Want to send funds to India from Europe? The expert tips listed in this post will help you ensure that your transfers are safe, hassle-free, and cost-effective.
There is now no dearth of money transfer services for sending funds from Europe to India. But the option you select determines the safety, convenience, and cost-efficiency of the transfers.
To help you pick the best and ensure complete safety, here we have a list of five expert tips that you should remember before initiating a transfer-
1. Prefer Services That Offer Guaranteed Exchange Rates
As the EUR/INR exchange rate fluctuates throughout the day, most service providers are unable to offer guaranteed exchange rates. With such services, it is very much possible that there can be a considerable difference in the rate displayed at the time of making the transfer and the rate at which the exchange takes place.
So, ensure that you pick a reputed service provider that offers guaranteed rates. This will keep your transfers protected against post-transfer exchange rate fluctuations.
2. Use Exchange Rate Calculator Before Confirming Transfer
Some of the popular money transfer service providers have a handy exchange rate calculator on their websites. This makes it easier for the customers to know the exact amount their recipients would receive back in India.
For complete transparency, make sure that you do verify the EUR you are sending, and the INR your recipient would receive in India with the help of such exchange rate calculators.
3. Understand the Transfer Procedure
When you select an online money transfer service, there are basically two different ways your transfers could happen. The first option is to initiate the transfer and then fund your request through an online payment gateway.
The second option is to initiate the transfer and then fund the same through your local bank account in Europe. With this method, you will have to send funds from your local bank account to the local bank account of the service provider. So, do understand the entire transfer process in detail before initiating a transfer.
4. Check the Transfer Fee
Reputed money transfer services are known for their cost-efficient services. Nevertheless, do check the transfer fee of the service provider before making the transfer. It could either be a flat fee or a certain percentage of the EUR being sent.
You can find detailed information about the transfer fee and other charges on the official website of the service provider. Take some time out and go through all the terms and conditions to avoid any discrepancies.
5. Follow Basic Safety Protocol
To make sure that your money transfer to India from Europe is fully protected, it is necessary to go with one of the popular money transfer services. Apart from this, even you have a role in making your transfers secure.
For instance, always use your own laptop/computer/mobile for initiating fund transfers. Use your personal internet connection as public connections are never secure. Use a strong account password and install a genuine copy of anti-virus on your system.
6. Online Money Transfer from Europe to India
Online money transfer comes with a host of benefits as compared to offline transfers. But it takes a bit of vigilance to make the best use of the facility.
Keep the above-mentioned points in mind while selecting an online money transfer service and initiating transfers between Europe and India for complete peace of mind.