If you are an Indian living in the UK and regularly send money back home, a remittance account from a reputable bank can help you in several ways. Read this post to know some of the biggest benefits of a remittance account.
If you have recently moved to the UK for employment, you will soon need a reliable money transfer service to send funds to India regularly. While several money transfer services are now available for Indians living in the UK to send funds back home, a remittance account from a reputable bank could be considered a more long-term solution.
But why do Indians prefer using a remittance bank account over other money transfer methods? Due to the benefits, they offer. Five of the most important of them are listed below-
- 24×7 Transfer
With a remittance account, you can initiate a money transfer to India from the UK any time of the day or night. Unlike brick-and-mortar transfer service providers, you are not required to personally visit the provider during the working hours to send funds to India.
Moreover, some of the top banks now also have mobile apps to facilitate easy money transfer. This allows you to send funds to India on-the-go.
- Transparent Exchange Rates
One of the most important considerations with regards to selecting a money transfer service is the exchange rates. Reputable banks are known to offer highly competitive exchange rates that remain fixed throughout your transaction.
This not only allows you to get maximum value for your hard-earned money but also adds a lot of transparency to your money transfers.
- Highly Competitive Transfer Fee
The money transfer services also charge a transfer fee on each of your transactions. Needless to say, you should select an option that charges the lowest transfer fee.
The transfer fee with a remittance account from a top bank is generally lower than most other types of money transfer services. Moreover, banks also regularly offer promotional deals and offers to make the transfers more rewarding for you.
- Same Day Transfer
Gone are the days when money transfer between the UK and India used to take several days. While there are still services that take 2-7 working days for the UK to India money transfers, a remittance account can offer same-day transfers to any bank account in India.
This will ensure that you can instantly send funds to your family back home in case of an emergency.
- Transfer Tracking
Once you have initiated a transaction to send money to India, it is also essential to be able to track the transfer until it reaches the recipient.
With a remittance account, you can track the transfer anywhere and anytime and provide details about the same to your recipient back home. This will ensure that you are always aware of the status of each of your money transfers.
Experience Enhanced Money Transfer Convenience with a Remittance Account
As you can see, a remittance account from a reputed bank comes with a host of valuable benefits. If you have recently shifted to the UK and will be regularly sending funds to India, look for a top bank that offers a feature-rich remittance account to experience utmost convenience, safety, and savings.
