Thanks to online remittance services, it only takes a few simple steps to transfer funds from the UK to India. But what are these steps? Read this post to find out.
India has the largest diaspora and receives the highest amount of remittance every year. To cater to the growing remittance needs of Indians living and working in all the different parts of the world, there are now Indian banks that offer seamless online money transfer services.
With the help of such services, NRIs in countries like the UK can now easily send money to their family and friends in India in just a few simple steps. If you are new to using digital money transfer services, then it is wise to understand the entire transfer process clearly. Here are 5 steps to remit to India from the UK-
- Log in to Your Remittance Account or Create a New Account
If this is the first time you are using online remittance services, then you’ll have to create a new account by registering on the online portal of the service provider. You only need to add a few details for creating an account.
Once the account is registered and verified, you’ll receive a login ID and password. Use this login ID and password to log into your remittance account.
- Enter the Amount
After logging in, click on the money transfer option to initiate a new transfer. On this new page, you’ll be required to enter the amount you want to send to your beneficiary in India. You can check the current GBP/INR exchange rate before entering the amount.
You can also use the exchange rate calculator to calculate the exact amount your beneficiary will receive in India as per the current exchange rate.
- Select an Existing Recipient or Register a New Recipient
After entering the amount, you can select from the list of recipients you’ve already added to your account. But if you are a first-time user, then you’ll have to register your beneficiary. This can be easily done by adding some basic details, such as their name, bank name, branch, etc.
Once a new beneficiary is registered, it will be automatically added to your recipient list. This will ensure that you don’t have to enter their details every time you want to transfer funds to the same recipients.
- Select an Existing Bank Account or Enter a New Bank Account
After selecting the amount and recipient, you then need to provide your UK bank details from where you want to make the transfer. It is also possible to make a transfer to India through an Indian bank in the UK, even if you do not hold an account in the same bank. However, this facility can vary between banks.
Once the new bank details are entered and confirmed, the same will be automatically added to your list of bank accounts for future use.
- Log in to Your UK Bank Account and Complete the Transfer
After selecting the bank account and confirming the transfer, you will receive a tracking number from the remittance provider. You’ll also need the local bank account details of the service provider to send money to India from UK. The same can be easily found on their website.
Now, all you need to do is log in to the UK bank account that you’ve selected for the transaction and transfer the required amount to the local bank account of the service provider. Enter the tracking number in the “Message to Recipient” column. Your transfer to India could be declined or delayed if the tracking number is not included or wrong.
Completing Your UK to India Online Transfer
Once you transfer funds from your local UK account to the local account of the service provider, your remittance to India will be processed. Ensure that you cross-check all the details, such as the recipient bank account number, tracking number, and banking details of the remittance provider, to avoid any mistakes or delays.
In case of any queries, you should always contact the support department of the service provider as quickly as possible.