With upwards of 18 million expatriates, India has the most extensive diasporas worldwide. As India is one of the developing countries in the world, it faces a host of issues due to which its people go to other countries. Most preferably, Indian People go to the UK to find work and then send money to India through the world’s and UK’s most credible online remittance service provider like ACE Money Transfer.
Unsurprisingly, India holds the unique distinction of being the world’s top recipient of remittances. It has held this distinction for several years now, with remittances amounting to an annual average of around $77 billion.
Let’s now see a few reasons that push the Indians out of their country to lead a life as an expatriate.
Top reasons to go to the UK from India
The reasons to go to the UK are many and two-fold. One set of reasons focuses on the Indian perspective, while the other highlights the UK’s. Here the focus is on the former.
Rampant poverty and colossal unemployment
With a population about to cross a staggering one and a half billion people, successive Indian governments have failed to eradicate poverty and create employment. Of course, no matter the size of a country’s landmass, there must be a limit to its resources. Therefore, a vast majority of the Indian people live below the poverty line.
Another issue is enormous unemployment. Just imagine that over 35 million Indians have no skills other than driving a vehicle. Now, a driver is just ready to become workless as soon as they contract an ailment. This adds to poverty and unemployment.
A broken education system hinders access to quality education
Many people from India go to the UK to seek better quality education since the UK’s education system allows students to work. Better work opportunities and good education allow Indian expatriates to send money to India online from the UK and support their family needs. You can check out – how you can earn money online from home.
Earning remittances helps you with savings and future
With limited earnings, people barely make ends meet, leaving no margin for future savings. But, when the Indian expatriates send their remittances from the UK in its currency, it amounts to a hefty sum after conversion into Indian currency. These remittances enable the people of India to manage their finances better and save for the future. These remittances help Indian expatriates save their money by investing in property.
Let’s now take a look at the process of transferring money to an Indian bank account from the UK.
Money transfer to India in a bank account
How conveniently have you come directly to learn how to transfer money instead of first knowing what it takes to open an account in an Indian bank!
Steps to open a bank account in India
To open a bank account in India, complete your documents, do the necessary paperwork, and follow these simple steps.
Apply by going to the branch or virtually
By visiting the branch of the concerned bank, you will have the account opening form on paper requiring you to give your details like name, address, contact, etc. And by doing it online, you will have access to it virtually. You will be required to fill out all the required information virtually.
Present documents that prove your identity
It is a necessary condition for all banks. The Reserves Bank of India makes it mandatory for all other banks to ask customers to present documents that prove their identity in no unclear terms.
Banks will now take time to assess your documents.
After submitting all the documents to the concerned bank, the bank will take a few days to process and assess the documents and your account opening application.
If there is any issue or a document is missing, you will be notified to produce the missing document. Otherwise, you will be notified about account opening in a few days.
Visit the branch and collect details, debit card and the chequebook
After the concerned bank has notified you, you can now visit the branch and collect your details, cheque book and debit card. Your personal visit is necessary for collecting this stuff because these are not issued in anyone else’s name.
Online money transfer to India is primarily based on currency exchange rates. Many online remittance service providers have different currency exchange rates. The best online money transfer service providers, including ACE Money Transfer, have linked their currency exchange rates to the international market, where these rates keep fluctuating.
It enables the valued customers of ACE Money Transfer to select a time to initiate a transaction across borders when the currency exchange rates are at their highest value in the market.
Let’s see how you can compare the currency exchange rates.
Comparing currency exchange rates
The simple method to compare the currency exchange rates offered by different companies is by checking online and drawing a comparison. Another point is to physically go to the outlets of the concerned service providers and check exchange rates with them in person.
Thirdly, you can also check the reviews of customers on the official website of the concerned company. This will help you have a bigger and better idea about how a particular service provider offers currency exchange rates.
Let’s now take a quick look at the steps to follow to transfer money to an Indian bank account whose opening details you just read.
Transfer funds to an Indian bank account
The steps involved are simple and discussed as under.
- Log in to the best online money transfer app launched by ACE Money Transfer.
- Go to the options and select bank deposit.
- Enter the beneficiary’s details, if not saved already.
- Select the amount.
- Check all the information you have entered carefully, and hit send!
- You and the recipient will be notified about receiving the funds as soon as they are delivered.
- Here you go! You’ve used the best way to send money to India online.
Sending money to an Indian bank account is as simple and as little time-consuming as the number of moments you took to slip your eye through these steps.
The UK-based ACE Money Transfer
With its operational (both physical and virtual) presence in over 100 countries worldwide, ACE Money Transfer offers the best quality services to the customer. Almost all Indian expatriates choose to send their remittances through ACE Money Transfer due to the best currency exchange rates, low fees and secure transactions, etc.
But, the most significant benefit ACE offers to its customers is that it often launches campaigns that enable customers to transfer money to India absolutely free of cost. And unsurprisingly, the frequency of such campaigns is regular and frequent.
Just imagine you have been trying hard to earn remittances in a distant land away from your loved ones. Now, you go to a company to send money to India online and end up paying the company more in terms of a considerable fee instead of the intended recipient.
How will you feel?
In the middle of such a scenario, imagine you come across a company that transfers your money to India absolutely free of cost in the middle of such a scenario!
The Indian expatriates essentially choose ACE Money Transfer as the best way to send money to India online. The quality of services ACE offers is a powerful means to attract more and more customers worldwide.
Drawing a comparison between the services of many companies operating in the UK will essentially bring you to the doorstep (tangible or virtual) of ACE Money Transfer.