Money Transfers to India

Money transfer

One of the very important question is how to transfer Euro to India. There have been various methods like Western union money transfer, German Bank etc. With our own experience we recommend following services. These services are easy to use and safe. TIPS: To avail dependent support income tax benefits in Germany, ensure that you start transferring money to your dependents in India (parents, parents-in-laws, spouse) etc. at the earliest. For each dependent your income will be reduced by Euro 2050 per person per year for the tax calculation purposes. Download your bank statements in pdf format every month/quarter and keep them safe for future reference. Online Bank statement are not available for more than 6 months. I also use Transferwise its currently the best way to transfer your hard earned money.

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Name of Banking institution	Web Link	Avg No. of days it takes	Exchange Rate card	Procedure	Comment
Sort	Sort	Sort	Sort	Sort	Sort

xendpay	Xendpay	5		Very simple procedure. You can also choose how much fee you would like to pay or not to pay.
ICICI Bank	Money2India	4-5 days	ICICI Exchange Rate	Register on their website and follow the instruction. The tracking number must be specified while transferring money from your German accout to their German account	This requires money transfer to Bank account in France, so suggested to use other link given in this list
ICICI Bank Europe	Money2India Europe	3-4 days	Exchange rate	http://money2india.eu/send_money1.html	This allows transfer transfer to German bank in Frankfurt.
Remit2India	Remit2India	4-5 days	See on the website	Procedure is same as above	This service is used by other banks e.g. HDFC bank and they provide better exchange rate.
HDFC Bank	QuickRemit	4	QuickRemit exchange Rate	Register at the above link and follow the procedure. The money can be transferrred to their account online from your German account.	I found this service quite useful. Their exchange rate is transparent which can be seen at website

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Credit: http://www.germanymantra.com/