Check out these 5 Factors to Land the Best Deal while Transferring Money from Europe to India

Are you looking to transfer money from Europe to India? Apart from the conventional methods of demand drafts and money orders, you can also use easy online transfer services. Given the plethora of overseas money transfer options, it’s easy to get confused. Here’s a quick guide to point you in the right direction.

Today, you have plenty of options to transfer money from Europe to your family and friends in India. Here are a few factors to look for while choosing the right overseas money transfer services.

1. Mode of Transfer

The major online options, including transferring via your bank (wire transfers) or other online money transfer service providers. The major offline options include using cheques, demand drafts, or using the services of high-street transfer service providers.

While there’s no single option that is the best and works for all, you have to choose a reputed transfer service provider so that you can be assured that your money is in safe hands. While choosing a mode of transfer, make sure to enquire about the service’s list of corresponding banks in India. This helps in easy and quick transfers.

For instance, if your bank in Europe has a tie-up/partnership with your receiver’s bank in India, then it paves the way for quick, easy, and cost-efficient transfers.

1. Speed of Transfer

If you are in a hurry to send money to your recipients in India, then online transfers are the best option. Generally, online transfers take around 24 to 96 hours, depending on your bank, the method you use and the recipient’s bank.

On the other hand, offline options take a longer time. For instance, if you issue a cheque via your European bank, the cheque has to first reach your recipient in India via postal mail. And, the recipient has to take the cheque to encash at his/her local bank. The whole process can take anywhere around 7 to 15 days, or even more. Money orders range from three to thirty days.

Additionally, you have to consider bank holidays, which could further add to the processing time.

1. Coverage Offered

Not all transfer modes are available at all locations in Europe or India. While the longer offline modes like bank drafts and cheques are possible at all locations, high-street money transfer services are not available at all towns and other rural areas in India. If you don’t want inconvenience for your recipient, then choosing an online transfer service that remits your Euros directly into the bank account of your recipient, works better.

1. Cost of Transfer

Before you choose the method of transfer, you have to consider the damage it does to your wallet. Make sure to consider the overall cost of the transfer, including exchange rates, service fees, and other charges. Use an online exchange rate calculator to get current prices and see whether you are getting a good deal.

1. Finally, the Convenience

Any overseas money transfer service you choose should be convenient to both the sender and the recipient. Make sure to check other factors like – the customer service and support offered by the service provider, so that you can get quick help if something goes wrong.

Additionally, look for transfer services that help the recipient receive the amount directly in their bank account, without having to wait in queues at a local branch of the service provider.

With the plethora of overseas transfer services, sending money from Europe to India is easier and quicker than ever before. Make sure to consider these five factors to help you pick the right service provider that works the best for your wallet.

I am Reuben Williams. I am a professional writer. I would like to share my thought on financial sector.