How about the cost of sending GBP to INR? In this article, we will throw light on the cost of sending GBP to INR. This piece will be a complete guide on how to send money to India from the United Kingdom and all the costs involved in the process.
Recent studies have shown that India has been one of the top recipients of foreign remittances worldwide. India has a large population with equally high rates of abject poverty. Indian people go to foreign countries to look for better opportunities. Their main purpose is to break the shackles of poverty they suffer from and lead a financially stable life. England is their preferred choice due to its strong economy for this purpose. From here, they send back the GBP to India to their families and loves ones through some reputable online money transfer companies, including ACE, or maybe through banks by using the conventional wire methods.
It is not easy to determine the cost of money transfer to India in GBP at once. It depends on several factors, which we will discuss below. Here’s is a quick look.
Relation between countries:- The cost of sending GBP to INR depends primarily on the kind of relationship the two countries enjoy. If it is a relationship based on trade, investment, and free and frequent travel between England and India, it will facilitate the flow of England’s currency into India. This practice will push the exchange rates upwards. And with the higher rates, the recipients will have a better currency exchange rate in their home country, which is India, in this case.
The volume of export and import:- If a country imports more than it exports, it will put pressure on the foreign reserves and will shrink the volume of foreign currency. The same applies between India and England. If the gap between imports and exports is less, it will facilitate the flow of foreign currency, which has multiple benefits both for the sender and the beneficiary.
Other factors:- The cost of online money transfer to India from GBP to INR depends on many other factors of international impact and beyond human control, such as breaking out of the war between two or more countries, natural calamities, political turmoil, and economic instability in the countries concerned. Looking at all of these factors, we realize that these factors are out of our hands. But a few factors we can control to determine the cost of sending GBP to INR are detailed below.
Convenience:- It is easy to approach an online money transfer company with multiple offices dotted across your place of residence, such as ACE, then banks whose offices are a few and far between.
Mobile app:- The number of companies with easy to install and equally easy to use mobile apps is less. ACE is one of those companies which have such apps which can be used by anyone, regardless of being computer or mobile literate or not.
Speed:- The cost of transferring GBP to INR is determined by the speed of transfer. If you intend to send money quickly, you will have to pay extra for that. Yet normal; transfers require routine charges. It is only a handful of companies like ACE which do not charge extra for the speedy transfer.
Low fee:- You should look for companies that charge a low fee for transferring funds between two countries. ACE is one of those companies which will charge you nominally if you send money to India online in GBP to INR. Besides, there are no hidden charges involved, as is the case with many other online money transfer companies. It can cost you dearly in terms of your hard-earned money as an expatriate.
Conclusion:- From all of the above, we can safely conclude that where the international factors, elaborated above, are beyond our control, the domestic factors, which we can control, can help us determine the cost of sending GBP to INR.