Ich spreche Deutsch. Yes I speak German. Actually I’ve been living a few years in Germany and I had many opportunities to learn about the exchange rates from Germany to India (EUR-INR), especially because I needed to pay invoices and send money to India.
You too you need to send money to India. It’s not easy and here is why
Nothing is easy. Especially if we talk about money. Especially when there is a lot of money to be made. What is not easy about sending money in India is the fact that there are many solutions to transfer money from Germany. Around 50 big banks provide the service. 40 money transfer operators too. And 30 currency brokers, according to my findings. None of them is free and all of them are hiding fees inside the exchange rate. However if you take a look at their special deals there are ways to transfer money to India for less than 0.5% cost whereas it always cost at least 3.5% with banks. I would suggest to use online money transmitters because statistically they cost less. And also because money transmitters are not banks. They are safe but smaller. So they have to gain the trust of customers whereas banks’ interests in customers in only to take their money.
There is a way to find the best exchange rates from Germany to India. It’s quite efficient.
We all know that you are not going to find the best exchange rates at your bank. Neither at another bank. Banks are way too expensive because they need to survive and take as much money as they can. On the other hand online money transfer services are specialized in sending small amounts and they are quite efficient to send money to India. And currency brokers are specialized in sending larger amounts. They are providing quite good rates to transfer money to India.
It’s difficult to send money to India. Even more from Germany because there are many solutions and those solutions tend to hide fees inside the exchange rate. We need some transparency in this market and we have to consume ethically and carefully so that hidden fees might disappear in the future.