Europe is an amalgamation of 26 countries. Most of these countries are known for their lustrous landscapes, architecture, education, history, art and standard of living. A good number of Indians live, work, and study in Europe. This results in a huge flow of money being sent from India to Europe. But most of you end up paying too many charges to transfer money to Europe from India. Apart from charges, the currency exchange rates to send money to Europe from India are not usually favourable and that results in an expensive international wire transfer to Europe. However, with the emergence of BookMyForex.com, it has become easier, faster, and cheaper to transfer money to Europe from India.
Whether the purpose is to pay your studies or for the maintenance of a close relative or for emigration purpose, BookMyForex ensures that you get the best rates and your money reaches to the beneficiary in the fastest time possible when you send money online to Europe through us.
BookMyForex processes the remittances via trusted and authorized Banks in India. We track the order & keep our users posted about the progress of their money transfer orders. We provide round the clock support until the remittance is sent from India to the beneficiary.
You can use BookMyForex to transfer money from India to Europe. As it is one of the most common methods of transferring money, you can do a wire transfer from India to Europe. Instead of doing so directly with a bank that will cost you much more it will cost you much less to let BookMyForex manage your international transaction from India to Europe.
Modes to Send Money to Europe from India:
You have two ways to transfer money to Europe from India:
1: Wire Transfer Online to Europe (Swift Transfers)
2: Demand Drafts (money orders)
What is a Wire Transfer?
Wire transfers are one of the popular methods to transfer money overseas from India. BookMyForex, an online forex & remittance, will fetch you a better deal than what most banks would. You will end up saving your hard-earned money. When you send money to Europe from India, you must keep in mind that there are a number of charges that are attached by bank.
The bank also uses a fixed exchange rate while BookMyForex updates the rates very frequently and ends up giving you the best deal possible. With BookMyForex, you pay zero commission fee on the wire transfer from India to Europe.
What is a Foreign Currency Demand Draft?
You can send money to Europe through foreign currency demand drafts. Demand Drafts are
physical paper drafts, issued in a specific foreign currency instead of a sending to a specific recipient. Demand drafts are much cheaper than doing a wire-transfer from India to Europe. You have to pay just the demand draft fee to your bank or service provider. There is no need to pay any fee to the foreign bank receiving the money. This helps you save a lot of money.
However, the problem with demand drafts is that the process takes much longer to transfer money to Europe. It can take longer for the recipient to receive the money because you have to mail the demand draft physically. Once they receive it, it takes few days to en-cash the demand draft. The total number of days combined creates a large gap (maximum up to 10
days) in actually receiving the funds. So demand drafts work out better if there is no emergency. If you need to transfer money to Europe on a planned basis with sufficient notice, use demand drafts.
How to transfer money from India to Europe?
Take full advantage of the all-new online remittance process
A wire transfer from India to Europe is extremely easy to execute. BookMyForex will get your wire transfer processed in the fastest time possible. On BookMyForex's platform, you can book the order online and then sign the documents either online or offline.
Here's how you can wire transfer from India to Europe using BookMyForex. Just follow these steps:
Step 1: If you are entitled to an outward remittance, you must first check that. Mention the sender's information along with the receiver's details. There will also be a need to list the purpose of your remittance.
Step 2: After you have mentioned the details, you will be asked to send the documents. It may be appropriate to upload documents, such as PAN card, passport front and back page, remitter photo cum address proof, and several other documents.
Please be aware that the customer still has the option of performing this phase offline and going to the bank to sign the documents. Owing to the current COVID-19 pandemic, it is better to opt for a paper pickup arrangement. The documents can also be linked to the portal itself, which will save you a lot of time.
Step 3: You can now directly move the funds to one of BookMyForex's partner banks after that.
Step 4: The rate you see on your screen will be booked and you will be sent a digital A2 form. You can sign it on the portal itself, so that you do not have to visit the bank. Our partnering bank will begin the transfer process and send you a SWIFT acknowledgment.
Benefits of choosing a fully online remittance process on BookMyForex?
1: You can send money overseas from the comfort of your home. You won't need to visit the bank for that.
2: If you put an online remittance order on BookMyForex, you will end up saving up to 2 percent . Banks would usually cost you much more than you have to pay on BookMyForex. On BookMyForex, live Euro exchange rates can also be booked.
3: So that you don't have to go through the pain of reading all the papers, we want to keep the approach simple and effective. Uploading the documents to our portal is all you need to do, and we're done. Trust us, it's so easy!
4: At BookMyForex, we treat the customer's money like our own money. BookMyForex, through trusted banks, enables remittances in India. We also follow the instructions and keep you updated with the progress before the currency is sent from India to the receiver in Europe.
Notes:
All foreign currency transactions are subject to Service Tax. Money transfer and foreign exchange services are available through Tie-up with Reserve Bank of India approved Authorized Dealers only. All foreign exchange transactions are subjected to AML/CFT/KYC & FEMA policies instructed by Reserve Bank of India.
Which is a better way to send money: Wire Transfers or Foreign Currency Demand Draft?
Out of the two mentioned, wire transfers are generally considered better as they are much faster and involve a smaller number of steps in the whole process. The only thing foreign currency demand drafts hold over wire transfers is that they are comparatively cheaper than wire-transfer when you send money from India to Europe.
