Europe to India online transfers are preferred by NRIs as they are quick, affordable, and safe. But there are a few things one should check before confirming the transfer. Read this post to know more.
Europe is one of the most popular destinations among Indians wanting to move abroad, especially for professional opportunities. But after moving to Europe and becoming an NRI, online remittance becomes a regular affair as the majority of such immigrants have their families back in India.
Thanks to digitalization, Europe to India online fund transfers are now highly convenient, quick, and affordable. But at the same time, remitters should be careful about the safety of their transfers and ensure that they get the best exchange rates.
Five things every remitter should check before confirming an online transfer to India are listed below-
1. Exchange Rate
Needless to say, every remitter would want to get the best exchange rates for their hard-earned money. But as the exchange rates fluctuate throughout the day, it is essential for the remitter to check the current exchange rate before confirming a transfer.
Some of the reputed remittance providers have exchange rate calculators to make it easier for the customers to know the exact amount their beneficiary will receive in India as per the current exchange rate. Remitters should use this calculator to eliminate the guesswork.
2. Remittance Fee
You will also be required to pay a remittance fee for the transfer. The fee can either be fixed or a certain percentage of the remittance amount. In most cases, the fee is deducted from the amount you are transferring to India.
Thus, the actual amount your beneficiary receives in India can be lower than what you intend to send. Ensure that you are well aware of the fee structure of the service provider you use to avoid such confusion.
3. Transfer Duration
The transfer duration can vary based on several factors, such as your location, bank account of your beneficiary, bank holidays, etc. Also, with digital transfers, it is often impossible for service providers to not have technical errors or delays.
However, you should at least have a basic idea about the duration your funds will take to reach India. There are a few reputed remittance providers that offer same-day and even instant Europe to India online transfers. Prefer such services for faster transfers.
4. Beneficiary Details
One of the most common mistakes that people make when transferring funds online is entering incorrect beneficiary details. If the transfer is processed, and let’s say you’ve made an error in the bank account number of your beneficiary, then it can lead to severe consequences.
Thus, it is very important to cross-check the beneficiary details before confirming every transfer. Some remittance providers allow you to register your beneficiaries so that you don’t have to enter their details every time you make a transfer. This is a smart way to avoid such mistakes.
5. Transfer Tracking Number
All the matters related to your Euro to INR transfer will be dealt with based on the transfer tracking number. For instance, if your transfer is delayed, then you can contact the customer support of your service provider to know more about the status of your transfer. But you will be asked to provide your transfer tracking number for faster resolution.
You will also be required to enter your tracking number if you are using a service that requires you to transfer the funds from your foreign bank account to the service provider’s foreign bank account. Note the transfer tracking number and save the transfer receipt as you might need it in the future.
Seamless and Secure Europe to India Online Fund Transfers
Digital remittance has eliminated all the challenges associated with offline transfers. You no longer need to visit any offline agent or wait for several days to send money to India from Europe.
But to ensure that your funds reach your loved ones in the safest possible manner, you should be very careful every time you make a transfer. Make a note of all the things discussed in this post to make your online transfers safe, secure, and convenient.