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October, 2016

Money Transfer To India From UK

Hundreds of Indians emigrate every year for further education, lucrative jobs, better lifestyle and to join their spouses abroad. Migrating from one country to another is what an individual nowadays highly prefers. As we inch closer to our goals, we try to convert our dreams into reality. This is an effort, which helps us achieve success. In this process we leave behind our biggest treasure back home in India – our families. Our family is indeed the biggest responsibility and it is our duty to fulfill their desires wherever we are.

The Indian diaspora in the United Kingdom is one of the largest ethnic minority communities in the country. Indians have now become UK’s biggest overseas born population. A data released by the Office of National Statistics, shows that the number of Indians living in UK is four times more than the Chinese and Americans. The Indian diaspora, which totals about 1.5 million people and is the largest ethnic minority group in the UK, has a very important role to play in helping to strengthen the links between our two countries.

So what is the major concern of these NRIs residing in the UK or any other country? It is certainly taking care of their families back home. Many of these migrants have their parents and siblings, their spouse and children staying in India and giving them financial support is their prime responsibility. Money transfer to India from the UK is one way of sending financial support. Let us have a look on some of the methods for transfer of money –

Cheque: This is given by the sender to the receiver. The recipient needs to present it at a bank; the money is deducted from the sender’s bank account and paid into the recipient’s bank account or paid as cash to the recipient.

Cashier’s Cheque or Demand Draft: The bank deducts the money from the sender’s account and presents him/her with a Cashier’s Cheque; this is given to the sender. When the sender presents it, the bank pays him/her the amount. This is a bank-guaranteed form of payment.

Wire Transfers: Historically, wire transfers referred to a time when funds were transferred through messages sent by telegraph. Today, the telegraph has been replaced by highly complex and sophisticated networks.

Other Channel transfers: Both banks and PSPs offer their customers the facility to execute transfers through their websites, ATMs, phone banking service and even via the customers’ mobile phones.

Online Money transfers: Online money transfer is the modern-day equivalent of wiring money: You can send someone money simply by transferring money (or the data that represents that money) from you to another person. Usually involving little more than contact information — such as a cell phone number or an e-mail address — for the sending and receiving parties tied to a bank account, online money transfer can be done for a small fee from a secure, Web-based service via any computer with Internet access. There’s no need to go to a money wiring office, telegraph station or even a bank.

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