How To Send Money From The UK To India
There are varying statistics about the number of Filipinos currently in the United Kingdom, but one common theme is that the number of Filipinos in the U.K. has been increasing since the turn of the millennium. Census data in the U.K. suggests that the population of Filipinos in the U.K. rose from 40,118 in 2001 to 132,000 in 2015. The Manila Times, a Philippines based newspaper, claimed in 2007 that the Filipino population in the U.K. was about 200,0001.
As it is with many migrants, Pinoys who leave for the U.K. do so in search of greener pastures as well as to be able to better support their families back home, which inherently creates a remittance market. The World Bank inflow figures show that remittance inflow into the Philippines is now over $30 billion2. If you’re one of the Pinoys in the U.K. in need of efficient ways to send money back home, here are your options.
Bank Transfer
Given their sheer popularity, banks are naturally the first place to consider. You’ll simply need to visit your U.K. bank to perform the transfer. Some U.K. banks allow their customers to perform international money transfers from their internet-banking dashboard anywhere they are. However, banks transfer isn’t the most efficient method to send money for three reasons.
First, bank transfer is the most expensive way to send money internationally. The most recent data from the World Bank shows that banks charge about 10.44 percent, on the average, for transfers3. Second, while international bank transfer could be instantaneous sometimes, it could take up to seven business days other times. Third, the number of people who have a bank account in the Philippines is low. Only 31 percent of the people who are 15 and above have bank accounts in the country4. These, combined, significantly limit the efficiency of bank transfer as the choice remittance method for those trying to send money to support their families back home.
Xpress Money has one of the most competitive fee structures in the market. We charge a global average of 2 percent. As you’d find by using our calculator, our transfer fee for sending money to the Philippines from U.K. for amounts larger than £250 is less than 2 percent5.
Money Agent
A second option is to use a money agent to send money to the Philippines. You simply need to locate an agent close by, give them the money and the receiver’s details for instant collection at a local money agent in the Philippines. Since the idea of using money agents to send money is to improve the ease of access, be sure to use a remittance provider with a large agent network. This would mean that the receiver wouldn’t have to travel too far just to pick up their cash. With the largest network in the Philippines, Xpress Money offers one of the best options to send money to an agent. In addition, our recent partnership with Travelex further widens our network in the U.K.
Mobile Wallet
As the name suggests, a mobile wallet stores your money in a digital form — including credit cards and debit cards. The only difference from a physical wallet is that a mobile wallet is a mobile application that allows you to manage various aspects of your personal finances from a phone. You can check account balances, track spending, pay bills or make purchases. One of the most interesting features of a mobile wallet is that it allows you to send remittances from your mobile device. So, you don’t need to travel anywhere and can remit money from the comfort of your home. All you would need to do is download the app (mobile wallet) on your phone, create an account using your phone number and link your card to the app. Once you have set up your account on your mobile wallet, and linked your card details, you can make online transactions or send money abroad anytime, anywhere, without having to enter your card details every time you want to conduct a transaction.
We hope the above options help you transfer money efficiently!
References
3. https://remittanceprices.worldbank.org/sites/default/files/rpw_report_december2017.pdf#page=12
4. https://datatopics.worldbank.org/financialinclusion/country/philippines
5. Rates shown on the calculator are for indicative purposes only. The conversion rate and charges shown are for information purpose only and is subject to change. Please contact your nearest Xpress Money agent location before conducting a transaction.
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