Travelling from India to other countries for better opportunities is common nowadays. However, you require funds and planning to stay in a foreign land. Many Indians stay abroad and remit funds to their family here, fulfilling all their financial responsibilities and supporting all their needs. If you live in the United Kingdom 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 and interest rates, trade terms, economic stability, government policies, and currency demand and supply.
Best time to convert
The best time to send money to India is a high Pound to Rupee ratio. You get more Indian rupees for your funds. If you consider repatriating to the UK, consider selecting a time when INR is the strongest. To ensure the best, track the rates at least one month before conversion.
Calculation
Use the currency converter for calculating accurate rates for SGD to INR when remitting funds from Singapore to India. It gives you results in real time based on the values entered and the current exchange rates. You need to enter both currencies, and the amount to convert, and the calculator automatically computes the conversion rates. The calculator is available online freely, customisable, and accurate.
It is quick and errorless compared to manual calculations. You can also convert other currencies like USD to INR, Pound to INR, etc.
Procedure
To send money to India, select any transfer method available in the UK, including online transfers, wire transfers, bank-to-bank transfers, Online Banking, etc. The process varies depending on the chosen method. Keep your Non-Resident External Bank Account details ready for the process. Firstly, you need to open the NRE Account remotely or visit the bank branch in your resident country.
Log in to your local Bank Account and tap on 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. 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 SWIFT code, IFSC code, Bank Account number, etc. Click on Submit to receive an SMS or email verification of the successful debit.
Other guidelines
To transfer money to India from your Bank Account, convert 1 GBP to INR. Reach out to your local bank for document verification. The list varies depending on your preferred mode of transfer. Fill out a digital form with the beneficiary account details, the transfer amount, and the method. According to the RBI guidelines, whenever anyone remits money from a foreign country, they should specify the reasons on the Remittance form.