International money transfers from the UK to India can be done in many ways. There have been many changes introduced in this field. All of these changes have been done with the objective of helping you to send money to your family in India in a quicker and more effective way than ever before. Sending money to your family members has come beyond cheques, drafts and money orders. Banks have started to introduce many new systems to ensure that your family receives the money that you send quickly and safely. One of the most common techniques that it has introduced is the wire transfer to India.
What are wire transfers?
For the uninitiated, wire transfers are nothing but electronic transfers that are done from the sender’s bank account in a foreign country to the receiver’s bank account in India. The process of sending money from foreign to India is called inward remittances. Wire transfers are one of the most commonly sought after method of inward remittance because of its ease of operation and user-friendly features.
The process
If you are the sender, you have to approach your local bank in the UK and furnish the recipient’s account number, SWIFT code (IFSC, in some places), name and other important details of the recipient, name of the bank, currency type and other important details. Once the details are checked and approved, this bank initiates the receiving bank about the money that is going to be remitted with the latter. Once the communication between the two banks takes place successfully, the recipient’s account is credited. The amount that is credited depends on the exchange rate offered by the banks and the transfer fee involved in this process.
Who does this?
In the earlier days, only banks were authorised to do wire transfers. However, today, giants like Western Union have taken this field by storm. Their features and services are easy to understand for old people as well, which is why they are very popular today. They have thousands of branches all over India, even in rural areas, where banks are not there. So, when you are sending money to your father staying in a remote village, you can still be sure that he would have no difficulty in receiving the funds. Their processing time is quicker and less complicated than banks, due to which, they are more popular than banks today.
What to note while doing these transfers?
When you do any kind of online money transfer to India like wire transfers, you have to be very careful and furnish the right details of the recipient. When you miss even a small detail due to oversight, your family will never be able to get the money that you sent them. The process of getting a refund for unsuccessful payments is not always quite simple. So, you have to choose reputed service providers and furnish all the correct details to them, if you want to save money and time when you are sending your hard-earned money to your family in India.
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