4 Things Every Remitter Should Know About Money Transfer from Germany to India

Posted by Reuben Williams on November 20th, 2020

A few years ago, NRIs working in Germany had to wait several days to get their remittance processed through offline agents. It was not only time-consuming but expensive, too, as the exchange rates were not highly favourable. There was also a high money transfer fee involved.

Digital remittance has effectively eliminated these problems. Online transfers are quick, simple, and highly cost-efficient. Moreover, it allows the remitters to send funds to India, whether they are at home or working in the office.

But as with anything related to money, it is essential to know as much about the online remittance as possible, especially if you are making the transfer for the first time. Four such things that remitters should know before initiating a Germany to India fund transfer online are discussed below-

1. How is Germany to India Remittance Processed Online?

With most remittance providers, you need to initiate a transfer from the online remittance portal of the service provider and then fund the transfer through your local German bank account. After initiating the transfer, you need to deposit the exact amount from your German bank account to the German bank account of the service provider.

You will also be required to provide your unique “Tracking Number” provided by the remittance provider while making the bank transfer.

2. What is the Role of SEPA in the Process?

The SEPA (Single Euro Payments Area) is a type of payment-integration system created by the European Union to facilitate bank transfers in Euro. When you transfer the amount from your local German bank account to the German bank account of the remittance provider, the SEPA ensures that it is processed in the most time and cost-efficient manner.

Most banks in Germany do offer the SEPA facility. You can contact your bank to know about the alternatives if your bank does not provide the SEPA facility.

3. How Much Time Will It Take for My Beneficiary to Receive Funds in India?

It depends on the remittance provider you’ve selected. SEPA transfers generally take up to 3 days. Once the remittance provider receives the funds from your local German bank account, it will initiate your transfer to India. Overall, it can take 3-4 days for your beneficiary to receive funds into their bank account in India.

But the transfer can be faster if you’ve used the remittance services of an Indian bank and your beneficiary in India has an account in the same bank.

4. What is Online Transfer Through Payment Gateway?

With some of the remittance providers, you can instantly make the transfer through an online payment gateway. This eliminates the need to fund the transfer from your German bank account and wait for up to 3 days for the SEPA transfer.

However, compared to using the SEPA transfer method, remittance through a payment gateway has a higher transfer fee. But in case of an emergency where you need to make a money transfer from Germany to India as quickly as possible, this method can be very useful.

Sending Money from Germany to India Online

Thanks to digital remittance, you can now send funds to your loved ones in India 24x7, no matter if you are at your home, office, or travelling. But make sure that you select a reputed remittance provider and check their terms and conditions before making a transfer.

Understand the remittance process in detail and contact support in case of any queries or transfer delays.