5 Things You Should Always Check Before Transferring Money from Europe to India

Decoded: 5% tax on foreign fund transfers that may go up to 10% for some |  Business Standard News

While online remittance has made Europe to India transfers highly convenient and quick, one should check a few important things before initiating a transfer. 5 such things are discussed in this post to help you make the best use of this facility.

Online remittance has revolutionized the money transfer industry. Indians who have moved to Europe can now conveniently transfer funds to their beneficiaries in India without visiting an offline money transfer agent. Even transfer durations have fallen drastically to ensure that the funds reach family and friends in the least possible time.

Also, thanks to the vast banking network of some Indian banks, the exchange rate of Euro to Rupee is now highly competitive. But while online remittance has made the lives of ex-pats easier, there are a few things one should always check before initiative a transfer. Here are 5 of the most important considerations-

  1. Transfer Fee

One of the most significant factors before making a Europe to India money transfer is the transfer fee. It could either be a flat fee or a percentage-based fee, depending on the service provider you have selected.

You can go through the terms and conditions section of your remittance provider’s website to know more about the charges. Prefer a trusted Indian bank whose transfer fee is in line with the market average.

  1. Transfer Duration

You’d definitely want your funds to reach your recipient in India in the least possible time. To expedite the transfers, some of the service providers now offer instant and same-day transfer facilities between Europe and India.

Instant transfers are possible to Indian banks that are eligible for IMPS. For same-day transfers, you should check the cut-off time of the bank. Your transfer should be processed before this cut-off time to ensure that it reaches your beneficiary in India on the same day.

  1. Transfer Limit

Most service providers also have a minimum and maximum per day limit on the amount you can send from Europe to India. Also, the limits are generally lower if you haven’t completed the registration and identification process of the service provider.

  1. Bank Compatibility

It is also possible that your European bank account might not be compatible with the remittance service provider. This is especially true in the case of instant remittance facility.

But while selecting a service provider, you can go through the list of European banks that the service provider is compatible with to ensure that you only select one that can be used with the bank in which you hold an account.

  1. Exchange Rate

Last but not least is the exchange rate of EUR/INR. As you might know, the exchange rate fluctuates 24×7 as per the movements in the forex markets. Moreover, it is also possible for the exchange rate to change considerably when you initiate the transfer to when it is actually processed.

To eliminate this guesswork, some of the service providers now offer guaranteed exchange rates. Moreover, they also have an exchange rate calculator on their websites to help you know the exact amount your beneficiary will receive in India.

Europe to India Fund Transfers Made Easy with Online Remittance

These are some of the things that you should always check before you initiate a Europe to India fund transfer online. This will allow you to get the best value for your hard-earned money while also ensuring that your money reaches your beneficiary in India in the most hassle-free manner.

You can browse through a few top Indian banks and compare them based on the points discussed above to choose the best.