Cheapest way to ‘send money to India from Germany

The Germany population report says, that there are about 110,204 Indians in Germany most of whom are working professionals and self-employed individuals. This includes Indians holding an Indian passport and those Indians as well who hold a German passport. As an Indian, a move to Germany is your chance for expat life in a well-organized, modern country with a rich historical heritage and great regional diversity. Indians who have moved to Germany and are residing over there since years, have likely moved for occupation purpose. These Indians have their families and relatives staying back in India and thus also tend to send money to their homes back in India. It doesn’t matter how many times one sends money across to their home, what matters is the kind of exchange rate one gets to see while transferring money and how much currency you receive for your money. This actually matters and can make a huge difference, which will eventually build up an interest for transferring funds.

Whenever you conduct a money transfer from Germany to India, you’ll want to ensure its quick, simple and cost-effective, so you’ll need to find a method of transferring your funds overseas that works for you. However, with geo-political events unfolding every day, it’s never been more important to ensure you’ve got the guidance of a currency expert for your transfer and have the know-how to avoid hidden fees and tagged on costs. Transferring money to India from Germany always involves expenses: either in the form of direct charges or due to poor exchange rates. You should arrange money transfers well in advance since they will usually take at least one week. Thus, if you need to transfer money to India from Germany you may be wondering “what is the best way to transfer money to India?” Transferring money to India is really simple as there are no currency restrictions so you will be able to transfer any currency that you wish. In Germany, there are lots of services that offer money transfer services to India, so you will want to find one that charges low transfer fees, which offers a great exchange rate for the Euro, or any other currency you wish to transfer and of course the cheapest way to send money to India from Germany.

One of the very important question is how to transfer Euro to India. The best way to send money to India from Germany depends on several factors, only one of which is cost. The method you use will depend on the amount, type and timing of the transaction. Certain options are more suitable for certain kinds of transfers than others.

There are three main providers for such money transfers: banks, remittance companies, and foreign exchange brokers. Let us have a look at these service providers.

Banks

Although your first thought when considering an international money transfer might be your bank, a bank or credit union may not always be the best choice. However, certain banks do offer competitive rates and services for transferring funds from your bank account to a foreign bank account, especially for larger sums of money. This includes wire transfers and other electronic currency transfers.

Brokers

When you look for a great rate, ensure you compare your high-street bank to a currency broker and see how much of a difference it makes on a large-scale transfer. A few digits may not seem like a huge variation, but when it’s on a large amount of money, it can be the difference of thousands. Brokers usually offer a more personalized level of service and can help you plan your currency transfer strategically, to make the most of your money. Whether you’ve got a short time frame or a long window to transfer, they’ll be able to offer you guidance through the market and help you make the best decisions for your individual requirements.

Remittance Services

Currently, lot of remittance providers are helping customers to send money to their homeland. Remittance companies are best for smaller amounts, where the amount is delivered to the recipient safely. Some remittance services allow you to use a credit or debit card to make international money transfers, which usually reduces the transfer time but increases the cost. Some remittance services also offer an online option with cheaper rates.

Whichever option you select, make a point that you select a well know service provider which assures you a safe delivery procedure.

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