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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.

German social security refund for Indians  
German Income Tax

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.
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Name of Banking institutionWeb LinkAvg No. of days it takesExchange Rate cardProcedureComment
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Name of Banking institutionWeb LinkAvg No. of days it takesExchange Rate cardProcedureComment
xendpay Xendpay  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 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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