With so many service providers offering to transfer money from Europe to India for you, how do you choose the best one? Mentioned in this post are five parameters based on which you can make the right decision. Keep reading.
A rising number of NRIs in Europe looking to transfer money to India regularly has given rise to many service providers that help in sending money back home in India. While some are good, many fail to deliver on the promise. Whether you transfer money to India regularly or occasionally, it is essential to choose the right service provider.
Let’s look at five parameters that should help you evaluate a service for sending money to India.
- Exchange Rate: The first thing to look at is the bank or service provider’s exchange rate. However, do note that most transfer services will give you an indicative exchange rate and the actual rate at the time of the transaction may vary. Although it will be a minor difference, if at all, it still needs to be considered. Moreover, some banks provide a guaranteed exchange rate which means the transfer rate will be fixed.
- Transfer Fee: Next, you must look at the transfer fee. Most service providers offering money transfer between Europe and India will levy a transaction fee. On top of this, you will also have to bear a service tax and cess as imposed by the government of India.
- Speed of Transfer: How quickly the money reaches your beneficiary is an important consideration in choosing a service provider. Now, this can also depend on the mode of transfer. For instance, issuing a draft from Europe payable in India can take 5-10 days. However, online transfers take much lesser time. Most service providers will complete the transaction within 2-3 days. However, some provide same-day transfers, which means the money reaches the beneficiary’s bank account in India within 24-hours from initiating the transaction.
- Ease of Transaction: Doing the transaction should be easy for you and the beneficiary as well. Online transfer services trump here as they let you initiate the transaction anytime and anywhere. Moreover, inter-bank online transfers make it even easier.
- Security and Safety: This is very important. Make sure the method you choose is safe and secure, not just for you but for the beneficiary as well. A service that requires the beneficiary to walk up to the branch for collecting money must be avoided. Online transfers are much safer. They follow all the security protocols and use the latest encryption tools to make the transaction very safe. Moreover, choosing a bank service that has a good network in India can be a good option. Some banks have a presence in India, as well as in Europe, making them a great option for Euro to INR transfer.
Keep the points mentioned above in mind and select the right service provider that is cost-efficient and offers the utmost safety of your funds at the same time. Moreover, while reputable banks and service providers try to make it safe for you, make sure you also follow all the security measures yourself while making the transfer.