Sending Money from India to UK? Here’s What Every BookMyForex Customer Should Know!
Understanding Wire Transfers
A wire transfer is a secure method to electronically transfer money between bank accounts, either within the same country or internationally. For sending money from India to the UK, wire transfers are a reliable option, whether for education, family support, or investments. The process involves transferring funds to the recipient’s bank using a secure network like SWIFT. To complete the transfer, you’ll need to share details such as the recipient’s name, account number, and the bank’s SWIFT code or routing code.
While Indian banks offer this service, they often charge high fees — anywhere between ₹1500–₹2000 and add 2-3% markups to the exchange rate. A smarter and more cost-effective option is to use platforms like BookMyForex, which offer zero transfer fees and lowest rate guarantee for money transfers to the UK. The transfers via BookMyForex are processed through trusted partner banks, ensuring the same level of reliability as traditional banks while offering interbank-linked lowest rates.
Why Indians Transfer Money to the UK
Under the Liberalized Remittance Scheme (LRS), Indians can remit up to $2,50,000 in a financial year for various purposes. Here are some common reasons why people send money to the UK:
1. Education: The UK is home to some of the world’s top universities, such as Oxford, Cambridge, and Imperial College London. Many Indian students pursue higher education in the UK, and their families send money for tuition fees, living expenses, and accommodation.
2. Family Support: Many Indians have family members living in the UK, and financial support is a common reason for sending money abroad. This could include families helping their loved ones working in the UK, or siblings supporting each other from afar.
3. Medical Treatment: The UK offers advanced medical care and specialized treatments. Many Indians travel to the UK for surgeries or medical procedures that are unavailable in India. Sending money is essential to cover hospital bills, consultations, and post-treatment care.
4. Investment in UK Assets: The UK provides opportunities to invest in various assets, including property, stocks, etc. The UK stock market offers opportunities to invest in companies like HSBC, GlaxoSmithKline,, and more. Wire transfers are often used to fund these investments.
5. Emigration and Foreign Employment: The UK remains a popular destination for Indians seeking employment or permanent residency. Wire transfers help fund initial settlement costs, such as housing deposits, transportation, and setting up basic utilities.
Documents Required for International Money Transfers to the UK
The documents needed for international money transfers through BookMyForex depend on the purpose of your transfer. For instance, you’ll need to upload the I-20 form or an admission letter from the university, when sending money for education purposes. For fund transfers to loved ones, proof of your relationship with the beneficiary is required.
However, there are two mandatory documents for all transfers, regardless of the purpose:
—PAN Card
—Remitter Photo Cum Address Proof
For a detailed list of documents based on the purpose of your transfer, visit here
Factors to Consider When Transferring Money to UK
1. Exchange Rates: The exchange rate plays a crucial role in determining how much Indian Rupees (INR) will convert into British Pounds (GBP). Even a small difference in rates can impact the amount your recipient receives. Banks typically add a markup of up to 2.5%, whereas BookMyForex offers a lowest-rate guarantee on interbank rates. For example, if you’re transferring £10,000 to the UK, let’s say one provider offers ₹107 per GBP, while BookMyForex might offer ₹106, which means your recipient would get ₹10,000 more with the better rate. Hence, always compare rates from different providers.
2. Transfer Fees: Transfer fees refer to the charges that banks or money transfer services impose for processing the wire transfer. Indian banks usually charge flat fees of ₹1500 to ₹2000 per transfer. Some money transfer platforms in India also charge a percentage of the transfer amount and the fee could go as high as ₹8000. In contrast, BookMyForex offers zero transfer fees for money transfers to the UK. Simply use the promo code "ZEROBANKFEE" when placing your order.
3. Intermediary and Recipient Bank Charges: When transferring money to the UK, your transfer may pass through one or more intermediary banks before reaching the recipient’s account. These intermediary banks may deduct fees ranging from £10 to £40. Besides this, the recipient’s bank could also charge a fee to process the incoming funds. Opt for a platform that displays all costs upfront to avoid unpleasant surprises. BookMyForex shows you the exact amount your recipient will receive, ensuring transparency.
4. Transfer Speed: The time it takes for your money to reach the recipient in the UK can vary depending on the service provider. Wire transfers when done through banks usually take 3-5 business days, whereas BookMyForex processes transfers much faster i.e. within 12 to 48 hours. For education-related transfers, BookMyForex provides same-day transfers to the UK.
5. Security and Compliance: Security is critical when transferring money overseas. Ensure the platform you choose uses advanced encryption and secure payment gateways to protect your financial and personal information. BookMyForex uses secure payment gateways and applies document watermarking to safeguard your sensitive data. The platform follows all regulations set by the Reserve Bank of India (RBI) and fully complies with the Foreign Exchange Management Act (FEMA).
6. Tax Collected at Source (TCS): No matter the platform you use, TCS (Tax Collected at Source) applies to your foreign remittances. For education and medical expenses, a 5% TCS is applicable, while for other remittances exceeding INR 7 lakh in a financial year, a 20% TCS applies. Transfers below INR 7 lakh in a financial year are exempt from TCS. You can claim the TCS amount as a tax credit during your income tax return filing.
