Want to send money from Germany to India? Here’s why a money transfer is your best option
The world is getting smaller as businesses are expanding their reach and people are migrating between their homeland and foreign countries to explore employment opportunities. Naturally, no business and no single individual can survive without a steady cash flow. So how do businesses send money to each other or their employees in a quick and convenient way?
Let’s take the trade relations between India and Germany for instance. Trade between India and Germany has always been strong due to a number of strategic ties, cultural and technological cooperation and investments. In 2018 alone, India exported $8.2 billion worth of goods to Germany and imported $12 billion worth of goods from Germany. Naturally, with robust trade practices in place, it becomes necessary for a secure, quick and convenient method of transferring money. How can that be done? The answer is simple – through safe and convenient international money transfers.
There are different ways to transfer money from Germany to India. A wire transfer is an electronic transfer of money. A traditional wire transfer goes from one bank or credit union to another using a network such as SWIFT or Fedwire. Wire transfers are useful because the money moves within one or two days. There are other ways of money transfers, if you don’t wish to depend on your bank. Money transfer outlets allow you to walk in and deposit cash – and a recipient can walk into a money transfer outlet in their country and walk out with cash. There are also safe and convenient international money transfers.
If you are looking to send money from Germany to India, an international money transfer will offer you the following features –
The exchange rate determines how much foreign money you will receive when you transfer the money. It is recommended that you compare exchange rates before transferring money from Germany to India – transferring a large amount of money is best when you get a good exchange rate. A small difference in the exchange rate can mean a huge difference in the amount received by the recipient in India. Additionally, if you cannot be waiting around for the best exchange rate to come by, an international money transfer service provider might offer limit order facilities. Under such a service, you can nominate an exchange rate for your transfer, then your provider can monitor rates for you and perform the transfer only if that chosen rate is reached.
If you are using an international money transfer service, ensure you know how much money they charge you for sending money from Germany to India. These fees can include an exchange fee, cancellation fees, amendment fees etc. If you are looking for regularly sending money abroad, you can opt for a payment plan with your international money transfer service provider. The fees will be a lot more economical or might be waived off altogether, compared to one-off scenarios.
An important factor while determining whether your international money transfer service provider is suitable for sending money from Germany to India is the speed of the transfer. An international money transfer service provider will take any time between one and five days to make your transfer. Obviously, if you are in a rush, you can opt for immediate money transfers that can be done for an additional fee.
While individuals trying to send money from Germany to India might have a limited amount of money to send, businesses transferring money might see a fluctuation in the amount of money being transferred. One needs to keep in mind the transfer limits maintained by the international money transfer service provider. This is the minimum and maximum amounts you can send in one transfer, or during a certain period of time.