Are you staying in Germany and wish to transfer money to your family in India? It is now possible to do the transfer instantly with a few clicks. Read on, to know more about it.
Since Germany is home to many Indians in the current scenario, there may be requirements where they need to transfer money to their families in India. Looking at the different currency and payment systems, a simplified online money transfer system has been made available nowadays. It is a quick and convenient service that can be availed through specific banks and service providers that allow online transfer option. Let’s look at the simple 3-step process for transferring money online from Germany to India:
Step 1: Login and Create Transfer Request:
If doing the money transfer for the first time, you would mostly need to register yourself at the online portal after which you can log in to the system using your credentials. Thereafter, you need to select the registered beneficiary or a new beneficiary, to whom the money is to be transferred. Enter the required details and confirm the transfer. Upon submission of the transfer request, a unique transfer ID or tracking ID will be generated that can be used to making the fund transfer and tracking it later.
Step 2: Fund Transfer:
You need to pay the amount that you wish to transfer to the beneficiary. This can be done through the available payment gateway or through the net banking services of your local account. Select the account from which you wish to transfer the money. Enter the amount against the selected beneficiary and confirm. Also, you might need to mention the tracking ID while doing the funds transfer, as a payment reference or under “message to recipient”. The amount will be transferred as per the exchange rate figures at that time. Some banks may also allow you to block rates of transfer, giving you more control of the transfer.
The money transfer may be instant or may happen instantly if the receiving bank is IMPS enabled or is the same as your bank. In case of NEFT or RTGS transfer, it may take up to 48 hours of business time, depending upon the transfer method you have chosen and the policies of your service provider.
Step 3: Money is Credited to Beneficiary:
After you have transferred the money, it gets credited to the beneficiary account as per the processing time of the transfer method chosen by you. Do remember, you can also issue a DD to the beneficiary by calling your bank. Some banks allow you to make transfer through a phone call as well. In case of DD, the transfer time may be longer though.
The bank or the service provider charges a specified amount for the money transfer, as per their rules for money transfer to Germany.
Online Transfer: A Convenient Way to Send Money Back Home
With more people going abroad for professional and other reasons, a simple and easier money transfer system is the need of the hour. With online services, money transfer can be done almost instantly and conveniently than “traditional” ways.