How to compare the real cost of a transfer, set up Wise step by step, choose between NRE and NRO accounts, and handle the tax and reporting rules on both sides.
Updated 13 August 2026
Providers make money in two ways: an upfront fee and a markup on the exchange rate. A transfer advertised as “zero fee” can still cost more if the rate is 1–2% worse than the mid-market rate. Always compare the final INR amount for the same euro amount, at the same moment.
Check today's mid-market rate on live EUR→INR, then compare providers in the remittance comparison.
| Method | Exchange rate | Speed | Best for |
|---|---|---|---|
| Wise | Mid-market, transparent fee | Minutes to 1 day | Regular transfers of any size; easy to see the true cost |
| Remitly and similar apps | Promotional first-transfer rates, then a small markup | Minutes to 1 day | Small and medium amounts; compare against Wise each time |
| German bank SWIFT transfer | Usually 1–3% markup plus fees, and possible correspondent-bank charges | 1–5 days | Rarely the best deal; sometimes needed for very large or documented transfers |
| Indian bank remittance services | Varies | 1–2 days | Customers with NRE accounts at the same bank; check the effective rate |
Detailed side-by-side: Wise vs Remitly vs bank.
Sign up with your German address. Verify using your passport and residence permit (or your Anmeldung if asked). Verification is usually quick.
Enter the account holder's name as it appears at the bank, the account number and the IFSC code. Sending to your own NRE account? Select yourself as the recipient.
A standard SEPA bank transfer from your German account is usually the cheapest way to fund it. Card payments are faster but cost more.
Indian banks need a purpose code: family maintenance, transfer to own account, investment and so on. Choose the one that's true; it determines how the money is recorded in India.
Download the transfer receipts. If you send large sums, for example for a property purchase, the Indian bank or tax officer may ask where the money came from.
More detail: declaring Indian income in Germany · NRE fixed deposits.
Fees matter less than the exchange rate. Sending regularly averages out rate swings. For one large transfer, check the 30-day trend and avoid sending in a hurry.
From an NRE account, yes, freely. From NRO, repatriation is capped (generally up to USD 1 million per financial year) and needs paperwork such as Form 15CA/CB.
Some providers let you pay to a UPI ID, and some Indian banks support international UPI for NRE/NRO accounts. Check that the provider is regulated in the EU before using it.
