Sending Money from India to Germany? Here’s What Every BookMyForex Customer Should Know!
Understanding Wire Transfers
Wire transfers are a reliable and fast way to transfer money locally or internationally. Although banks are frequently used for such transfers, they come with drawbacks like high transfer fees (up to Rs. 2000), slow processing, and poor exchange rates. Platforms like BookMyForex provide a much better option for international money transfers, offering zero transfer fees and the lowest exchange rate guarantee, ensuring your money reaches efficiently and cost-effectively.
If you’re sending money from India to Germany via BookMyForex, you’ll need to provide the recipient’s name, bank details, and a few documents based on the purpose of your transfer. We process the funds through our trusted partner banks, ensuring the same level of security through traditional banks but at significantly lower costs. At the same time, we guarantee your funds are delivered within 12-48 hours. Additionally, our customer support team is always available to assist with any queries, making the process even smoother.
Why Indians Transfer Money to Germany
Indians transfer money to Germany for a variety of reasons, reflecting the strong ties between the two countries. Here are some of the key reasons:
1. Higher Education: With its world-class universities like TU Munich and RWTH Aachen, and the added advantage of low tuition fees, Germany is a top destination for Indian students. Many Indian families send money to their children for living expenses, and other costs associated with studying in Germany.
2. Family and Personal Support: Many Indians have family members living in Germany, either as students, professionals, or permanent residents. Sending money to help with day-to-day expenses, emergencies, or even for special occasions like birthdays or festivals is a common practice.
3. Medical Treatment: Germany is renowned for its cutting-edge medical technology. Many Indians travel to Germany for specialized treatments, surgeries, or consultations with top doctors. Money transfers are often made to cover medical bills, hospital stays, and related expenses.
4. Business and Investments: Germany’s strong economy and reputation as a global leader in manufacturing and technology make it an attractive destination for Indian investors. Money transfers are commonly used to invest in German companies or purchase property in cities like Berlin or Munich.
5. Employment and Relocation: Germany is a hotspot for skilled professionals, especially in fields like IT, engineering, and healthcare. Indians moving to Germany for work often need to transfer money to cover initial expenses such as housing deposits, transportation, and setting up a new life in a foreign country.
Documents Required for International Money Transfers to Germany
Sending money to Germany? Make sure you have the necessary documents ready to avoid any hassle when placing your order. Here’s what you’ll typically need:
— PAN Card
— Remitter Photo Cum Address Proof
— Purpose Based Document (e.g., an admission letter from a German university 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 Germany
1. Exchange rates: Exchange rates are a significant consideration when sending money to Germany. It determines how much your Indian Rupees will convert into Euros (EUR). Banks and money transfer services often include a 2-3% markup on the mid-market exchange rate, which is the rate you typically find on Google. This markup can differ across providers, however, BookMyForex offers rates that are closer to the mid-market rate and come with the lowest rate guarantee. Since exchange rates are subject to market fluctuations, BookMyForex also provides a Book Now and Pay Later option, allowing you to lock in your preferred rate and avoid unfavorable changes.
2. Transfer Fees: When transferring money to Germany, transfer fees can increase the total cost of your transaction. Banks typically charge a flat fee of up to Rs. 2000 for international transfers, while some platforms charge a percentage of the transfer amount, which can result in fees as high as Rs. 8000 or even more for larger transactions. These costs can sometimes be hidden and difficult to calculate upfront. With BookMyForex, you can avoid these charges as we offer zero transfer fees. All you need to do is apply the promo code "ZEROBANKFEE" when placing your order. This makes BookMyForex a cost-effective option for sending money to Germany.
3. Intermediary and Recipient Bank Charges: When transferring money to Germany, your transaction may be routed through intermediary banks, which often deduct fees for processing the transfer. These intermediary bank fees can vary and are usually not disclosed upfront. On top of this, the recipient’s bank in Germany may also charge a fee for crediting the funds to the recipient’s account. These combined charges can significantly reduce the amount received. To avoid such surprises, choose a platform like BookMyForex, which provides complete transparency. BookMyForex clearly displays the exact amount your recipient will receive, ensuring there are no hidden deductions or unexpected fees.
4. Transfer Speed: Speed is essential when transferring money to Germany, particularly for urgent needs. Traditional bank transfers can take anywhere from three to five business days, which might not be fast enough in certain situations. Online services like BookMyForex, however, offer a much quicker alternative, completing transfers to Germany within 12-48 business hours. For time-sensitive transfers, such as education-related payments, BookMyForex provides same-day transfers to Germany.
5. Security and Compliance: Security is a critical factor when sending money to Germany. To protect your sensitive information, it’s important to use a platform that employs advanced encryption and secure payment gateways. BookMyForex ensures your data is safe by using document watermarking and robust security measures for all transactions. Moreover, BookMyForex follows the guidelines set by the Reserve Bank of India (RBI) and complies with the Foreign Exchange Management Act (FEMA), ensuring your transfer is fully compliant with Indian regulations.
6. Customer Support: Good customer support is essential when sending money abroad, as unexpected issues like delays or technical glitches can arise. A reliable provider should offer multiple contact options, including phone, email, or live chat, to address your concerns promptly. BookMyForex stands out by offering on-call and online customer support, ensuring that any problems you encounter are resolved quickly.
7. Tax Collected at Source (TCS): TCS is applicable to all foreign remittances, regardless of the platform. For education and medical expenses exceeding INR 7 lakh, a 5% TCS is charged while 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 TCS-exempt. Additionally, you can claim the TCS amount when filing your income tax return.
