For Indians living and working in Germany, there are now many different ways to send money to their families back in India. But there are a few things that one should remember when using remittance services. Four such things are discussed in this post.
The number of Indian professionals moving to Germany is increasing with every passing year. As per a 2017 report, there are more than 1.7 lakh Indians in Germany. Excellent professional opportunities, a better standard of living, and a robust economic and welfare system are some of the top reasons that attract Indians to Deutschland.
As the majority of the Indians migrating to Germany have their families back in India, money transfer is generally a regular affair. But while there are now many different ways for them to transfer funds to India, there are a few things that one should keep in mind when using remittance services. Take a look-
1. Choose a Reliable Money Transfer Service
Right from the exchange rate, transfer fee, to the transfer duration, all the critical aspects related to the fund transfer abundantly depend on the remittance service you select. Thus, it is advisable only to prefer reputed service providers that have been in the industry for a long time.
The number of remittance service providers is increasing considerably as more people across the world are now migrating to other countries. Needless to say, not many of such new services are reliable. A reputed remittance service is a must for hassle-free transfers to India.
2. Never Share Your Account Credentials
Just like online banking, you will have a user ID and password to log into your money transfer account. For safety reasons, you should never share your account credentials with anyone. For added safety, never store your credentials in your email, computer, or mobile phone.
Choose a strong password and change it at regular intervals so that your account remains protected at all times. Reputed service providers have multiple layers of safety to ensure enhanced protection.
3. Online Exchange Rate Calculator Can Be Helpful
A lot of popular remittance service providers now also have an easy-to-use exchange rate calculator on their web portal. With this online tool, you can instantly check the INR your recipient will receive once you initiate a transfer in EUR.
With this feature, you will always be fully aware of the exact amount you are sending to your recipient in India as per the current EUR/INR exchange rate.
4. Use Transfer Tracking Feature in Case of Delays
Even with most reliable Germany to India money transfer services, the transactions can sometimes get delayed. Some of the service providers now offer a transfer tracking facility, which allows you to monitor your transfer in real-time.
In case if the funds fail to reach your recipient in India, you can use this facility to check the status of your transfer. For more information, you can also get in touch with the support team of the service provider.
Ready to Use Germany to India Remittance Services?
Gone are the days when there were only a few Germany to India remittance services. There are now plenty of options to choose from, and it is up to you to make the right decision.
For enhanced security and transparency, it is always better to prefer a reliable service that is already being used by a lot of Indians, not only living in Germany but across the world.