Money Transfer from Germany: Top Options You Can Consider

The number of Indian professionals moving to Germany in search of better professional opportunities is steadily increasing every year. After moving to Germany, a common need for such Indian professionals is a reliable money transfer service that they can use to send funds to their loved ones in India securely.

While offline money transfer agents were very popular in the past, digitisation has paved the way for faster, secure, and more cost-efficient services. Take a look at some of the most popular options that you can consider for sending funds to India from Germany-

1. Wire Transfer

In simple words, wire transfer is a form of electronic fund transfer between two financial institutions. When you send funds through wire transfer, the bank where you initiate the transaction passes the transaction details to the bank where the beneficiary holds an account in India.

You can visit a bank in Germany that offers wire transfer service and provide them with the details of your recipient, like name, bank account number, and SWIFT or IBAN code, along with the amount that is to be sent. You will be required to pay a wire transfer fee, and the transfer could take up to 2 working days.

2. Internet Banking

Some of the top Indian banks now offer internet banking facility even to their international customers. You simply need to log in to your net banking account, select the recipient and amount, and your transaction is ready to be processed. Make sure that you check the exchange rate before confirming the transaction.

Depending on the bank you use, there can be an additional fee involved for international transfer. Also, most banks are generally not known to offer competitive exchange rates. So, select a bank that has an excellent reputation among NRIs and offers higher exchange rates.

3. Money Orders or Bank Drafts

Money orders and bank drafts are one of the oldest ways of sending funds to India. In these methods, you are required to purchase the amount (in INR) that you are willing to send to your recipient in India. Most banks offer money order and bank draft services.

The money order or bank draft will then be sent to your recipient in India, and he/she can then cash the same through their bank or other cash checking locations. In most cases, these options are cheaper than wire transfers. But it could take 3-4 working days for your recipient to receive the money order or bank draft.

4. Online Money Transfer Services

Online money transfer services continue to be the most popular option for sending funds to India from Germany. It enables you to transfer money to your recipients in India within minutes from the comforts of your home. Using an online money transfer service is similar to using the net banking facility. You log in to your account, select the recipient, check the exchange rate, and confirm the transfer.

Depending on the service you select, the transaction can either be processed directly from your bank account, or you might be required to first transfer funds to the local bank account of the service provider. There are now reputed Indian banks that offer same-day money transfer from Germany services. Online money transfers are not only fast but cost-efficient too.

Selecting the Best Germany to India Money Transfer Service

While there are now many different ways to send funds to India from Germany, the most important thing is the reliability of the service you select. For instance, if you are using an online money transfer service, make sure that the service provider has been in the industry for a long time and has an excellent reputation.

Do check the exchange rate, transfer fee, transfer duration, and tracking facilities of the service provider before deciding. Also, make sure that they also offer customer support through phone or email so that you can contact them instantly in case of an emergency.