24 Oct 2023
Did you know that around $10 billion were sent out of the UK as remittances, making it the 14th largest remittance sender in the world? Indians in the UK are in huge numbers, totalling 920,000. These Indians are working in different industries and send money to India from UK for their loved ones back home. The high number of Indians residing in the UK highlights the need for maximising international money transfers.
Here are some foolproof ways in which you can make the most of your money transfers and send a good sum to your loved ones awaiting your financial assistance.
One of the most important aspects of optimising international money transfers is a deep understanding of the exchange rate. Study how exchange rates fluctuate and keep an eye on the financial news. If you're not in a hurry to send money back home, wait for the perfect time when the rate is in your favour, and then make your transfer. This approach can save you a considerable amount, particularly if you’re planning to move large sums of money.
Several companies offer online transfer services which are affordable, faster, and more efficient than traditional bank transfers. Platforms like ACE Money Transfer offer competitive exchange rates and lower fees. Moreover, they provide mechanisms for tracking your transfer as well, which adds an extra layer of security. Learn here more about the 5 most convenient methods to send money to India.
Pre-emptive transfers are convenient options if you have a large sum to transfer. Split your money into smaller chunks and send it over periodically rather than sending it all at once. Through this process, you can enjoy the benefits of exchange rate highs over some time.
If you know the exchange rate you want, but it hasn’t been reached yet, you can set up a limit order with your money transfer provider. Then, once your desired rate is available, your money transfer from UK to India will go ahead automatically.
Currency Hedging is a technique that involves conducting transactions now at an agreed exchange rate for a future date. This can be a wise move to protect against potentially adverse currency movements in the future.
Many services might seem to be cost-efficient at first, but be aware of hidden charges. Additional fees can creep in in the form of conversion rates or transaction charges. Always double-check your total cost before confirming your transaction. These types of hidden charges are more common if you choose an online money transfer from the UK to India.
Some websites allow users to pool their money to get a better conversion rate. This is especially helpful when dealing with large transactions.
If you have to send money too frequently, consider setting up regular transfers. These are typically charged at a lower rate, and you might end up saving a lot in the long run.
Multi-currency bank accounts are excellent for overseas Indians. They allow you to hold money in different currencies, which can be advantageous when dealing with frequent international transactions.
If you’re moving a significant amount of money or perhaps you want to buy a property or invest in India, it might be worth getting professional advice. Financial advisors or currency brokers can help to guide you through the process. They help you get the most out of your money transfer. They will be able to advise on factors like the timing of your transaction and market predictions.
ACE Money Transfer is a prominent and reliable service that can be used to send money online from UK to India. Here are the top reasons why ACE should be your number one remittance sender provider.
Undoubtedly, the major highlight of ACE Money Transfer is that they offer competitive exchange rates. This service ensures that you get the most worth out of each pound sent across borders. In addition to their fantastic exchange rates, ACE Money Transfer has a transparent fee structure with no hidden charges. These financial benefits can result in significant savings, especially in the long run.
When transferring money overseas, security is a significant concern. ACE Money Transfer is renowned for its high levels of security. ACE adheres to strict standards set by regulatory bodies in the UK and uses the latest digital protection measures to keep your money and personal information safe. This reassures users that their hard-earned money is in secure hands.
Timing is the most important element when it comes to international money transfers. With ACE Money Transfer, you don't have to worry about delays in transactions. The app is designed to process transfers rapidly, which confirms that your money reaches its destination promptly. This is particularly beneficial in emergencies when the beneficiaries in India need funds urgently.
ACE Money Transfer has a vast network spread across multiple countries and cities. In India, it has partnered with many banks and payout partners. This means the recipient in India can receive the sent funds through their preferred method, whether it's a direct bank deposit or cash pickup.
These tips can dramatically increase the effectiveness of your international money transfers. Bear in mind that the aim is always to take advantage of the most favourable exchange rate while minimising service fees and any other hidden charges. This can be achieved through the convenient service of ACE Money Transfer. Sign up today and enjoy a free online money transfer from UK to India.
Most transfers through ACE Money Transfer are completed within 24 hours.
No, ACE Money Transfer prides itself on transparency; all fees are communicated upfront.
Unlike traditional bank transfers, ACE Money Transfer offers faster transactions, lower fees, and better exchange rates.
Yes, ACE's tracking service allows you to monitor the status of your transfer effectively.
ACE's customer service is highly rated, with a team ready to assist you at every step of your transfer.