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Top 3 Money Transfer Providers for UK to India

Provider Amount Received Fee Exchange Rate Speed
WorldRemit WorldRemit INR 18,788.73 No Fee 93.9437 more...
Azimo Azimo INR 19,033.30 No Fee 95.1665 1 Day more...
MoneyGram MoneyGram INR 19,215.97 No Fee 96.0799 minutes more...
FXcompared Country Guides
See all guides here
UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
INDIA
There are few restrictions on transferring money to India, but the Reserve Bank of India (RBI) has begun enforcing an existing Foreign Exchange Management Act (FEMA) article that prohibits rupees from being taken out of India Read More
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Send money from UK to India

Top 6 Money Transfer Providers

Latest prices for transferring money from UK to India
Exchange Rates as of 30 October 2020, 16:05

WorldRemit

Est. 2010

Use the code '3FREE' and pay no fees on your first three money transfers

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

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Amount Received
INR 18,788.73
GBP £11.01
saved vs. banks

Azimo

Est. 2012

Azimo is an online only provider with a focus on mobile money transfers. They also work with the top global banks and payment providers to ensure the safe delivery of your money and payout globally.

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FXcompared Rating
Amount Received
INR 19,033.30
GBP £13.54
saved vs. banks

MoneyGram

Est. 1940

MoneyGram is a leading remittance provider serving countries across the globe.

 

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FXcompared Rating
Amount Received
INR 19,215.97
GBP £15.44
saved vs. banks

Western Union

Est. 1851

The Western Union Company is a financial services and communications company based in the United States.

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Amount Received
INR 19,093.46
GBP £14.17
saved vs. banks

TransferWise

Est. 2011

TransferWise is an online only provider

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Amount Received
INR 19,185.71
GBP £15.12
saved vs. banks

Rates From The Average UK High Street Bank

Est. 1934

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More InfoLess Info
Amount Received
INR 17,793.91
GBP £0.70
saved vs. banks

How to Transfer Money from UK to India

What is in this guide

UK to India Guide

Summary

Since 2004, India and the UK have enjoyed a strategic partnership especially in the areas of economic and technological development, as well as cooperation in regional and global affairs. This coordination is further enhanced by the fact that it is easy to transfer money from UK to India and there are few restrictions to transfer money overseas into India.

Visas and immigration

UK citizens require a visa to travel to India. Although the process of obtaining a visa is not difficult, there are many different categories of visas to choose from and you will have to choose the one that is right for your particular situation.

You will have to apply for a tourist visa if you intend to visit friends and family or to vacation in India. Travellers must apply for this visa before leaving for India. It is usually valid for three to six months, allowing the holder a single, double, or multiple entries. A business visa is necessary for entrepreneurs and business people who intend to make sales or establish contacts in India. For this, applicants will require a letter from the company in the UK as well as the associate company in India. If you are going to be working with a company in India you will have to obtain an employment visa.

Within the UK, visa applications for India are handled by VFS Global. Before leaving for India it is important to check travel advisories for various elements of political and social unrest such as acts of terrorism and violence.

Banking, money and taxes

If you are living or working in India, having an Indian bank account will make it convenient to transfer money from UK to India. There are several major international and UK based banks in India, to include Barclays, Royal Bank of Scotland and HSBC. Many expats in India tend to lean more towards foreign-based banks with which they are most familiar. However, the Indian banking system has come a long way; offering more customer focused features and services such as online banking, widespread services and dedicated banking managers. Local banks such as ICICI Bank and HDFC Bank are much more competitive with greater accessibility and number of branches than international banks.

It is a fairly straightforward process to open a bank account in India and in some cases, employers are able to do this on behalf of their expat employees. In order to open a non-resident savings or checking account UK nationals will have to provide proof of identity, a copy of a passport or visa, proof of a local address and a copy of a residential permit.

Expats in India face the same taxation policies as Indian citizens. However, based on a double taxation avoidance agreement signed between India and the Government of the UK, expats who have lived in India for at least 180 days will only have to pay taxes on income earned in India.

