Online remittance providers now offer many types of features to entice customers. While several features are good to have, some of them are an absolute must. If you are looking for a remittance provider to send money to India from Germany, consider one that offers the five must-have features discussed in this post.
There are thousands of Indians working and living in Germany. The Deutschland is now also a preferred destination for Indian students looking to complete their higher studies abroad. After finishing their studies, many of them prefer jobs in the same country.
As most of the Indians working in Germany have their families in India, a reliable money transfer service becomes essential. Online remittance service providers now offer different features to attract customers. But while there are some features that are good to have, there are some that are an absolute must.
If you are looking for a remittance provider for your Germany to India transfers, consider one that offers these five must-have features-
1. Exchange Rate Calculator
Getting the most out of their hard-earned money is something that every Indian working in Germany would want from their remittance service provider. But when someone sends money from Germany to India, the Euro is first converted into INR as per the current EUR/INR exchange rate.
The exchange rate fluctuates throughout the day. To make the calculation easier, some of the top service providers have an exchange rate calculator on their online portals. With this calculator, customers can instantly check the EUR they are sending and the INR their beneficiary would receive in India.
2. Guaranteed Rate
It is also possible for the EUR/INR exchange rate to change when your transfer is still being processed. If the exchange rate falls when the transfer is being processed, it can affect the INR your beneficiary receives. But this is not the case with every service provider.
Some top Indian banks offer guaranteed rates. With this feature, the transfer is always processed at the rate displayed when initiating the transfer. This ensures that your beneficiary will receive the exact amount you intended to send.
3. Transfer Tracking
The service provider should also allow customers to track their transfers. This helps the customers easily check the progress of their transfer and whether or not it has been processed successfully.
The transfer tracking feature can also come in very handy when you want to send funds to your family in case of an emergency. The tracking feature will enable you to provide accurate information to your beneficiary about when he/she will receive the funds.
4. Same-Day Transfers
Funds transfer from Germany to India can take 1-2 business days, even with some of the best service providers. If you are looking for faster transfers, you can consider a service provider that offers the same-day transfer service.
Some Indian banks offering remittance services process the transfer within a few hours if the beneficiary in India has an account in the same bank.
5. Transfer Money from Any German Bank to Any Indian Bank
With most of the remittance service providers, there are limitations on the German banks from which the transfer can be processed. Moreover, some of them are only able to process the transfers to a few selected Indian banks.
If you are looking for a top remittance provider for money transfer from Germany to India, consider one that allows you to transfer funds from any German bank to any Indian bank.
Selecting the Best Remittance Provider for Germany to India Transfers
The features listed above will add more convenience, security, and peace of mind to each of your money transfers to India. They will help you ascertain that your loved ones back home receive your hard-earned money in a timely and secure manner.
If you are looking for a trusted remittance provider for your Germany to India transfers, consider one that offers these valuable features.