.
- Xe is another option for sending money from the U.K. to India. It’s known for its intuitive platform, fast transfer speeds, and competitive rates. India is one of its most popular destinations to transfer money to from the U.K.
- Wise is also a top option for sending money between India and the U.K. It has fast transfer options, including same-day and instant transfers. Beyond speed, it’s also known as a low-cost option for transferring money internationally.
The Bottom Line
Being away from loved ones can be difficult, but sending them money doesn’t have to be. According to CNBC, India’s inward remittances in 2019 were over $83 billion and outward remittances in 2019 were nearly $19 billion. So, a lot of Indians could benefit from using money transfer services.
When it comes to transferring money between India and the United Kingdom, money transfer services can make the process easier. They’re often quicker and more affordable than alternatives. Before choosing a money transfer service, do some research to find the right option for your situation.