Money Transfer from India to Europe

Different Modes Available to transfer money to Europe

You can send euros from India either by Wire transfer or demand draft. What is the process involved? Let us look at it in detail.

Earlier bank transfers were done through telegraph and it was through wires. So, when technology evolved the transfers between bank was called by the name wire transfer.

In wire transfer, the fund is transferred between bank accounts. It is commonly carried on by the SWIFT network. It is abbreviated to Society for Worldwide Interbank Financial Telecommunication. It connects more than 400 banks to make the transfer happen swiftly. You will have to provide the details of the receiver account to transfer funds. It may attract intermediary bank charges along with conversion charges while you transfer money from India to Europe.

While in demand draft, you need to pay an amount and get the demand draft for the required amount of money to be transferred. You have to then send the draft to the receiver via mail. He has to then go to the nearby bank and get the fund with the submission of the draft. As you can now guess the length of the process, you can guess the time it will take to complete. But this is one of the cheapest way to send money to Europe. This one may not also fetch you the best transfer rate for euro, unlike the wire transfer.

Steps to process the online wire transfer

You can book your order online with us. It will help you from avoiding those long queues. The process is so simple and all you need is to have an internet connection and follow the below steps.

• Navigate to our web portal.
• log in with the credentials or register as a new user.
• Choose the service you need.
• Select the purpose of your transfer from the drop down list.
• Enter the sum you need to transfer.
• Block the rate for future transfer/Pay completely for instant transfer.
• Verify the documents according to the RBI guidelines.

Once the transaction is complete, our executive will reach out you for KYC process. One can even opt Video-KYC process so you need not to visit branch.

Details and Document required to send money to Europe from India

Beneficiary documents and details:

• A copy of beneficiary passport.
• Beneficiary name, address, and account information.
• Name and address of the beneficiary bank.
• IBAN and SWIFT code.

Sender document and required details:

• Identification cards issued by the Indian government, such as Aadhar cards, Passport and so on.
• PAN of remitter.
• A2 form with the sender's signature.
• Proof of purpose for university fees, tourism, and other purposes.
• Any other documents required.

What is a Blocked Account in Germany?

In Germany before an overseas student moves in for study, he/she has to deposit a certain amount as a deposit. It remains proof that the student is pursuing higher studies there. The minimum amount is set to 10,236 Euros from which the student will receive an amount to his bank account every month during his stay there.

Indian students can now open a Blocked account from India without any hassles.