By zoostoki 
Key Takeaways
- Wise (formerly TransferWise) supports transfers from India to the UK with transparent fees, real exchange rates, and compliance with RBI’s Liberalized Remittance Scheme (LRS).
- Eligibility requirements include being an Indian resident with a valid PAN card, purpose code, and adherence to the LRS annual transfer cap of $250,000.
- Transfers are cost-effective with low fees and no hidden charges, while using mid-market exchange rates for currency conversion between INR and GBP.
- The platform offers a user-friendly experience, allowing transfers through bank transfers or UPI with real-time tracking and upfront cost estimations via their app or website.
- Potential limitations include transfer caps, payment method restrictions, and document verification delays for large amounts or first-time users.
- Wise ensures fast, secure, and compliant transfers for individuals and businesses, making it a reliable choice for cross-border payments.
Sending money internationally can feel overwhelming with all the options and fees involved. When I first looked into transferring money from India to the UK, I wanted something fast, reliable, and cost-effective. That’s when I came across TransferWise, now known as Wise, a platform that’s changing how we think about cross-border payments.
With its transparent fees and real exchange rates, Wise has gained a reputation for making international money transfers simple. But is it the right choice for sending money from India to the UK? Let’s dive into how it works and whether it’s the best option for your needs.
What Is TransferWise?
TransferWise, now known as Wise, is an international money transfer platform. It allows individuals and businesses to send money across borders using real exchange rates. Wise eliminates hidden fees found in traditional transfers by offering a transparent pricing model.
Wise handles transactions in over 170 countries, including India and the UK. It supports more than 50 currencies, such as INR and GBP. The platform uses local bank accounts to bypass unnecessary international fees, making transfers cost-effective.
Users can complete transactions online or via the Wise mobile app. The interface provides instant fee breakdowns and delivery estimates, ensuring greater control and clarity during the process. Businesses also use Wise for payroll, supplier payments, and other international operations.
Can I Send Money From India To UK Through TransferWise?
Yes, you can send money from India to the UK through Wise (formerly TransferWise). Wise provides a secure, affordable, and straightforward way to transfer funds between INR and GBP with real exchange rates.
Eligibility And Requirements
To use Wise for transferring money from India to the UK, you must meet specific conditions. I can only send money abroad if I’m an Indian resident with a valid PAN card and purpose code, as required by the Reserve Bank of India (RBI) under the Liberalized Remittance Scheme (LRS). The amount I transfer cannot exceed the LRS limit, which is $250,000 per financial year (or its INR equivalent).
I also need an active Wise account. During account setup and payment processing, Wise asks for identification documents, such as my passport or Aadhaar, and proof of address. Meeting these requirements ensures compliance with Indian and international regulations.
Supported Currencies And Limits
Wise supports over 50 currencies, including INR and GBP. When sending from India to the UK, I can transfer Indian Rupees (INR) to British Pounds (GBP). Limitations exist based on Wise’s partnerships with local banks in India. The platform allows transactions between ₹50,000 and ₹10,00,000 per day if paying using online bank transfers. UPI payments may include smaller transfer limits.
By making this process transparent, Wise helps me understand charges and ensures I’m aware of international transfer restrictions.
How To Send Money From India To UK Using TransferWise
Sending money from India to the UK through Wise is straightforward and efficient. The platform ensures transparent, cost-effective transfers with real exchange rates.
Step-By-Step Process
- Create a Wise Account
Sign up on the Wise website or mobile app by entering your email, setting a password, and verifying your identity with a valid government-issued ID, such as a PAN card.
- Set Up the Transfer
Log in, select INR as the sending currency and GBP as the receiving currency, and input the amount. Wise automatically displays the exact fees and delivery estimate.
- Provide the Recipient’s Details
Add your recipient’s full name, bank account number, and sort code for UK accounts.
- Verify Payment Method
Choose a payment method, such as a bank transfer or UPI. Follow the instructions to initiate the payment from your Indian bank account.
- Confirm and Track the Transfer
Review the transfer details, confirm the payment, and track its status in real-time through your dashboard or app.
Fees And Exchange Rates
Wise applies a low, transparent service fee, which varies based on the amount and payment method. For example, transferring ₹1,00,000 to GBP might incur fees of approximately ₹2,000. Current rates are available on Wise’s rate calculator.
Wise uses mid-market exchange rates—free from hidden markups—to convert INR to GBP. The rates update every second, ensuring recipients receive the exact converted amount after deducting fees.
Advantages Of Using TransferWise
Transparent Fees
Wise provides clear, upfront pricing, ensuring no hidden charges. Unlike traditional banks, it shows the exact service fee and the amount the recipient will receive before confirming the transfer.
Real Exchange Rates
Wise uses mid-market exchange rates without adding markups, making transfers more cost-effective. For example, converting INR to GBP follows the current rate shown on global currency exchange platforms.
Fast Transfers
Most transactions are completed within hours or a single business day. Transfer speed depends on payment methods and verification but is typically quicker than conventional methods.
