When matters are related to money, it is always better to be as wary as possible. If you are about to send money from Europe to India, then read this post for a 5-point checklist that can help make the transfer hassle-free and safe.
With online remittance services, you can now initiate a Europe to India fund transfer within minutes from the comforts of your home. Simply log into your remittance account, choose a beneficiary, enter the transfer amount, and confirm the transaction to make a transfer to India.
But while online remittance has transformed the lives of NRIs across the world, complete caution should be exercised every time you make a transfer. Here is a 5-point checklist for hassle-free Europe to India fund transfers-
- Exchange Rate
The Euro/INR exchange rate fluctuates 24×7. This makes the exchange rate one of the most vital considerations before making a transfer. Only when you know the current exchange rate, you’d be able to choose an amount that you want to transfer. For complete convenience, the exchange rate is mentioned on the website when you make a transfer.
Some service providers also have an exchange rate calculator, which can be used to know the exact amount in INR your beneficiary will receive based on the Euros you send.
- Transfer Duration
The transfer duration can also vary between remittance providers. While most providers take 2-5 days to complete a Europe to India transfer, some offer same-day and instant transfer facilities. In most cases, banks are able to provide faster remittance services due to their vast banking network in India and foreign countries.
You can check the terms and conditions of the service provider to know more about their average transfer duration. Also, note that the transfers are generally faster if you and your beneficiary have an account in the same bank whose remittance services are being used.
- Transfer Fee
Apart from the exchange rate of Euro to INR, you should also check the transfer fee. This can either be a limit-based flat fee or a certain percentage of the remittance amount. This fee is generally automatically deducted from the amount you transfer.
Know the transfer fee of your remittance provider before making the transfer to avoid any discrepancies.
- Beneficiary Bank Compatibility
With some remittance providers, you can only transfer money from Europe to selected Indian banks/branches. This could be a problem if the beneficiary account is in a bank that the service provider is not compatible with. To avoid this issue, ensure that you thoroughly check the service provider’s list of compatible Indian banks.
Alternatively, there are a few Indian banks that offer remittance services that can be used to transfer money from Europe to any Indian bank or branch. Prefer such banks for enhanced convenience.
- Transfer Tracking Number
A few remittance providers also offer transfer tracking facility. With this service, you are provided with a transfer tracking number which you can use to check the status of your transfer online or through the mobile app of the service provider.
You can also keep your beneficiary updated about the transfer status so that they are also fully aware of when they should expect the deposit into their bank account. You might also be required to provide this tracking number to the support executive of the service provider in case of any queries or delays.
The Right Way to Use Online Europe to India Remittance Services
The exchange rate, transfer duration, transfer fee, bank compatibility, and transfer tracking number are some of the things that you should always check before making a Europe to India transfer. Make a note of these points as they can help make your transfers hassle-free and transparent.
Last but not least, always use a trusted Indian bank for your international transfers as they are safer, faster, and offer highly competitive exchange rates.
