If you’ve recently moved to Europe and are new to international remittance, there are a few things you should know about before you make your first transfer. 5 tips that can make fund transfers to India safe and hassle-free are discussed in this post.
Europe is one of the most common destinations among Indians wanting to move abroad. Exciting career prospects, a higher standard of living, and a vibrant Indian community are among the most common reasons that encourage people to relocate to Europe.
After moving to a European country and getting employed, people search for a reliable remittance provider for sending money to their families in India. While online remittance has made money transfers highly convenient and quick, there are a few things one should know about before making their first transfer.
If you are new to online remittance, here are 5 tips for safe and hassle-free Europe to India money transfers-
1. Choose a Reputed Remittance Platform
While most people choose remittance platforms based on the exchange rate of Euro INR, the reputation of the service provider is more important. Fraudsters often advertise higher exchange rates to attract gullible NRIs. Using one such remittance platform could lead to significant losses, and you might also end up losing the entire amount sent to India.
Due to this, most Indians in Europe prefer choosing the remittance services of a reputed Indian bank. As banks offer the highest level of safety, along with highly competitive EUR/INR exchange rates, they are always a better choice over unknown Forex platforms.
2. Keep Your ID and Password Protected
To use an online money transfer platform, you’ll be required to log in to your online remittance account. You’ll receive the account credentials after successfully registering a new account with the remittance platform. After logging in to your account for the first time, ensure that you change your password.
Always use a strong password by combining uppercase and lowercase letters, numbers, and symbols. Ensure that you never share your remittance account credentials with anyone for the complete safety of your account.
3. Use Online Exchange Rate Calculator
Most top money transfer platforms have an exchange rate calculator on their website. You can use the calculator to know the current exchange rate of Euro to Rupee. As the exchange rate fluctuates all the time, the calculator will help you know the exact amount in INR your recipient will receive in India as per the prevailing rates.
You can share this information with your recipient so that they also know the amount they should expect in their bank account.
4. Note the Transfer Tracking Number
When you initiate a Europe to India transfer online, the remittance provider will give you a tracking number for your transaction. Some of the platforms offer online transfer tracking services. You can use the tracking number to check the status of your transfer in real-time. More importantly, you’ll need the tracking number in case if you need any support regarding your transfer.
When you contact the support department of the remittance platform, you’ll be asked to provide the tracking number of your transfer. So, at the time of making the transfer, note the tracking number carefully.
5. Know How to Contact Support
In case of an emergency, like unauthorized account login or transfer, it is vital to contact the support team of your remittance provider as quickly as possible. In such cases, the faster you act, the easier it is or the remittance platform to take precautionary measures for protecting your money.
So, even before you make your first transfer, ensure that you know all the different ways in which you can contact support. Most leading banks offer money transfer support through phone and email.
Using an Online Remittance Platform for Europe to India Transfers
If you are new to online remittance, keep these tips in mind as they can make your transfers safer, convenient, and hassle-free.
Choose a reputed Indian bank for your Europe to India transfers as they offer the most competitive EUR/INR exchange rates and the highest level of safety and convenience.