5 Point Checklist for Euro to INR Online Transfers

To ensure enhanced convenience, security and get the maximum value for your money, there are a few things you should always check before confirming EUR to INR transfers. Read this post for a 5-point checklist that can help.

With online remittance, transferring money to India is now a breeze. With only a few taps or clicks, you can securely send money from Europe to your loved ones in India. But while online transfers are known for their speed, cost-effectiveness, and security, there are a few things that one should always check before confirming a transfer.

Here’s a 5-point checklist that you should keep in mind before transferring Euros to India online-

1. EUR/INR Exchange Rate

To get the maximum value for your money, you should always watch out for the current exchange rate of Euro INR. The rate will fluctuate as per the movements in the Forex markets. Knowing the exchange rate will make it easier to calculate the amount your recipient will receive in India.

Alternatively, most top online remittance platforms now have exchange rate calculators on their websites. Use the online tool to instantly calculate the remittance amount in INR as per the prevailing EUR/INR exchange rate.

2. Transfer Duration

Compared to online Forex platforms, Indian banks offer faster digital remittance services. As the banks have a vast local and international presence, it is easier for them to process the EUR to INR transfers. Their extensive presence also enables them to offer highly competitive exchange rates to the customers.

In most cases, a reputed Indian bank should be able to process your transfer within a single day. Some of the banks also offer instant Europe to India money transfer services.

3. Transfer Tracking Number

At the time of confirming a transfer, you will be provided with a transfer tracking number. Note this tracking number as it can be used to track your transfer status in real-time. However, not every remittance platform offers this facility.

The transfer tracking number will also be required if you need any assistance regarding your transfer from the support department. 

4. Service Fees

Apart from the exchange rate for Euro to Rupee, you should also know the exact service fees charged by the remittance service provider. Depending on the platform you select, it could be a flat fee or a certain percentage of the transfer amount. The fee is generally deducted from the remittance amount.

There are a few Indian banks that do not charge any service fee up to a specific limit on Europe to India transfers. You can consider such banks to get the maximum value for your money. 

5. Recipient Details

Before confirming the transfer, ensure that you always cross-check the recipient details. Pay attention to their name, bank account number, bank branch, and contact number to avoid errors.

Note that you might end up losing your money if the transfer is successfully processed to the wrong bank account. In such cases, you should inform the support department about the mistake as quickly as possible. In some cases, they might be able to cancel the transaction.

Sending Money from Europe to India Online

Online remittance is as simple as using an Internet banking facility. But when matters are related to money, utmost caution is a must.

Keep the checklist in mind before submitting your online transfer request for the complete safety of your money, and ensure that your recipient in India receives the funds in the most convenient and timely manner. 

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Created on Jan 4th 2022 22:54. Viewed 161 times.

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