Not very long ago, there were very few options to send money from Germany to India. Remittance operations from Germany or any other country to India were largely dominated by a few multinational financial services. However, things are much different and simpler today. Check out this post on simpler ways to transfer money from Germany to India.
Germany has a lot of NRIs who are in constant need of transferring money back to their family and friends in India. The process of money transfer to India from Germany or European Countries underwent a sea change due to the following reasons.
- The widespread adoption and migration to the core-banking system in India.
- The rapid pace of technology and digitization in banking and finance in the world.
- The improved level of Internet connectivity and speed.
- The availability of reputed online remittance services.
The Benefit of Using the Online Remittance Service
- No need to visit the service provider’s office and wait in a queue.
- The convenience of sending money from home through your laptop or smartphone.
- Higher and flexible exchange rates. Some banks also offer guaranteed exchange rates on your transfers.
- Faster remittance process. Bank to bank transfers can happen instantly or within a few hours.
- Online remittance, especially when it is bank to bank, is highly secure as most reputed banks use advanced firewalls and encryption layering to keep your data safe and secure.
3 Steps to Transfer Money from Germany to India
You need to follow the three simple steps below to perform a Germany to India money transfer without hassle.
- Login into a reputed online money transfer account and place an online request for the remittance.
- You can use any payment gateway or online banking of your local account for making the payment.
- The money will be received by the beneficiary in India within a pre-defined period. With some banks, you can also track the status of your remittance online in real-time up till it reaches the beneficiary.
Things to Check before Performing Online Remittance
While transferring money from Germany to India can be quite easy and simple, it helps to check some common points mentioned below.
- The money would be transferred online from your account to the beneficiary’s account. Thus, you will need bank details of the beneficiary along with their SWIFT code.
- If you have an NRE account with the bank where you initiate a transfer, then you can get preferential exchange rates.
- Check whether the designated service is available in Germany.
- Check the reputation of the service provider. You can consider points like
- For how long are they in the business?
- In how many countries do they have a presence?
The points mentioned above should clear your doubts about the viability of money transfer to India from Germany through online remittance services, aka banks. Thus, go ahead and enjoy a hassle-free and safe money transfer. In these times of Covid-19 and travel restrictions, you may find it difficult to travel to India at will. However, there is no such restriction on sending money to your near and dear ones back home. Go on and let them know that you haven’t stopped caring for them despite being so far away.