Sending Money from India to Europe? Here’s What Every BookMyForex Customer Should Know!
Understanding Wire Transfers
A wire transfer is a fast, secure, and widely used method to send money electronically, whether locally or internationally. To send money from India to Europe via wire transfers, you need the recipient’s name, bank account number, and the receiving bank’s details. The funds are sent through a secure network, such as SWIFT, ensuring that your money reaches its destination safely. However, the processing time can vary depending on the banks and countries involved.
When it comes to transfers from India to Europe, traditional banks often charge hefty fees (up to Rs. 2000) and offer less-than-ideal exchange rates, making them an expensive option. If you’re looking for a smarter alternative, BookMyForex provides zero transfer fees and guaranteed lowest exchange rates, ensuring you save more with every transaction. The platform offers a seamless, cost-effective way to send money securely to Europe without the hidden costs associated with traditional banks.
Why Indians Transfer Money to Europe
Indians send money to Europe for a variety of reasons, and here are some of the most common ones:
1. Education: Europe is home to some of the best universities in the world, like Oxford, Cambridge, and ETH Zurich. Many Indian students are studying here, and parents often send money to cover tuition fees, rent, and living expenses, ensuring their children can focus on their studies without financial worries.
2. Family Support: A lot of Indians have family members living in Europe, whether they’re working, studying, or settled there. Sending money to help with monthly expenses, emergencies, or even just as a gesture of love during festivals is a common way to stay connected and support loved ones.
3. Medical Treatment: Europe is known for its advanced healthcare system. Many Indians travel to countries like Germany, Switzerland, or the UK for surgeries or consultations with top doctors. Transferring money to cover medical bills and related costs is a frequent reason for these transactions.
4. Business and Investments: Europe’s stable economy and attractive real estate market make it a hotspot for Indian investors. Whether it’s buying property in cities like London or Paris, or investing in European businesses, Indians often transfer money to invest in Europe.
5. Employment and Relocation: Europe is a popular destination for Indian professionals, especially in fields like IT, engineering, and healthcare. When moving overseas, there are always initial expenses like housing deposits, setting up utilities, etc. Money transfers help make this transition smoother.
Documents Required for International Money Transfers to Europe
Planning to send money to Europe? Having the right documents ready will make the process smooth and efficient. Here’s a quick checklist:
— PAN Card
— Remitter Photo Cum Address Proof
— Purpose Based Document (e.g., an admission letter for education, proof of relationship for family support, etc)
For a detailed list of documents based on the purpose of your transfer, visit here
Factors to Consider When Transferring Money to Europe
1. Exchange Rates: The exchange rate determines how much your Indian Rupees will convert into Euros (EUR), the currency used in most European nations. Banks and money transfer services often apply a 2-3% markup on the mid-market exchange rate, which is the rate you see on Google. This markup can vary depending on the service provider. BookMyForex offers rates that are closer to the mid-market rate and ensures the lowest rate guarantee. As exchange rates can change due to market conditions, BookMyForex also allows you to lock in your desired rate with the Book Now and Pay Later feature.
2. Transfer Fees: Transfer fees are an important factor to consider when sending money to Europe, as they can significantly increase the cost of your transaction. Banks often charge flat fees of up to Rs. 2000, while some platforms use percentage-based fees that can climb as high as Rs. 8000, depending on the transfer amount. These fees can make your transfer unnecessarily expensive. BookMyForex provides a smarter alternative with zero transfer fees, ensuring you save money on your transaction. To benefit from this, simply use the promo code "ZEROBANKFEE" when placing your order.
3. Intermediary and Recipient Bank Charges: Sending money to Europe often involves intermediary banks that process the transfer before it reaches the recipient’s account. These banks may deduct intermediary fees. Additionally, the recipient’s bank in Europe might charge a fee for handling the incoming funds. These deductions can reduce the final amount received and are often not disclosed by many service providers. BookMyForex stands out by offering full transparency. It shows you the exact amount your recipient will receive, so you can avoid hidden charges and unexpected deductions.
4. Transfer Speed: When sending money to Europe, the speed of the transfer can be another key factor to consider. Bank transfers often take several days, sometimes up to five business days, which may not be suitable for immediate needs. BookMyForex offers a faster alternative, transferring money to Europe within 12-48 business hours. For critical transfers, such as those for education purposes, BookMyForex provides same-day transfer options to Europe.
5. Security and Compliance: When it comes to international money transfers, ensuring the security of your financial and personal information is crucial. BookMyForex prioritizes your safety by using advanced encryption, secure payment gateways, and document watermarking to protect your data from unauthorized access. In addition to its strong security measures, BookMyForex complies with all regulations set by the Reserve Bank of India (RBI) and operates in full accordance with the Foreign Exchange Management Act (FEMA).
6. Customer Support: When sending money overseas, having access to responsive customer support is crucial. Whether it’s a delay, an error, or a technical issue, you’ll want a provider that can assist you promptly. Choose a platform that offers multiple support channels, such as phone, email, or live chat, for quick resolutions. BookMyForex provides on-call and online customer support, ensuring that your concerns are addressed efficiently.
7. Tax Collected at Source (TCS): This tax applies to all foreign remittances, regardless of the service provider. For education and medical expenses exceeding INR 7 lakh, a 5% TCS is applicable. For other remittances exceeding INR 7 lakh in a financial year, a 20% TCS applies. Transfers below INR 7 lakh in a financial year are exempt from TCS. The TCS amount can also be claimed when filing your income tax return.
