How to carry out Wire Transfers from the UK to India
2 mins Read | 3 Weeks Ago
A Wire Transfer remains one of the most widely recognised methods for sending money across international borders. If you want to transfer money to India from the UK, you need to understand the process to avoid any issues. This article covers everything you need to know about the process, including how it works, what information is required, how long it takes, and how to make each transfer as smooth and cost-effective as possible.
What is a Wire Transfer?
A Wire Transfer is an electronic method of transferring funds from one bank account to another, either domestically or internationally. For international transfers, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the most commonly used network. SWIFT enables banks from across the world to exchange payment instructions securely and reliably with each other.
When you initiate an international money transfer from a UK bank to an Indian bank, your bank sends a payment instruction through the SWIFT network. The instruction may pass through one or more correspondent banks before the funds are finally credited to the recipient’s account in India.
Information required for an international money transfer to India
To successfully transfer money from a UK bank to a bank in India via an international transfer, you will need the following details ready:
Recipient’s full name: Should match the name registered on their Indian bank account.
Recipient’s bank account number: Complete account number registered with their Indian bank.
IFSC Code: Helps identify the specific bank and branch in India.
Bank name and branch address: Full name of the recipient’s bank and the registered address of its branch in India.
SWIFT Code or Bank Identifier Code (BIC) of the recipient’s bank: Helps identify the banks across borders for international transactions. Some transfer methods require the Indian bank’s SWIFT code in addition to the IFSC code.
Your UK bank account details: Includes your name, account number, and sort code of the account from where money will be debited.
Charge Code: It is suggested to select the ‘OUR’ option.
Purpose of Remittance: As per the Foreign Exchange Management Act (FEMA) in India, you need to mention why the money is being transferred.
Make sure all these details are accurate before submitting, to avoid delayed or returned international transfers.
Steps to transfer money to India from the UK
You can transfer money from a bank in the UK to a bank in India by either visiting a branch or doing it online. You can refer to the steps mentioned below to carry out a Wire Transfer online:
Access your UK bank account: Either log into the online banking app or website or visit the bank’s branch.
Enter your details: Enter your basic details and verify your identity.
Enter the transfer amount in GBP: Carefully review the confirmed exchange rate before going ahead.
Enter the recipient’s details: Includes their name, account number, IFSC code and bank branch address (branch address is required only for transfers at the branch).
Select the purpose of the remittance: As per the regulatory requirements, select the reason for sending the money from the options provided.
Review the details: Before confirming, recheck all details, as corrections can be difficult to make and may incur additional charges once submitted.
Save the transaction reference number: After receiving confirmation from the bank, you can use it to track your transfer status.
How long does the process take?
An international Wire Transfer from the UK to India usually takes multiple business days. The exact timeline depends on the number of correspondent banks involved and whether any compliance checks are triggered during processing.
Transfers to major Indian banks via direct SWIFT routes tend to be faster than those routed through multiple intermediary banks. If you need to send money quickly, remittance platforms such as Money2India UK offer faster alternatives, crediting funds on the same business day at ICICI Bank India and up to 1 business day at non-ICICI Bank beneficiary banks.
Cost structure and additional fees
The following are some of the additional costs that you might incur while carrying out a Wire Transfer to India from the UK:
Flat Outgoing Fee: Charged by the UK bank for processing the international payments.
Exchange Rate Margin: The difference between the mid-market GBP to INR rate and the rate applied to your specific transfer.
Correspondent Bank Fees: Intermediary banks may deduct fees from the transfer amount while it is in transit.
For a more cost-effective experience, specialist remittance platforms such as ICICI Bank UK plc Money2India, offer lower fees and exchange rate margins than high street banks, making them a better option for most senders.
Why you should choose Money2India to transfer money to India
ICICI Bank UK plc Money2India offers a streamlined, cost-effective alternative for people to transfer money to India from the UK.
No correspondent bank deductions: Transfers to ICICI Bank Accounts in India are processed through the bank’s extensive network, thereby avoiding deductions and reducing the final amount.
Faster delivery: Funds to ICICI Bank Accounts in India are credited within the same business day.
Competitive exchange rates: The platform offers GBP to INR rates that maximise the value delivered to your recipient in India.
Full transparency: All fees and the final INR amount that will be credited are displayed clearly before initiating a transfer.
Easy to use: The interface guides you through each step clearly, making the process straightforward, even for first-time international money senders.
Conclusion
A Wire Transfer is a well-established way to transfer money internationally. However, it includes additional charges and takes time to process the payment. The ICICI Bank UK plc Money2India platform is a faster, more transparent alternative, built specifically for the UK-India remittance corridor. Whether you are sending funds for the first time or managing regular transfers, it offers the reliability of ICICI Bank’s banking network and the convenience of a modern digital platform.
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