Sending money to India can be expensive if you do it incorrectly and as such we regularly see people who lose as much as 5% of the money they are sending thanks to excessive charges by using the wrong bank/provider.
Michael Foote, our international money expert at Quote Goat, explains how to send money to India in a cost-effective and efficient process.
What not to do
Firstly do not use your bank. The most expensive way to send money to India is to use your everyday bank. Although it may seem the simplest solution you can be charged as much as £50 for every £1000 you send and what is most worrying is that the majority of people have no idea this is happening. This is due to banks hiding exorbitant charges by including them into the exchange rate they offer their customers, a rate which is a long from the actual exchange rate. Even though you will see everyday banks advertise their services as 0% commission and fee-free, nothing could be further from truth. Let’s face it, banks aren’t known for offering free services so why would their currency service be any different?
What is the best option?
As a result of banks overcharging unsuspecting customers, a whole new industry has developed, allowing people to send money overseas for far less. Money transfer specialists, also known as currency brokers, exist specifically to transfer one currency into another and because money transfers are the speciality they are great at what they do.
Currency brokers have become hugely popular as a result of their superior customer service and range of money transfer features which has led to there being over 130 currency broking services available in the UK alone, all of whom are able to transfer any currency into rupees and send it to India.
How to choose a broker?
With so many brokers to choose from, how do you pick one to help you? Easy, we’ve created a comparison table to help you compare brokers and money transfer services. We’ve been in the currency industry for 5 years and have helped both personal and corporate clients to transfer money abroad without over-paying, which includes a number of clients sending funds to India from USD and GBP.
Visit our table to see information about each broker including their Trustpilot scores, their charges and the services they offer.
Once you have decided on a broker you can visit them to create an account. The verification process takes approximately 24 hours to complete although we have seen accounts be verified in as little as 2 hours for urgent payments.
How much does it cost to send money to India?
The brokers in our table our on average 80% cheaper than using a traditional bank, creating a subtantial saving for savvy consumers looking to send money overseas. This means you can expect to pay as little as 0.5% for the same service offered by a bank that would charge you 5%.
Is it safe to send money to India using a broker?
Using a broker is just as safe as using a bank to send money overseas. This is because the brokers we compare in our table are all regulated by the FCA (Financial Conduct Authority) and therefore have to adhere to the same stringent guidelines and rules as the banks.
Equally this means that your funds are always safeguarded because brokers are required to keep client funds in a segrated bank account.
Who can answer further questions?
If you need further assistance, please feel free to ask in the comment section below or you can contact us using our contact page and we’ll be delighted to see if we can help you.