Transfer money from an Indian Bank account

KazzaD_3

Hi,

I will be moving to India for work and will have my salary paid into an Indian bank account in ruppees, I have direct debits that come out of my UK Santander bank account monthly and would like to know if anyone could tell me if I can transfer from bank to bank each month and an idea of how much this would cost please?

I am not sure which bank to use in India, if anyone has any suggestions on this as well I would really appreciate it.

Many thanks

innovate

Got no practical experience of this myself, but one of the indian banks with branches in the UK seems an obvious choice? Would your HR not advise you on such matters?

catokelly

You can use an international money transfer specialist to convert the Rupees. The banks usually offer pretty bad rates for this service.

jonesMUFCforever

Don't know about sending from India to UK but it takes months sometimes for payments from UK to get there.
Build up a fund in your UK bank to cover at least a couple of months payments IMO.

zen135

I've been using ICICI Bank in India for receiving payments in Rupees for a long time now and haven't faced any issues so far.

You can use their remittance service(either through online banking or branch) to send payments to your UK Santander account. There is a flat fee of Rs.500(£6 approx.) for Wire Transfers and the funds normally reach the UK account in 2-3 working days.

For sending funds from UK to your Indian bank account, you can use their 'Money2India' service and receive the funds in your Indian account in 1 working day using the net express option.

If you need even faster service, I would suggest you to open an Indian Paypal account(linked to your Indian bank account) and transfer money to your UK paypal account in literally seconds although Paypal's fees might be a bit higher.

Hope this helps.

eagleeye

Hi
I had transfers from pnb india account to uk pnb account for free.The SBI india offers the same to their UK counterpart SBI UK.The both banks were offering best exchange rates among the Indian banks in 2010.The currency specialist including citibank ,Hdfc and icici were not able to match the rates.The rate difference in comparison to xe.com on 18/11/2010 was not bad.
1)Xe-1GBP-72.29 INR RBI Ref Rate: 72.60
2)PNB India to PNB UK -1GBP- 71.37 INR.
Time taken - 20 minutes.The amount was reflected in UK bank statement after midnight.


I prefer SBI UK (www.sbiuk.com) over PNB (www.pnbint.com) as it has got better online platform than pnb uk.You have to open account in both banks(uk and india) to avail free international transfers.