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The Best Way to Send Money from the Netherlands to India

Categories: Finance,Latest News

As an Indian expat living in the Netherlands, your euro income is sufficient to cover your essential and lifestyle expenses. But sometimes you may need to send money to your home country. One of the main reasons why Indians transfer money back home is a family emergency. Someone in your family falls sick or gets hospitalized, and they have insufficient savings in their bank to bear the costs. In such a difficult situation, you must immediately transfer money to India. If there is a wedding or function in your family, you may also need extra money.

Another reason why Indians need funds in their Indian bank accounts is to buy a house or a car. If you want to invest money in a property in India, you need to pay a considerable amount. Naturally, you rely on your Dutch savings to cover the cost. Apart from that, you also need to send monthly money to your retired parents’ accounts for their expenses. Some other reasons include paying Indian insurance policies, monthly mortgage amounts on property loans, and making other investments.

Read Also: Best Way to Transfer Money to a Dutch Bank Account?

Looking for a trusted and hassle-free way to transfer money to India can be overwhelming if you’re unfamiliar with the process. You worry about getting the right conversion rate and money transferred on time.

a flat lay of euro bills

How Does Money Transfer Work?

Transferring money across banks with different currencies involves multiple steps. Let’s say you’re sending money from the Netherlands to India. Your amount in euros is first converted to Indian rupees, depending on the exchange rate valid at the time of transfer. The exchange rate keeps fluctuating regularly. Hence, if you’re not in a hurry to receive money in your Indian account, you can make a transfer whenever you get a high conversion rate from EUR to INR. Check out this currency converter chart to better understand exchange rates across different currencies.

A commission fee is added to your transaction once you select the amount you wish to transfer. This fee is charged by the payment gateway or the platform you use for your transfer. It is usually a percentage of the amount you’re transferring. The more money you wish to send, the more commission you’ll need to pay. Different money transfer companies have different commission rates. Some platforms don’t charge any commission.

The next step involves validating your Dutch and Indian bank accounts and their respective BIC (Bank Identifier Code) and IFSC (Indian Financial System Code) numbers. The converted amount is then sent to your account. The time taken for a transaction can either be a few seconds, a few hours, or sometimes even 2-3 business days. That also depends on the money transfer platform and your chosen mode of payment.

indian rupees

Why Money Transfer Platforms are Better than Banks

You can transfer internationally through a money transfer platform or your local Dutch bank. Both offer the same services. However, there is a good reason why expats prefer third-party platforms over banks.

International transfers through banks are done using a SWIFT (Society for Worldwide Interbank Financial Telecommunication) code. It is the same as a BIC number and is used to establish a link between banks in 200 countries for international payments. It involves various third parties and multiple procedures. If a Dutch bank has no link to an overseas bank, it may require intermediary connections and can charge a lot of fees.

On the other hand, online platforms are much cheaper as they don’t use the SWIFT method for international transfers. They are also much quicker than traditional bank transactions.

Xe.com – The Most Trusted App in International Transfers

There are numerous money transfer platforms in the Netherlands for overseas transfers, but one stands out as the most accessible and reliable: XE.com.

Xe.com is known to be one of the most trusted money transfer platforms for overseas transactions. Since 1995, they have supported international transfers in over 200 countries with 100+ currencies. They provide a straightforward process for sending money overseas with no hidden fees and the best exchange rates. Xe.com also uses the best security features, ensuring the privacy of your details. They charge zero to a minimal commission percentage for their transactions, depending on the amount to be sent.

They also have features such as currency charts, rate alerts, and historical currency rates. For business profiles, there is an option to schedule mass payments using their integrated API.

Sending money online with XE is hassle-free and can be completed within a few minutes. Most of their transfers are processed within a few minutes. However, some transfers can take up to 1-3 business days, depending on the mode of payment, currency, and destination. You can also track your transfer in your XE account. They offer live chat, phone, and email support if you have any doubts.

You can choose different modes of payment for your transfer, such as direct debit, wire transfer, or debit/credit card. The time the money takes to reach the destination differs for each mode. You can also choose how you want to receive your money, via cash pickup, mobile wallet, or directly in your bank account.

a woman on her laptop in black and white

How to Send Money to Your Indian Bank Account

If you’re making an online transfer to your Indian account for the first time, you may feel overwhelmed with concerns about where your money is involved. However, money transfer platforms make things easy by answering all your concerns. They create a step-by-step process for you, so you don’t have to worry about your money being lost in the process. Here’s how you can send money from the Netherlands to your Indian account on XE.com:

  • Create an account: Sign up on XE.com for free with only your email address.
  • Get a quote: Enter your currency, transfer amount, and destination country.
  • Add recipient: Enter the bank account details and IFSC number where you wish to receive your money. You will also need the recipient account holder’s name and address.
  • Verify identity: For some transfers, XE.com asks for some documents and proof to confirm your identity.
  • Confirm your quote: Confirm the transaction and select your preferred mode of payment.
  • Track your transaction: Track the progress of your transfer and know when it will reach its destination.

We hope we have solved your doubts regarding transferring money from the Netherlands to your Indian bank account. The next time you need to send money to India, try Xe.com.