Sending money overseas has changed a lot in ten years. According to Daily Business, people now pick from bank counters, online platforms and smartphone apps, each with different costs, speeds and limits.

Key points

  • Banks — reliable for large sums, but higher fees and two to five working days.
  • Online platforms — lower fees and clearer pricing, good for regular transfers.
  • Apps — quick and trackable, but lower per-transaction limits.
  • Forex brokers — best for large amounts, with options to lock in rates.

Bank wire transfers need details like account numbers and SWIFT or BIC codes to move money through the SWIFT network. They suit big one-off payments where trust matters, but cost more and take longer than digital rivals.

Online remittance services ask you to register, verify your identity and enter recipient details. They show the total the recipient will get before you confirm, and platforms like ICICI Bank's Money2India are built for NRIs sending money to India, including to NRE and NRO accounts.

Mobile apps link to a bank account or card, using phone numbers or email addresses to identify recipients. They offer real-time tracking, though most cap how much you can send at once. Forex brokers are for large transfers, such as property purchases, and may let you fix a rate for later. Demand drafts are paper-based and rarely used now.

Informal systems operate outside regulated channels and carry legal and financial risks. Authorities in the UK and India regulate cross-border transfers, so it is best to use authorised services. For smaller regular transfers, compare exchange rates, all fees, transfer times, limits and regulatory authorisation, such as FCA approval for outward payments from the UK.

Editor's comment

What it means in practice

If you send money abroad, the service you pick affects how much arrives and how quickly. Fees and exchange rates can eat into the amount, and using unregulated channels could leave you out of pocket or in trouble with the authorities.

  • Compare before you send — check the exchange rate against the mid-market rate and add up all fees.
  • Check the provider — make sure it is authorised by the FCA for transfers from the UK.
  • Match the service to the transfer — use banks or brokers for large sums, apps or platforms for smaller, regular payments.