Wed. Feb 21st, 2024
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Searching for the most competitive exchange rate to get maximum value for your GBP to INR transfer? The 4 steps discussed in this post can help.

GBP-INR exchange rate is surely a key consideration for people, when transferring money from UK to India. The exchange rate is volatile in nature and fluctuates 24×7 in the currency markets. The rates can also significantly vary between several money transfer service providers.

To get the maximum value for your hard-earned money, it is essential to choose a service provider that offers the most competitive exchange rates. Here are 4 simple steps that can help you find the best rates for your UK to India transfers.

1. Search for top remittance providers

The first step to finding the best GBP-INR exchange rate is to search for a few reputed online remittance platforms. Why online remittance? Online remittance services are faster, safer and offer better exchange rates than offline agents.

In addition, most NRIs working in UK prefer banks over online Forex platforms for their transfers to India as they offer the highest level of security. Thus, start with choosing a reputable bank that offers online remittance services along, with a host of NRI services to make international banking easier.

2. Compare the exchange rates

Once you’ve selected a few top remittance service providers, search their websites for the prevailing GBP-INR exchange rate. The smallest difference in the exchange rates can have considerable impact on the total INR amount, your recipient receives in India, especially when you are sending a significant sum of money or on recurring basis.

Most of the online remittance platforms features a currency converter or also called as exchange rate calculator to help you instantly calculate the exact INR amount your recipient will be receiving based on the prevailing GBP-INR exchange rate. Use the calculator to understand, which service provider offers the maximum value.

3. Check service charges

Many remittance platforms advertise higher exchange rates to attract more customers. However, it doesn’t make sense if the service provider is offering a higher exchange rate, but at the same time also charging a significant amount of transfer fee. Online money transfer platforms generally charge a flat transfer fee or a certain percentage of the total remittance amount that you send.

Thus, after checking the exchange rates ensure that you pay close attention to the transfer fees as well. To get maximum value for your money, choose a platform, which offers competitive exchange rates with least transfer fee.

4. Other factors to consider

While the exchange rate is indeed a vital consideration, if you want to convert GBP to INR, a few other aspects deserve your attention. For instance, it is important to choose a reputed service provider that lays a major emphasis on security so that your recipient in India receives the money in a safe and timely manner.

The online money transfer platform should be easy to use and the service provider should offer support across multiple online and offline channels. A mobile app could be an added bonus, as it will enable on-the-go transfers.

Choosing the best remittance service provider to get the most competitive GBP-INR Exchange Rate  

You are working thousands of miles away from your loved ones to build a better future, and it is completely fair to expect the maximum possible value for your hard-earned money. But, in the bid to get the best GBP-INR exchange rate, don’t forget the other factors vital for the safety of your funds.

Always choose a reputed Indian bank for your UK to India transfers as no online Forex platform offers the level of safety provided by established commercial banks. Moreover, as some banks have an extensive international presence, they generally offer better competitive rates than other service providers do.

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