According to a report, a lot of migrant workers in Germany sent billions of back to their families every year. These migrants also include a large number of Indians settled in Germany. Germany was also one of the top countries in Europe for the amount of money that migrant workers sent back home in remittances, according to a report by the International Fund for Agricultural Development. Remittance payments refer to regular payments that migrant workers send back to their families in their home countries. The report said that this money usually covers basic goods, such as food, clothing, shelter, medicine and education. Most migrants need to send money to a family member, a relative or someone else or maybe to their own account. Indians immigrants in Germany had long helped to feed India’s economy with remittance cash and checks sent back home. Whatever the reason, there are several ways to send money, each with its own advantages.
Transferring money online using lets you easily send money to your receiver’s account and it is also a great way to transfer money between your own accounts. Generally, the bank has a prompt for transfers on your online account page. You’ll need to know the account number and transit routing number of the recipient. Whether you need to move money between your own accounts, send money to family or friends, pay bills or manage invoices for your business, online money transfer will save you time and money, and makes the process much easier.
Tips for sending money to India from Germany
It may seem simple and straightforward to select a money transfer service from Germany to send money to India, but there are many important factors you must consider before doing so. It is crucial to monitor the fluctuating, foreign exchange rates closely and be well-informed of all transfer fees before initiating a money transfer to India. Below are some important tips that we have complied to help guide you in making an informed decision and help you save time and money with the international money transfer process.
- Compare different money transfer services. It will help you find the best exchange rate, lowest transfer fees, and most reliable service.
- It is more cost-effective to send a single, large amount than multiple transfers of small amounts, as transfer fees can add up each time you initiate a money transfer.
- Be fully aware of transfer limits. The transfer fees, you may incur usually depend on the amount of the transfer.
- Avoid sending a large sum of money using a service that caters to smaller amounts. Consider sending large sums through Foreign Exchange Companies that can provide better exchange rates and fees.
- Don’t pay additional fees to expedite the transfer unless you really need to. If the funds do not absolutely have to be wired within a few hours, choosing a standard transmission will save you money on unnecessary charges.
- Watch out for fluctuating or indicative rates! The foreign exchange market never sleeps, and exchange rates change by the second, significantly plummeting or soaring in a short span of time. Being observant of rates that seem to fluctuate by a few pennies can seem pointless. On the contrary, keeping a close eye on the rates will save you a lot more money in the end. Be smart when it comes to your personal finances.
- Remember to ask and be informed about the procedures, alternative options, and liabilities you may face in case your funds are not transmitted promptly by the specified date or time.
- Confirm whether or not the recipient will be required to pay a receiving fee or any miscellaneous service charges which can be levied on the transaction by the recipient’s bank.
If you choose a money transfer provider carefully, you may be surprised at how much money you will save. By choosing a provider that regularly handles your type of money transfer, you can be confident that your money will get there safely and that you’re getting the best deal.
