SEND MONEY | INDIA
Rates checked 13 Oct 2026, 12:43 UTC
Sending £500 to India on 13 October 2026, Remitly pays INR 63,008, a total cost of 0.17% against the mid-market rate of 126.23. The most expensive of the 13 providers tracked, Nationwide, costs 5.47%, leaving the recipient INR 3,348 less. |
KEY FACTS
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Send £500 to India: today's rates
| # | Provider | Fee | Rate | They receive | Total cost |
|---|---|---|---|---|---|
| 1 | Remitly Transfer app | £0.00 | 126.0169 | INR 63,008 | 0.17% |
| 2 | Skrill Transfer app | £0.00 | 125.8285 | INR 62,914 | 0.32% |
| 3 | State Bank of India Bank | £0.00 | 125.7398 | INR 62,870 | 0.39% |
| 4 | Wise Transfer app | £2.86 | 126.2270 | INR 62,752 | 0.57% |
| 5 | Western Union Transfer app | £1.99 | 125.3697 | INR 62,435 | 1.07% |
| 6 | Xoom Transfer app | £1.99 | 125.1926 | INR 62,347 | 1.21% |
| 7 | NatWest Bank | £0.00 | 123.5330 | INR 61,766 | 2.13% |
| 8 | RBS Bank | £0.00 | 123.5330 | INR 61,766 | 2.13% |
| 9 | Monese Bank | £10.00 | 125.7580 | INR 61,621 | 2.36% |
| 10 | Barclays Bank | £0.00 | 122.7787 | INR 61,389 | 2.73% |
| 11 | OFX Transfer app | £7.00 | 122.4092 | INR 60,348 | 4.38% |
| 12 | PayPal Transfer app | £2.99 | 121.0655 | INR 60,171 | 4.66% |
| 13 | Nationwide Bank | £15.00 | 123.0117 | INR 59,661 | 5.47% |
Sending £500. Mid-market rate 126.2270. Total cost combines the fee and the exchange-rate markup against the mid-market rate. Quotes older than 48 hours are left out.
Send £100 to India
| # | Provider | Fee | Rate | They receive | Total cost |
|---|---|---|---|---|---|
| 1 | Skrill Transfer app | £0.00 | 125.8285 | INR 12,583 | 0.31% |
| 2 | Wise Transfer app | £1.03 | 126.2230 | INR 12,492 | 1.03% |
| 3 | State Bank of India Bank | £0.00 | 124.7395 | INR 12,474 | 1.18% |
| 4 | NatWest Bank | £0.00 | 123.5330 | INR 12,353 | 2.13% |
| 5 | RBS Bank | £0.00 | 123.5330 | INR 12,353 | 2.13% |
| 6 | Remitly Transfer app | £1.99 | 126.0169 | INR 12,351 | 2.15% |
| 7 | Western Union Transfer app | £1.99 | 125.3697 | INR 12,287 | 2.65% |
| 8 | Barclays Bank | £0.00 | 122.7787 | INR 12,278 | 2.73% |
| 9 | Xoom Transfer app | £1.99 | 125.1926 | INR 12,270 | 2.79% |
| 10 | Monese Bank | £3.00 | 125.7580 | INR 12,199 | 3.36% |
| 11 | PayPal Transfer app | £2.99 | 121.0655 | INR 11,745 | 6.95% |
| 12 | Nationwide Bank | £15.00 | 123.0117 | INR 10,456 | 17.16% |
Sending £100. Mid-market rate 126.2230. Total cost combines the fee and the exchange-rate markup against the mid-market rate. Quotes older than 48 hours are left out.
Send £1,000 to India
| # | Provider | Fee | Rate | They receive | Total cost |
|---|---|---|---|---|---|
| 1 | Remitly Transfer app | £0.00 | 126.0169 | INR 126,017 | 0.16% |
| 2 | Skrill Transfer app | £0.00 | 125.8285 | INR 125,828 | 0.31% |
| 3 | State Bank of India Bank | £0.00 | 125.7398 | INR 125,740 | 0.38% |
| 4 | Wise Transfer app | £5.14 | 126.2230 | INR 125,574 | 0.51% |
| 5 | Xoom Transfer app | £0.00 | 125.4564 | INR 125,456 | 0.61% |
| 6 | Western Union Transfer app | £1.99 | 125.3697 | INR 125,120 | 0.87% |
| 7 | NatWest Bank | £0.00 | 123.5330 | INR 123,533 | 2.13% |
| 8 | RBS Bank | £0.00 | 123.5330 | INR 123,533 | 2.13% |
| 9 | Monese Bank | £20.00 | 125.7580 | INR 123,243 | 2.36% |
| 10 | Barclays Bank | £0.00 | 122.7787 | INR 122,779 | 2.73% |
| 11 | OFX Transfer app | £7.00 | 122.4092 | INR 121,552 | 3.70% |
| 12 | Nationwide Bank | £15.00 | 123.0117 | INR 121,166 | 4.01% |
| 13 | PayPal Transfer app | £2.99 | 121.0655 | INR 120,703 | 4.37% |
Sending £1,000. Mid-market rate 126.2230. Total cost combines the fee and the exchange-rate markup against the mid-market rate. Quotes older than 48 hours are left out.
