If you’re currently living and working in Europe, then the same-day remittance service will enable you to quickly and easily transfer funds to your family and friends in India. But there are a few things that you should know before using such services. Check out this post to learn more.
Thanks to digital technologies, the world has now turned into a global village. From remotely working for employer hundreds and thousands of miles away to video calling anyone across the world, technology has significantly impacted almost all walks of our lives. The same is true for the remittance industry as well.
Not too long ago, fund transfers from Europe to India took anywhere between 3-5 working days. But there are now Indian banks in Europe that offer same-day remittance services. While such services make the whole remittance process quick and convenient, there are a few things you should know about before using them. Take a look-
- Exchange Rate
If you’ve used remittance services in the past, then you might know that the exchange rates fluctuate 24×7. It is also possible for the exchange rate to change after you’ve initiated a transfer to India and before the service provider or bank processes the transaction. In some cases, this could impact the total amount your beneficiary receives in India.
But this issue can be effectively eliminated by using the same-day remittance services of a bank in Europe that offers guaranteed exchange rates. With this feature, the exchange rate would remain the same from the time you initiate the transfer to when the bank processes the transaction.
- Ease of Transfer
You should be able to initiate the transfer online without visiting the bank. Some of the Indian banks in Europe also allow non-customers to use their remittance services. For this, you are generally required to initiate a transfer from their online portal and then transfer funds to a local account of the bank.
Also, the bank should allow you to send money to any bank account in India. In most cases, you can use IMPS-enabled banks and branches in India for same-day transfers. You can confirm the same with your beneficiary in India before making a transfer.
- Transfer Speed
While same-day remittance services ensure that funds get deposited into the Indian bank account of your beneficiary on the same working day, there is generally a cut-off time limit. Only transfers processed before this time limit are processed on the same day.
Thus, before using such services, ensure that you check the cut-off limit of the bank. If you are using the services of a bank in which you do not hold an account, then your funds should reach the remitting bank before this time limit.
- Transfer Security
One of the most significant reasons to trust a bank for your transfers to India is the level of security they offer. While there is no lack of remittance service providers in Europe, banks are generally safer and more secure. With the rising number of remittance scams, it is wise to trust a reputable Indian bank in Europe for remittance.
You can check out the remittance platform of the bank online to know more about the measures they have taken to keep the accounts, funds, and transfers protected at all times.
- Tracking Transfer Status
Even though these services allow you to send money to bank account same day to India, you should still be able to track the status of your transfer. Banks generally provide a transfer tracking number that you can use for monitoring the status of your transfer online.
Prefer a service that offers this transfer tracking facility for complete peace of mind. You can also share the tracking number with your beneficiary so that they, too, are fully aware of when to expect the deposit into their bank account.
Using Same Day Remittance for Europe to India Transfers
Same-day remittance services have revolutionized the international remittance industry. If you are currently in Europe and want to transfer funds to India instantly, then look for a trusted Indian bank that offers this facility.
Keep the points mentioned above in mind when choosing a bank and using their remittance services to avoid discrepancies and ensure that the funds reach your beneficiary in the safest possible manner.