The British Pound (GBP) is one of the strongest global currencies and accounts for over 12% of all trades made per day, including exchanges with the Indian Rupee (INR). British citizens travel to India all the time for tourism, business as well as other purposes. Many experts even predict a growth in the GBP to INR exchange volume.
This article will provide you some details about the GBP to INR exchange rate and show you how to find a trusted remittance provider to help you send money to India.
How Does the Exchange Rate Work
All exchange rates continuously change depending on multiple economic, political and other factors. For example, the Indian Rupee is affected by the level of investment, trade, and oil prices. The Reserve Bank of India updated the Rupee notes as a security measure against the fake currency circulation by criminals.
As for the GBP, the recent fisheries agreement between the UK and the EU caused the currency to grow stronger, but the recovery was stopped short because the Bank of England announced that interest rates might turn negative in the future.
Most people use live interbank exchange rates to find out the exact GBP to INR figure. However, if you’re planning on sending money to India, it’s better to opt for online money transfer services. A simple search will show you a list of online companies providing various GBP to INR rates. Moreover, you’ll spend far less money or time compared to using a bank.
When it comes to sending money abroad, everyone has their preferred method. Some are willing to pay hefty fees and wait longer for a transfer because they believe that banks offer the highest level of security.
However, there’s a growing number of people who utilize online money transfer services. Their most significant advantage over banks is that they charge significantly lower fees, deliver the money much faster and support a wide range of payment options.
Make sure to look for the best GBP to INR rate on the market. The rate is never fixed, but some providers like Lycaremit consistently offer highly competitive rates. Also, don’t buy into the “zero fees” promise because it simply isn’t true. Instead, they secretly add the fees to the exchange rate as a markup. Therefore, it’s best to look for a provider that charges minimum, transparent fees.
Transferring money online to another country is difficult in itself, and the constant exchange rate variations make it even harder. On the one hand, banks have turned many people off about the whole idea because of their exorbitant fees. On the other hand, some online remittance providers have done the same with low GBP to INR rates and “zero fees” claims.
Hence, it’s more important than ever to find a reliable remittance provider that offers sensible exchange rates and charges ultra-competitive but transparent fees. Fortunately, Lycaremit can provide you with all of the above and more. So, don’t second guess yourself and register right now.