If you are a non-resident Indian living in the United Kingdom, you may want to transfer money to your loved ones in India. In such a case, finding the best time to do so is crucial. Here are the best times to convert Great Britain Pound to Indian Rupees, i.e., GBP to INR and understand the various factors influencing this conversion rate.
The best time to convert
The ideal time to send money from the UK to your loved ones in India is when the GBP is at its strongest. This way, they get a higher sum in INR for the funds you transfer. On the other hand, if you are considering repatriating funds back to your account in the UK, then choose a time when INR is at its strongest.
To get the best rates, you can start tracking the 1 GBP to INR conversion rates approximately one month before the conversion. That way, you ensure you get the best rate. For this, you can efficiently use an online currency converter. This online tool lets you quickly convert one currency to another based on the prevalent exchange rates. You can use the converter from anywhere to get the results in seconds. To use it, follow these simple steps:
· Choose a currency converter online.
· Pick the currencies you wish to convert. So, if you want to convert an amount in GBP to INR, choose GBP in the first tab and INR in the second. You can also use the tool to convert US Dollars to INR, Singapore Dollars to INR, and more.
· Now, enter the amount in GBP into the converter.
Once you enter the relevant details, the converter will instantly calculate and display the equivalent amount in INR.
Factors affecting conversion rates
Various factors can influence the conversion rate of 1 Pound to Indian Rupees. A few of the variables affecting foreign exchange rates are:
· Import-export
If the country’s exports grow at a greater rate than its imports, it increases the demand for its currency. Hence, the value of the country’s currency gets a boost.
· Inflation
If a country consistently has low inflation rates, the value of its currency typically increases. This is because the purchasing power of the currency becomes more than the other currencies it is being compared to.
· Interest rates
If a country has high-interest rates, people who lend money can earn more. This attracts foreign capital looking to take advantage of higher rates. This results in a rise in the country’s forex rate.
Conclusion
Now that you know the best time to transfer money from the UK to India and the factors affecting currency conversion rates, you can use a currency converter to check the rates often.