User-Friendly Platform
The Wise website and mobile app make international transfers easy. Real-time tracking, automated payment reminders, and a simple interface enhance the overall experience.
Wide Currency Support
Wise supports over 50 currencies, including INR and GBP. This feature allows seamless transactions between India and the UK, catering to various personal and business transfer needs.
Regulatory Compliance
By adhering to RBI’s Liberalized Remittance Scheme (LRS) and meeting global financial standards, Wise ensures secure, compliant transfers. Transparency helps users meet mandatory documentation and financial guidelines.
Cost Efficiency For Businesses
Wise offers multi-currency accounts to manage payroll and supplier payments internationally. Businesses can avoid inflated rates and unnecessary overhead costs.
High Transfer Limits
Wise aligns with RBI’s LRS cap of $250,000 per year for individual transfers while supporting significant transactions for businesses within local regulations.
Potential Drawbacks To Consider
Using Wise for transferring money from India to the UK has limitations, despite its benefits.
- Transfer Limits
India’s Liberalized Remittance Scheme caps individual transfers at $250,000 per financial year, affecting high-value transactions. Business transfers must comply with additional local regulations.
- Processing Time for Large Transfers
While most transfers complete within hours, larger amounts might take up to 2 business days due to additional processing or compliance checks.
- Restricted Payment Methods
Wise doesn’t accept certain payment methods in India, such as international credit cards or direct debit. Bank transfers or UPI are the primary options for initiating payments.
- Verification Requirements
Users must submit valid documentation, such as a PAN card and proof of address, for identity verification. Delays in providing these documents can extend the transfer time.
- Currency Conversion Charges Abroad
Though Wise converts money at mid-market exchange rates, intermediary banks involved in certain transactions outside Wise’s network may charge additional fees.
Understanding these drawbacks helps evaluate Wise’s suitability for specific transfer needs.
Conclusion
Sending money from India to the UK doesn’t have to be complicated or expensive. Wise stands out as a reliable option with its transparent fees, real exchange rates, and user-friendly platform. While there are certain limitations like transfer caps and specific payment methods, the platform’s benefits often outweigh these drawbacks. Whether you’re managing personal transactions or business payments, Wise offers a secure and efficient way to handle cross-border transfers. By understanding the requirements and potential challenges, you can confidently use Wise to meet your international money transfer needs.
Frequently Asked Questions
1. What is Wise and how does it work?
Wise, formerly known as TransferWise, is an international money transfer platform that enables individuals and businesses to send money globally. It uses local bank accounts to minimize transfer costs, applies real exchange rates without markups, and provides transparent fees. Users can initiate transfers online or via the Wise app while tracking the payment process in real time.
2. Can I send money from India to the UK using Wise?
Yes, you can send money from India to the UK via Wise. You must have an active Wise account, be an Indian resident with a valid PAN card, and comply with the Reserve Bank of India’s Liberalized Remittance Scheme (LRS).
3. Are there limits on transferring money from India using Wise?
Yes, the Reserve Bank of India’s LRS caps individual transfers at $250,000 per financial year. Wise also imposes daily transaction limits based on the chosen payment method, such as bank transfers or UPI.
4. What currencies does Wise support for India to UK transfers?
Wise supports over 50 currencies worldwide. For transfers from India to the UK, Indian Rupees (INR) can be converted to British Pounds (GBP) at real exchange rates.
5. What payment methods are accepted by Wise in India?
Wise currently accepts bank transfers and UPI for payments in India. However, international credit cards and direct debit payments are not supported for transfers.
6. How long does it take for Wise to complete a transfer?
Most transfers from India to the UK using Wise are completed within hours or up to one business day. Larger amounts may take up to 2 business days due to processing or compliance checks.
7. What fees does Wise charge for transferring money?
Wise charges a low, transparent service fee, which varies based on the amount and payment method. The fee is displayed upfront, ensuring users know the exact cost before confirming the transfer.
8. Are there any hidden charges when using Wise?
No, Wise does not include hidden fees. It applies mid-market exchange rates with no markups. However, intermediary banks may impose additional currency conversion fees in rare cases.
9. Do I need to verify my identity with Wise?
Yes, Wise requires identity verification for security and regulatory compliance. During setup, users may need to provide documents such as their PAN card, passport, or other valid ID, which must meet the platform’s requirements.
10. Can businesses use Wise for transactions?
Yes, Wise is ideal for businesses managing payroll, supplier payments, or international transactions. Its multi-currency account feature and transparent cost structure make it a cost-effective solution for global operations.
11. Are there any drawbacks to using Wise in India?
Some drawbacks include the $250,000 annual cap under RBI’s LRS, limits on payment methods like international credit cards, and possible processing delays for larger transfers. Additionally, intermediary banks may impose charges, and identity verification can delay transactions if not completed promptly.
12. Is Wise a secure platform for transferring money?
Yes, Wise complies with international regulatory standards to ensure secure money transfers. It uses robust encryption and real-time tracking features to protect user transactions and data.