Remittances

Indians are the largest minority group in the UK’s population 1,412,958, which amounts to 2.5% of the population. According to results from Oxford University’s Migration Observatory, of the £2,031 million in remittances sent from the UK, India accounted for one of the largest recipient countries. Indians rank among the top five ethnic groups for transferring money internationally. Money sent back home from the UK is usually aimed at helping family and relatives.

Economic relations between the UK and India

India is inviting increased investments from the UK in energy and infrastructure. The UK is one of India’s top trading partners. Bilateral trade amounted to $14.905 billion in 2012-2013.

Investment relationship between India and the UK

India is an attractive market for direct foreign investments because of cheaper wages and special privileges such as tax exemptions. The UK is India’s third largest investor. Total FDI from UK totalled US$20,759 million between 2000 to 2014. Several major UK companies have operations in India, which include BP, Tesco, ICI India, Reuters, British Telecom, Shell India and Unilever, to name a few.

The UK plans to double its trade relationship with India by 2015. Some recent UK investments in India include British Petroleum’s $7 billion partnership with Reliance, Serco investment of £385 million in Intelnet, McVities’ (United Biscuits) approximately $1.6 billion investment in a factories in India, which will be their first. Joint ventures are being developed between AeroDNA and several Indian clients with combined revenues amounting to £2.2 billion.

Educational cooperation between the UK and India

Approximately 5,000 Indians are studying towards obtaining UK degrees in India. The UK is active in implementing programmes to teach business level English in India, which thus far has affected over 17 million Indian learners. The British Council is also active in educating more than 750,000 English teachers. Primary level education in English is now being delivered as part of the initiative of Primary Education for all.

Each year, more than 700 scholarships are granted to Indian citizens from UK institutions. These scholarships allow for future leaders and decision makers in India to access the resources of Britain’s top educational institutions. In 2012 a Jubilee Scholarship programme was launched by the British Council and the government of the UK. It enables 60 Indian youth to engage in a one year Masters programme in manufacturing, management or science and technology at a participating UK educational institution.

Development activities in India

Development is a primary element of the UK-India partnership aimed at promoting prosperity, combating poverty, and helping to realize the Millennium Development Goals. The UK-India development programme targets the poorest states in India – Madhya Pradesh, Bihar, and Odisha with the aim of providing jobs, developing infrastructure, providing products and basic services. The main focus is to provide educational opportunities, nutrition, healthcare, and jobs to the poorest women and girls. As a result, more than 2.3 million Indian citizens have moved out of poverty, and 1.2 million children have been able to go to school. India has also been free of polio for the past ten years.

Frequently Asked Questions

Are the money transfer companies shown above safe to use?

Yes, all the companies are safe and fully-regulated money transfer services. Each are authorised and regulated by the relevant authority such as the Financial Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.

How long does an international money transfer take?

The speed of delivery will depend on where the money is being from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can depend take anywhere from minutes to days and you should check the time estimates from the relevant provider. Debit and credit card payments sometimes allow for faster transfers for smaller amounts.

How do I use FXcompared?

First review the comparison results (such as for a table above) for a given amount of money sending from UK to India. Then select a provider based on factors such as price, speed, their rating and click the green button to be taken to their website. From there, you can register and sign up for an account. Once you have done that and the provider has verified your identity to ensure the money can be send safely, you will be ready to transfer money.

What payments methods can I use to send money overseas?

The results shown above are typically for bank to bank transfers. It is possible via some providers to pay in your funds for the transfer via cash, debit or credit cards as well but this is usually reserved for smaller amounts. Some providers also give you different options for how the money will be received - to a bank account (most common), to a debit card, to cash or to a digital or mobile wallet.

What if the price shown above isn’t exactly what I am offered when I try to transfer money?

There can be a number of reasons why the final price you are offered may be different to that shown in the table above. Exchange rates between two currencies change all the time and is the most common reason. Additionally, some providers offer different pricing depending what method you are using to send funds or how the funds will be received. Others may offer you a premium service for faster payments. In some cases FXcompared has a special rate with a provider and this is reserved for first time customers who sign up to the provider starting from FXcompared’s website. As prices do change often, be sure to confirm the total cost with the provider before transferring money.

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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.