What’s in store for you?
Key Services for Money Transfer from Europe
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Telegraphic / Wire Transfer
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Transfer Funds via Cheques/Demand Drafts/Traveller’s Cheques
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Fees & Charges
Frequently Asked Questions
The details you will need to submit for transferring money to India from Europe depends on the method of transfer. It is best to check them with the bank beforehand to enjoy smooth transfers.
Tax-free inward remittance is available for the sender's legal spouse, parents, siblings, etc., if the funds are for financial support, gifts, education, medical treatment, donations, travel expenses, etc. However, sending money to a friend in India will incur taxes on amounts exceeding ₹50,000 in a year.
Yes, there is a tax on money transfers from Europe to India. Tax Collected at Source (TCS) at 5% is applicable on all forex drawls under the Liberalised Remittance Scheme (LRS) exceeding ₹7 lakh in a financial year. Additionally, Goods and Service Tax (GST) on commission, fees, and charges on foreign exchange transactions has been revised from 15% to 18%.
The cost of transferring money to India from Europe depends on factors like:
Transfer fees
Exhange rate margin
Recipient’s bank charges
Transfer method
The amount of money that can be transferred from Europe to India depends on several factors, including:
The purpose of the transfer
The type of transfer
The specific regulations and limits in place.
Additionally, tax implications apply to transfers above certain thresholds. It is advisable to check these implications beforehand.