23 Jul 2024
Looking for a bank to send money to India? This article is for all Indian expats living in the UK and looking for reliable banks for sending remittances to India. According to the Statista report of 2021, nearly 370 thousand Indians are living in the UK. The UK is one of the best places for individuals who want to make their financial career. The UK has one of the most massive job markets, with highly paid jobs. The employment rate in the UK is gradually increasing. In April 2024, 33 million people secured jobs in the UK. Considering the employment rate, Indian people tend to move to the UK to help their families live a better life through better earnings.
Remittance plays a vital role in India. India receives billions of dollars in remittances. In 2022, remittances exceeded $111.22 billion. It shows a more significant number of Indian families are receiving remittances. The remittance-receiving families depend upon remittances for their financial matters. Usually, expats are breadwinners of families who leave their country and families to make money in the UK. Sending remittances has become easy, but Indian expats still face challenges in choosing suitable bank accounts. Some banks have designed special accounts to cater to expats' needs, such as foreign currency accounts. Let's have a detailed look at the best ways to send money to India efficiently.
Bank accounts are necessary for all expats to stay financially connected with their Indian families. Also, bank accounts are useful for online transactions and dealing with routine digital payments in the UK. Let's have a look at the best ways to send money.
HBSC is one of the most reliable financial services in the UK. It has a lot of branches around the world. It is easy, simple, and secure for Indian expats to send money using HSBC banks. HSBC also has an expat special account to cater to the needs of the expats. Open an expat account because there is no monthly fee.
It will help you get the desired currency online. You can explore different services like investment and payment of bills and taxes through HSBC accounts. It is safe and you can also use the same account after migrating to a new country.
Lloyd is a famous bank in the UK. It comes with different services and has a special expat account known as an “International Account”. It deals with 3 currencies £, €, and US$, and helps you get good exchange rates for these currencies. It offers fee-free international payments and is accessible 24/7. It has no monthly fee and you can make global transfers through Visa or debit card without any cost.
Savings play a critical role in the lives of expats. It helps expats to save money and make a safe money transfer to India whenever it seems necessary. You can open a savings account in any bank in the UK which meets your needs. It helps you save money for a long time so you can help your family. Saving accounts are beneficial because they provide reasonable interest rates.
Moneycorp is another bank in the UK that has a special bank type for expats to help them make international money transfers. It deals with 33 countries and supports international transactions in 190 countries. You can open an account and access the services through apps. It offers advanced transaction tools that help you maintain transaction records. Moreover, it is secure and affordable for Indian expats in the UK.
Santander International Bank is also suitable for Indian expats. It is designed to meet the financial needs of individuals living and working abroad. It also deals with multiple-currency allowing expats to manage their finances without any currency conversion hassle. It has no fee and service charges but requires a minimum deposit of £75,000. You can also make investments and save for the future using Santander International Bank.
Standard Bank's optimum account is like one in all. It offers all the facilities that an Indian expat requires. Expats can make a money transfer online to India at a low cost. A £60 monthly fee is required for the maintenance of the account. Moreover, it requires a specific deposit of £5,000 for the functioning of the bank. You can use this account for salaries. Use it while traveling, saving, and sending money globally.
Opening a bank account is beneficial for all expats because it helps you align the money in dual currencies. Banks are one of the cheapest ways to send money to India from UK.
Read More: Simplifying Remittance Processes for Indian Expats in the UK
Staying financially connected with Indian families is essential for expats to help their loved ones lead a peaceful life. Having a bank account is not a choice but a need for expatriates living abroad. The UK is one of the technologically developed countries with swift banking services. Top banks that work internationally are available in the UK, removing all the financial gaps and barriers between expats and their families. These banks include HSBC, Lloyd, and many others. Finding a suitable bank account can be challenging because various accounts are available. Expats must choose current or expat-specific accounts to cater to the financial needs of both countries.
In the UK, you will find most of the things online. With the advancement of technology, the trend of offline payment has come to a limit as people find carrying cash a bit tough. Therefore, having a bank account is essential to meet daily needs. Expats need banks that must cater to their international transaction needs because they have to make an online money transfer to India to deal with emergencies. They often have to remit money for various purposes like paying bills, taxes, rent, and other dues.
You can open a personal bank account, savings account, international account, or expat account in different banks. Current accounts will help you transfer money in India while managing routine financial needs. Saving accounts will help you save your money for the long term. On the other hand, expats and international accounts are specially designed for remittance purposes. You can also use online remittance services like ACE Money Transfer because ACE allows you access to different budgeting tools.
You can also get a receipt from ACE of your transactions to keep the record. Most bank accounts charge no fee and require no minimum balance. You may have to maintain a little balance for the activity of your account such as in Standard Bank, Santander international account, and Moneycorp.
Indian expats can easily open their bank accounts in the UK. Although not all the banks allow Indians to create an account so you need to research it and after proving your identity documents you can create an account.
Banks like HSBC, Lloyds, and Barclays are best for Indian expats to send remittances from the UK. They provide reliable remittance services but can be expensive in terms of exchange rates and service charges.
Digital wallets and online remittance transfer services are better ways of sending money to India. ACE Money Transfer is highly affordable and reliable for expats as it comes with low fees and competitive exchange rates.
The minimum account balance depends upon the bank account type and bank. Bank accounts like Santander International expat bank and Standard Bank Optimum Account require a minimum balance to keep the account functional.
Usually, banks are more expensive than digital wallets and online remittance transfer services. Banks have higher fees and less favorable exchange rates making remittance transfers costly.
Reference Links:
https://www.statista.com/statistics/1241587/indian-population-in-united-kingdom/
https://www.statista.com/statistics/281998/employment-figures-in-the-united-kingdom-uk/
