which is the cheapest mode of transfer of money to uk ?

Question

my son is studying in scotland and i have to send money every month.

i am from india and the transfer involves exchange of currency.

Answer 1

Give him a Visa Card and set it up so that he has a limit that you can pay every month.

Answer 2

Money transfer organisations such as Western Union and Travelex seem to be a better option for people traveling in remote locations and who are not settled there (no bank account or address). Their services are also suitable for travelers overseas who need quick cash sent from home by family or friends.

Pros & Cons of Situation 2

Pros:

* No location too remote
* No internet access required,
* No local bank account required, send and receive cash.
* Send a money order online to third parties - or to yourself if you'll be there to pick it up.
* Sending your money order online occurs quickly - can be done in minutes.

Cons:

* Money transferred in cash making large sums unmanageable,
* In-person pick-up is required - you must go to the actual Western Union representative and fill out a form.
* Your recipient must pick up in person.
* A quick-fix solution - not a long term solution.
* You cannot transfer money from an account or from your credit card - cash only.
* You can't send a money order online to yourself - unless you'll be back at home immediately to pick it up.

How much does it cost? Transferring money through the above companies will usually cost either a percentage of the total amount transferred, or a set fee for certain amounts. Therefore the amount ending up with your recipient will depend on the exchange rate and the transaction fee (percentage) that Western Union charges. For example – sending 500 GBP will cost approximately 37 GBP – these fees change and you should check with your nearest Western Union or Travelex outlet.

Best for: receiving relatively small sums of emergency cash from your friends/ family back home.

Worst for: the amount of money that actually ends up in your pocket. Consider both the exchange rate and fees to calculate and compare companies.


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Answer 3

http://www.imtcard.com/

Supported by IMT Card Online Banking, IMT Card is an internationally recognised Debit/Cash and Payroll card that brings the convenience and security of electronic money transfer to everyone, everywhere.

Enjoy the security of a prepaid, reloadable debit card, totally independent of your existing bank accounts:

Withdraw cash from over 800,000 ATMs worldwide. Review locations here.
Accept electronic payment for goods or services.
Save money on transfer fees.
Enjoy the instant transfer of money from one IMT card to another through IMT Internet Banking.
Never overspend.


or WESTERN UNION MONEY TRANSFER

but i knew of the cheapest way s to let him open a bank account, ATM, there is so minimal charge and it is so practical and personalized.

good luck to you both.^_^

Answer 4

Bank transfer using on line banking, i do this through my bank (RBS) and costs are nil on my account, it can't get lost in the post and you can automate it to transfer every month without further input from you once it is set up.

Answer 5

its juzz between da IMT card and western union money transfer...but according to me...da western thing is betr as i has outlets in many parts in india which makes sendin' money a breeze n in scotland,there are many outlets...so ur son wudnt hav a problem in da withdrawin' money in da transaction...only downpoint is...it charges a nominal chrg 4 money transfer...but its acceptable considering the fact that u hav a peace of mind!!!...wot say???

Answer 6

Paypal or give him a debit card to access a bank account that you deposit into each month.

Answer 7

give to any traveller to handover to concern