India transfer history
KT has recorded this corridor daily since 13 October 2026. A 14-day history of the best £500 transfer builds here as each day is added.
How the cost of sending money to India is worked out
The total cost of a transfer is the upfront fee plus the exchange-rate markup, which is the gap between the provider's rate and the mid-market rate. This means that a provider advertising zero fees can still be expensive if its exchange rate carries a large markup. To illustrate, on 13 October 2026, sending 500 pounds to India, Remitly paid INR 63,008, a total cost of 0.17%. In contrast, the most expensive provider tracked, Nationwide, cost 5.47%, which is INR 3,348 less for the recipient. These figures are based on 13 providers with quotes collected in the last 48 hours were compared. The comparison shows how the combination of fees and exchange-rate markup affects the amount received. The upfront fee is charged by the provider, while the exchange-rate markup is the difference between the rate offered and the mid-market rate. The mid-market rate is the midpoint between demand and supply for a currency. The total cost is expressed as a percentage of the amount sent. This percentage allows for a straightforward comparison between providers. The recipient receives the converted amount after these costs are applied. The example above demonstrates the variation in costs among providers.
Ways to receive money in India
Money sent to India is usually paid into an Indian bank account through domestic systems such as NEFT and IMPS, which operate under the Reserve Bank of India. These systems facilitate the transfer of funds between banks in India. NEFT operates on a deferred net settlement basis, while IMPS provides immediate payment. UPI is India's instant payment system operated by the National Payments Corporation of India, and some UK providers can pay to a UPI ID. UPI allows users to send and receive money using a unique identifier. Non-resident Indians can hold NRE accounts, which are repatriable, and NRO accounts for income earned in India. NRE accounts are designed for funds remitted from abroad, while NRO accounts are for income earned in India. The choice of receiving method may depend on the recipient's circumstances. The recipient's bank account details are required for transfers through NEFT and IMPS. For UPI, a UPI ID is needed. The availability of these methods can vary by provider. The recipient's location and bank may also affect the options. The systems are regulated by the Reserve Bank of India and the National Payments Corporation of India.
Rules on the receiving side in India
- Money sent to India is usually paid into an Indian bank account through domestic systems such as NEFT and IMPS, which operate under the Reserve Bank of India.
- UPI is India's instant payment system operated by the National Payments Corporation of India, and some UK providers can pay to a UPI ID.
- Non-resident Indians can hold NRE accounts, which are repatriable, and NRO accounts for income earned in India.
- Under Indian income tax rules, gifts from specified relatives are not taxed, while gifts from non-relatives above INR 50,000 in a financial year are taxable for the person receiving them.
UK rules for people sending money abroad
UK money transfer firms must be authorised or registered by the Financial Conduct Authority as payment institutions or e-money institutions, and the FCA register shows whether a firm is permitted. This authorisation or registration is a requirement for firms providing money transfer services. Money held by payment and e-money institutions is safeguarded, which means it is kept separate from the firm's own money; it is not covered by the Financial Services Compensation Scheme. Safeguarding is designed to protect customer funds if the firm fails. However, the Financial Services Compensation Scheme does not apply to these funds. There is no UK tax on sending your own money abroad. This means that individuals do not pay UK tax on the act of transferring their own funds. Gifts can count for UK inheritance tax; each person has a 3,000 pound annual gift exemption, and regular gifts made from surplus income can also be exempt. The annual gift exemption allows individuals to give away up to 3,000 pounds per tax year without incurring inheritance tax. Regular gifts from surplus income may also be exempt if certain conditions are met. These rules apply to UK residents sending money abroad.
RELATED GUIDES |
DISCLAIMER Kael Tripton is an independent publisher. It is not a money transfer provider and does not arrange transfers. Rates are quotes collected from provider websites and can change at any time; check the final amount with the provider before you pay. Sponsored placements are labelled and never change the ranking. |
Frequently asked questions
What is the cheapest way to send money to India from the UK today?
On 13 October 2026, Remitly paid the most for a £500 transfer: INR 63,008, a total cost of 0.17%. Rankings change daily, so check the table above before sending.
Why is the amount received different between providers?
Each provider sets its own fee and its own exchange rate. The gap between that rate and the mid-market rate is a hidden markup, so the amount received is the fairest way to compare.
Is a zero-fee transfer always the cheapest?
No. A provider with no fee can still cost more if its exchange rate carries a large markup. The total cost column combines both.
Is my money protected when I use a transfer app?
Payment and e-money firms must safeguard customer money, keeping it separate from their own funds. This is not the same as FSCS cover. Check that a firm is on the FCA register before sending.
Do I pay UK tax when I send money abroad?
There is no UK tax on sending your own money abroad. Large or regular gifts can matter for inheritance tax; each person has a £3,000 annual gift exemption.
SOURCES
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