5 Benefits of Opening a Remittance Account to Transfer Money from UK to India


NRIs working in the UK who regularly send funds to their families in India can greatly benefit from a remittance account. Mentioned in this postare five of the top benefits of this account.

NRIs working in the UK generally prefer an online or offline remittance provider for sending funds to their families in India. To better meet the money transfer needs of such NRIs, top Indian banks in the UK now offer an exclusive bank account dedicated to remittance.

With the remittance account, NRIs can instantly send funds to their loved ones in India online within minutes. As compared to using online/offline remittance services, the remittance account offers a host of added benefits. Take a look-

1. Monthly Interest on Account Balance

The remittance account is a type of savings account with added features to facilitate remittance. So, just like other types of savings accounts in the UK, the remittance account earns monthly interest on the maintained balance. The banks have a fixed interest rate based on which the account is credit with the interest amount at the end of every month.

This makes the remittance account a great way to earn a little extra income on your idle funds. Moreover, for enhanced convenience, the accounts do not have any minimum balance requirements.

2. 24×7 Money Transfer

With a remittance account, you can transfer money to your family and friends in India 24×7, irrespective of the day or time. You no longer need to take some time off your busy schedule to visit a money transfer agent within their fixed working hours to make the transfer.

With a remittance account, you can transfer funds to India from the UK no matter where you are or whether it is day or night.

3. Instant Same-Bank Transfer

If your beneficiary has an account in the same Indian bank where you have the remittance account in the UK, the transfer can be processed within minutes. It is as simple as using the net banking facility of your bank to transfer funds to another account.

The remittance account will eliminate the need for you or your beneficiary to wait for several hours or days to get the transfer processed.

4. 24-Hour Inter-Bank Transfer

Through a remittance account, you can transfer funds within 24 hours to banks that have IMPS facility. No matter in which city your beneficiary is located or in which bank or branch they have an account, the transaction will be processed within 24 hours.

The funds are directly deposited into the bank account of your beneficiary, eliminating the need for them to visit any agent for collecting the funds.

5. Confirmed Exchange Rate

With a lot of offline and online remittance services, the exchange rate can change even after you transfer money from UK to India. If the exchange rate falls after the transfer is initiated, your beneficiary can receive an amount lower than what you intended to send.

But with a remittance account, banks offer guaranteed exchange rates. This means that the exchange rate will remain the same right from when the transfer is initiated to the point when the funds are deposited into the bank account of your beneficiary.

Simplify Money Transfers to India with a Remittance Bank Account

If you regularly send funds to India from the UK, a remittance account can help you in many different ways. It will simplify the whole remittance process while also allowing you to earn interest on the account balance.

Look for a reputed Indian bank in the UK to open a remittance account and start experiencing these amazing benefits.

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