The Real Costs of Using Apps to Send Money to India from the UK

The True Costs of Sending Money to India Using Apps

When it comes to transferring money to India, apps have become a popular choice, no doubt, but have you ever wondered what the real costs are? It’s easy to assume that the only fee you’ll encounter is a transfer charge, but just like what we established here, hidden charges may exist and apps are sweet spots to embed them. The convenience of sending money via apps is great, but are these apps really saving you money? And how do you pick the best app to send money to India from Canada, the UK, US or elsewhere?

Sending money from the UK to India has never been easier, thanks to the rise of money transfer apps. They offer speed, accessibility, and the promise of lower fees compared to traditional banks. However, if you’ve ever found yourself questioning why your recipient didn’t receive the full amount you expected, you’re not alone.

In this article, we’ll break down the true costs of using apps to send money to India. You’ll discover how fees, exchange rates, and the type of transfer service all play into the final total. By the end, you’ll know exactly what to watch out for when sending money to India and which app truly gives you the best bang for your buck.

How Do Apps Handle Fees When You Send Money to India?

When you send money to India through an app, it might seem like fees are straightforward, but there’s more going on than meets the eye. Many apps advertise low or even zero fees, but these services have to make money somehow, right? They usually do this by marking up the exchange rate or adding extra fees for certain types of transactions, like real-time transfers.

For instance, if an app shows no upfront fee but gives you a lower GBP to INR conversion rate, it’s making money on the difference. Even a few points less on the exchange rate can result in significant hidden costs. Some apps also charge fees based on the amount you’re sending or the speed of the transfer, and these are easy to overlook when you’re focused on the advertised “no fees.”

If you want the best way to send money to India, you’ll need to balance both the transfer fees and the exchange rates that apps provide. Sometimes, it’s worth paying a small fee if it means getting a much better exchange rate.

What Role Do Exchange Rates Play in Money Transfer Apps?

The exchange rate is probably the most important factor to consider when sending money to India. And a suggestion would be to always check currency converters before initiating a transfer. Pesa Currency Converter, for example, gives you real-time value for the exchange rate of the currency you wish to send money to. Many apps lure customers in by promoting low transfer fees, but the real cost often lies in how much they charge to convert your GBP to INR. Even if an app promises “no fees,” it could still give you a terrible exchange rate, meaning your recipient in India receives less money.

For example, let’s say the real-time exchange rate for GBP to INR is 100, but the app offers you 97. This small difference can end up being a bigger loss than paying a small transfer fee. The best app to send money to India will always be transparent about the exchange rates it uses, allowing you to make an informed decision.

When comparing apps, always look at both the fees and the exchange rate. While a lower fee might seem appealing, it won’t help much if the exchange rate is unfavourable. The money transfer to India that works best will give you both competitive rates and low fees.

Can Apps Really Provide Real-Time Transfers?

Speed is another critical factor for many people when sending money to India. Sometimes, you need the funds to arrive quickly, and this is where apps often shine. Many apps offer real-time transfers, meaning the money can reach the recipient in India within minutes. However, this convenience usually comes with a cost.

Real-time transfers typically involve higher fees or a slightly worse exchange rate. The quicker you want the money delivered, the more you’ll likely pay. Some apps offer this feature as a premium service, while others build the cost into the exchange rate.

The best app to send money to India is one that offers a good balance between speed and cost. If you don’t need the money to arrive instantly, choosing a slower transfer option could save you a lot in fees. However, if urgency is a priority, real-time transfers might be worth the extra cost.

How Transparent Are Apps About Hidden Fees?

Transparency is key when it comes to sending money internationally, but not all apps are upfront about their fees. Some apps may advertise a low or zero transfer fee but hit you with hidden costs down the line. These can include higher fees for certain payment methods, extra charges for quick transfers, or poor exchange rates.

To find the best way to send money to India, it’s important to choose an app that’s clear about all potential costs upfront. Look for apps that don’t hide the exchange rate markup or charge sneaky fees for specific transfer options. The more transparent the app, the better your chances of avoiding unexpected deductions.

Apps like Pesa, for instance, offer clear information about all fees and rates, making it easier for users to make informed decisions. If you’re tired of dealing with hidden fees, always go for services that lay out all the details before you hit the send button.

What Are the Benefits of Using Apps Over Traditional Banks?

It’s no secret that apps have revolutionised how people send money internationally. But how exactly do they stack up against traditional banks? Banks have long been the go-to for money transfers from the UK to India, but they often charge high fees and offer poor exchange rates. In contrast, apps tend to have lower costs and provide more competitive GBP to INR rates.

Similar to what we discussed here, apps also offer the convenience of making transfers right from your smartphone, meaning you can send money anytime and anywhere. They also tend to process transfers faster than banks, especially when using features like real-time transfers.

If you’re looking for the best way to send money to India from the UK, apps are generally a better option. They’re faster, more cost-effective, and offer better transparency than traditional banking channels. Just make sure you’re using an app with good reviews and a strong reputation for security.

Are Money Transfer Apps Safe to Use?

Security is one of the biggest concerns people have when using apps to send money internationally. Fortunately, most major apps offer strong encryption and are regulated by financial authorities in both the UK and India. Still, it’s essential to do your homework before choosing a service.

Look for apps that have two-factor authentication, fraud detection, and are regulated by financial watchdogs. The best app to send money to India will not only protect your money but also ensure that it gets to the recipient quickly and securely.

If safety is a top priority for you, always check the app’s security features before making a transfer. This way, you can have peace of mind that your money is in safe hands.

Why Should You Choose Pesa for Your International Transfers?

Now that you know the real costs involved in using apps to send money to India, let’s talk about why Pesa is your best bet. Pesa offers a combination of low fees, competitive exchange rates, and a user-friendly app, making it one of the best ways to send money to India from the UK. Whether you’re making regular transfers or just need to send money for a special occasion, Pesa has you covered.

One of the biggest advantages of Pesa is its transparency. You won’t find any hidden fees here, and the exchange rates are among the best in the market. Plus, Pesa offers both standard and real-time transfer options, so you can choose the speed that works best for you.

If you’re tired of overpaying for international transfers or dealing with unclear fees, now is the time to switch to Pesa. Download the app NOW on Apple Store or on Playstore, and experience a faster, safer, and more affordable way to send money to India.

Conclusion

Sending money to India doesn’t have to be complicated or expensive, especially when you have the right app. Pesa offers three options to your transfer needs:

• Provides you real-time exchange rate monitor on the Pesa App, keeping you updated every 28 seconds.
• Provides you with competitive exchange rates that are hardly found in any other cross-border payment solution.
• Offers you the leverage of moving money across different currency wallets anywhere and anytime.

Pesa is the clear choice for anyone looking to maximise their transfer amount.

So why wait? Download the Pesa app today and see how easy it is to start saving on your transfers. Whether you need to send money occasionally or frequently, Pesa makes it easier than ever to transfer GBP to INR online. Take control of your international remittances and get more value out of every transfer with Pesa.

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