Sending money back to UK?
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| Senior Member

Sending money back to UK?

hi everyone,

I just joined so please feel free to put me right if I'm posting in the wrong place.

I'm in discussions over relocating from the UK to a job in Bangalore and would be there 2 years minimum.

I have some financial commitments in the UK and so would need to transfer between GBP 500-900 (around INR 36,000 - 65,000) back to my british bank account each month.

Is anyone else doing similar and can recommend a way of doing this? I've heard that is popular with expats in some countries.

Also, I'm used to doing pretty much all my banking on the Internet these days. Are Indian bank accounts set up similar to UK banks? Could I do transfers easily every month online, or set up standing orders etc?

This site is fantastic btw! I've searched various banking threads but most discussion seems quite old now, and this is one area that's probably moved on a lot in the last 2-3 years...


103 Replies

| Senior Member
Just had a very panicky moment when I checked only to discover they don't trade in Rupees. Not being able to send this money back to meet my commitments could well scupper the whole deal.

I found -- who will convert from INR to GBP.

Anyone used TorFX or got a better plan? Thanks again.
| Senior Member
I can use online banking to transfer my money between my HSBC bank account in Canada and my UK HSBC account.

There are a variety of large international banks in India (including HSBC, Deutsche Bank), having acccounts in both countries with the same bank may be the easiest way to do this.
| Loud Noisy Bird
It's easy to transfer money into India, somewhat harder to transfer it out.

Not impossible: India is part of the international banking setup, but there is likely to be bureaucracy involved. especially for what is, in Indian terms, a relatively large amount. I have never needed to transfer money in that direction, but I am pretty sure that there is not a facility for me to do it online.

Are you, by any chance in London? A number of Indian banks have branches there, and possibly in other major cities too. Your high-street HSBC will be familiar with sending money to India (At my high-street RBS, I even found a staff member used to sending money home to her own family) but they may not be so used to doing it the other way around. An Indian bank should have people used to the Indian system.
Life gets aadhar every day.
| Senior Member
I'm in Scotland actually, but I guess I could open a UK account with ICICI before leaving, and then one in India on arriving, if that would make it easier to do transfers.
| Loud Noisy Bird
I don't know.

I don't think there is any insurmountable problem, where ever you bank: just paperwork.
Life gets aadhar every day.
| Senior Member
I don't want to sound paranoid, but I keep reading stuff about Rupees not being a proper "world currency" and there being restrictions on currency conversions (like in this thread: )

Also I thought I'd read somewhere that there was a limit on how much you could transfer out in a year, and that it was something like USD 5000 a *year*.

So I'd love to hear from someone who is making regular transfers/payments back to UK accounts!
| Member
Hi Mungbean

I hope this helps you out.. i use this service they are fantastic! no fees and they give great rates.. I send money from australia to india however they have the ability to hold INR so all you need to do is setup an account with them (done) online.. then you can transfer INR to them and they can forward it to your nominated bank account.. there are services if your doing it everymonth where you can secure a rate! They are based in NZ i think cause my account manger is in NZ..Anyways hope it can work for you!
| Senior Member
Thanks Aussie-Roger that's great to know!

From a quick look at their FAQ though they don't actually list which currencies they'll trade -- as a registered user maybe you can see whether INR -> GBP is definitely possible? (In that direction.)

I'm also a long-time PayPal user and would consider that as an option, but it seems there's been a long and messy legal issue with PayPal and India this year. If anyone knows where to look for latest on that one I'd be pleased to hear it... googling doesn't help much.
| Senior Member
OK I've done more research on this and it seems the banking term for what I've been trying to find out about is a "foreign outward remittance". This is the magic phrase to google for in banks' T&Cs.

So I was looking for information on any restrictions on remittances from India to UK.

It appears that many banks will support outward remittances, so long as they're authorised by RBI.

(This seems to be behind the ongoing problem with PayPal - they never got authorised for cross-border exchange in India.)

I don't fully understand all the terminology, but RBI has a recently updated bulletin on this that seems to suggest that since 2004 the limit on transactions is USD 200,000 a year.

It also seems that transfers from one current account to another shouldn't be a problem.

So this is all looking doable so far...
| CHANGE is the essence of LIFE;Nothing is permanent
No one seems to have an answer, even on the RBI bulletin.
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| Maha Guru Member
Icici bank seems to do this (You probably have found this out already anyway!)

It does seem very confusing though!. Try contacting them and see if then can do something. They have branches in the Uk as well and having a UK icici account might help in getting a faster transfer done (It does work very fast when I send money from my ICICI uk account to my Indian ICICI account, So I assume that it would be the same the other way around as well).

As far as I know it should be possible to remit the amount that you need.Though as earlier posters had mentioned you might need lots of paperwork.
| Senior Member
Its a pretty straight forward process and it cannot be done online - at least not legally. It takes just 15 mins. Go to any bank in India - Best bets - ICICI bank or HDFC Bank.

I would not use HSBC as they have the highest charges among all banks and give a pretty low exchange rate.

You have to transfer the money using wire transfer. Tell the branch that you want to do wire transfer and they would give you a simple form to fill up. Put your UK bank account as well as your details in that form . You need to bring the passport to the branch as ID proof.
| Maha Guru Member
the Reserve Bank of India website does state that you need to have held the Bank account for 1 year (otherwise you need loads of paperwork!)before you make the remittance.

Also you might need something called a PAN card.(Permanent Account number card)
| Senior Member
Nobody checks if you have held the account for more than a year.
PAN card is pretty easy to get and your employer will help you to get this card/number. You have to get the PAN card anyways, as it is mandatory if you are receiving a salary in India.

Originally posted by: ukdoctor View Post

the Reserve Bank of India website does state that you need to have held the Bank account for 1 year (otherwise you need loads of paperwork!)before you make the remittance.

Also you might need something called a PAN card.(Permanent Account number card)