Travelling to other countries from India for better opportunities is common today. However, you need finances and appropriate planning to stay in a foreign land. Many Indians stay abroad and remit funds to their loved ones, fulfilling their financial responsibilities and supporting their families. If you live in the UK and remit funds to India, check the currency conversion rates of GBP to INR.
They affect the final remitted amount and charges involved. Factors influencing the final conversion rate include inflation, interest rates, trade terms, economic stability, government policies, and currency demand and supply.
When to convert?
The best time to send money at a higher Pound to Rupee ratio is when the mentioned conditions are stable. You get more Indian rupees for your funds. If you consider repatriation back to your account in the GBP, pick a time when INR is at its strongest. You can track the rates at least a month before conversion to ensure the best.
Calculation
Use the currency converter for calculating accurate rates for SGD to INR when remitting funds from Singapore to India, for instance. It provides real-time results based on the values entered and the current exchange rates. You should enter both currencies, and the amount to convert, and the calculator automatically computes the conversion rates. The calculator available online is free of cost, customisable, and accurate.
It is quick and errorless than manual calculations. You can also convert currencies like USD to INR, Pound to INR, etc.
Process
To send money to India, select any transfer method available in the UK, including online transfers, Wire Transfers, Bank Transfers, Online Banking, etc. The process depends on the chosen medium. Keep your Non-Resident External or NRE Account details prepared for the procedure. Firstly, you need to open the NRE Account remotely or visit the bank branch in your resident country.
Log on to your local account and choose Remittances or a similar option on the page. Enter your mobile number or customer ID. Your account details appear automatically on the screen upon entering these credentials. Add your NRE Account beneficiary for sending funds. You can also select the Euro to INR option if you send funds from European countries.
Check if the entered information is correct, including the account number, SWIFT code, IFSC code, etc. Click on Submit to receive an SMS or email verification of the successful debit of the funds.
Other guidelines
To transfer money to India from your account, convert 1 GBP to INR. Reach out to your local bank for document verification. The list varies based on your preferred transfer mode. Fill out the digital form with the beneficiary account details, the transfer amount, and the method. According to RBI guidelines, mention the transfer purpose on the Remittance form whenever you remit money from abroad.
