Are you looking for the best way to transfer money from Sweden to India? A popular option is bank service; however, is it a good choice?
In this article, DNBC Financial Group’s experts will help you find the best way to transfer money from Sweden without losing much transfer fees and exchange rates.
What’s the best way to transfer money from Sweden to India?
How to transfer money from Sweden to India
India is Sweden’s 19th largest export market and third largest trade partner after China and Japan in Asia.
Mutual economic interests have emerged as the driver of the relationship between India and Sweden with growth in bilateral trade, which crossed US$2 billion in 2009-10 and increased to US$2.4 billion in 2014-15. Two-way investments are also expanding.
Which option to choose to transfer money from Sweden to India depends on many factors such as convenience, cost-efficiency, urgency, etc.
You can transfer money directly from their Swedish bank account to the recipient’s Indian bank account. It could take up 02 business days for money to reach the beneficiary bank account. However, it is safe and secure when transferring money through banks.
Money Transfer Companies
Another way to transfer money from Sweden to India is through money transfer companies. The advantage of this method is that the exchange rates could be more competitive than banks. In addition, transaction speed is the best here.
With this method, you can send money from websites, mobile payment app, or physical locations. Both banks and money transfer companies typically offer an online portal for you to transfer money to India without an in-person branch visit.
Online Payment Systems
If you have been stressed about mapping out your expenses, online payment systems can help. It provides necessary information relating to the amount, date, and type of transaction. Moreover, sending money online payment systems is significantly convenient. With a computer connected to the Internet and with just a few clicks, you can easily send money from Sweden to India.
Nevertheless, online payments are vulnerable to being hacked. Hackers use phishing techniques to get sensitive data like passwords and credit card numbers.
The best way to transfer money from Sweden to India
There are numerous options to transfer money from Sweden to India. To find the best method, you can follow the top tips listed below:
Avoid high-priced services
Sending money through banks or cash transfer services could be the most expensive option. Bank transfers are typically transferred across SWIFT networks with many intermediary banks involved. Depending on the number of stops the money needs to go through to arrive, you have to pay a considerable amount to transfer funds from Sweden.
Compare fees and exchange rates
Keep in mind that you always make the comparison of all the fees among providers to find the most suitable service for your needs. However, some providers don’t disclose all of their costs, and in the end, they can add more fees.
At DNBC Financial Group, we’re always transparent about costs, so our customers don’t need to worry about additional or hidden fees. Find more information about our service here
Transaction speed matters
One significant factor you should take into account is how long it takes for the money to arrive. Remember that exchange rates fluctuate, and time also means that the rate you are considering now can change when the receiver has access to the funds.
At DNBC Financial Group, depending on the type of transfer services, the average transaction speed is about 1 – 5 business days, and immediately within the DNBC network.
About DNBC Financial Group
DNBC Financial Group is a leading digital payment company. We help our customers transfer and receive money overseas easily through the intelligent digital payment system. We currently conduct many million worth of transactions every month and have a staggering number of users worldwide. Learn more at dnbcgroup.com.