Confused with all the different remittance options in the UK? Check out this post to know why most NRIs prefer having a remittance bank account for their fund transfers to India.
The number of online money transfer service providers has increased considerably in the past few years. But as compared to such money transfer companies, NRIs prefer relying on remittance services of banks as they are safer and cost-efficient. Some of the banks now also offer remittance accounts for enhanced convenience.
Take a look at some of the top reasons that make remittance bank account a smart choice for every NRI-
1. Type of Savings Account
A remittance account is a type of savings account that is exclusively created to facilitate fund transfers to India. As it is a savings account, the balance that you maintain earns monthly interest.
In other words, a remittance account is a multipurpose account which not only helps you send funds to your loved ones in India but also grows your savings.
2. Instant Transfers to India
If you have a remittance bank account and your recipient in India also has an account in the same bank, your transfer can be processed instantly. In case if your recipient does not have a bank account in the same bank, the transfer can still be processed within 24 hours.
As compared to most online and offline money transfer services, this makes remittance account a faster mode of fund transfer to India.
3. Rate Block for Guaranteed Exchange Rate
Some of the top banks also offer rate block feature. This allows you to select the rate at which you’d like your GBP to be converted into INR. Your transfer will only be processed if the GBP/INR exchange rate reaches the rate that you’ve mentioned.
Apart from this, banks also offer 24×7 guaranteed exchange rates so that you are always fully aware of the amount your recipient will receive in India.
4. No Minimum Balance Required
Unlike most bank accounts in the UK, the remittance bank account does not have any minimum balance requirements. You are free to use it as a savings account to grow your savings or only transfer funds to the account before initiating a transfer.
This ensures that you will never be penalized for not maintaining the account balance above the minimum limit.
5. Easy Deposit and Withdrawal Through Linked Account
The remittance account is linked to a current account for easy deposits and withdrawals. You can use the online banking facility of your current account for deposits and withdrawals from the comfort of your home.
The transfers between current and remittance accounts are processed instantly so that you can quickly remit to India in case of an emergency.
Remittance Bank Account for Convenient Fund Transfers to India
Several reasons make remittance bank accounts an excellent choice for NRIs in the UK. The account comes with several benefits, like instant transfers, monthly interest, guaranteed exchange rates, and more to make your transfers highly convenient and help you get the maximum value for your money.
Look for a top bank that offers remittance accounts in the UK to know more about their benefits and application process.
