About Germany and India

The number of Indian immigrants in Germany is high, explaining the need for legitimate money transfer services operating in both countries. As we also know, India has been listed as one of the best countries to outsource online freelancing services. There are so many companies in Germany that have outsourced India's skills, and they add on to the group of people with the need to send money from Germany to India. The good news is, there are plenty of options to go with depending on the kind of transfer that you want to make.

Cheap ways to send money from Germany to India

When it comes to finding a cheap way to send money from Germany to India, it is good first to understand that people have different preferences. Typically, there are three main ways of completing your EUR to INR today, thanks to technology's impact in this industry. Banks, online transfer services, and cash delivery can all be a cheap way to send money abroad, and this is how;

Online money transfer; This is perhaps the cheapest option that you will come across in terms of service cost. It is, however, good to know that there are also expensive online money transfer services. If you are looking for the fastest way to send money from Germany to India, for example, most online transfer services will be slightly expensive but relatively cheaper compared to other available transfer methods. Some of the top online money transfer services you can use to transfer money to India from Germany include;WorldRemit, Ria, CurrencyFare, Remity, XE Money, and Azimo.

Bank deposits/transfer; Banks is one of the longest existing financial institutions trusted to safely transfer money within the EUR and INR exchange corridor. Although their services can be costly, banks provide a more authentic way to send money, especially buying property. As mentioned, Indian migrants in Germany have so many reasons why they need to send money back home, and buying property is one reason. Banks offer more credibility when it comes to tracking money and storing vital transaction details. The fact that two banks are likely to be involved in the process makes it even safer.

Cash delivery services; Cash delivery services are also not new even though the process has been digitized. For example, with services like Western Union App, you can send money to India for pick up without leaving your house. However, Western Union services were only accessible physically through their designated pick up points in the past. Cash pick up services is one of the fastest ways to send money from Germany to India. However, it would be best if you were prepared to pay a hefty service fee. Other available options that you can consider here include MoneyGram and Travelex.

Factors to consider when sending money from Germany to India

As we already understand that there are different reasons why you can transfer money from Germany to India, there are some fundamental factors that will determine the outcome of your transfer, and they include;

Cost of transfer; This is the primary determiner of the kind of transfer you will use to send your money. Everyone is comfortable with a service that they can afford, but you need to understand what you are getting into. It is good to know that you can send money to India without spending anything on the service. However, your transfer will take a couple of days to be processed.

Exchange rate; If you don’t do our best to find the highest exchange rates available, you will still end up spending more money on your transfer. Comparing the exchange rates as provided by several money transfer services can mean a lot of work. At Exchange Rate IQ, we avail of all this information as we present our analyzed comparison. To be on the safe side, you may need basic exchange rate knowledge by reading a little about it online.

Access by the receiver; there is no point in sending money to India if the person expected to receive it does not have the proper service or collecting the cash. Therefore, it is essential to make sure that you only use a service that is available in both countries. Additionally, make sure that you make it more convenient for the receiver by using a service that is much easier to access, whether online or physically.