Europe attracts people from all over the world seeking to pursue a world-class education or a better career or for business. The continent is also home to NRIs who have retained strong ties with their homeland – both financial and emotional. To fulfil their commitments in India, NRIs frequently transfer money from Europe to India. One of the easiest ways to send money and manage expenses in India is to send it to an NRE account.
A DBS Treasures NRE account makes it easy to receive inward remittances from Europe regardless of the purpose of the transfer. You may send money to an NRE account for expenses as diverse as school fees, monthly family expenses, property deals, bill payment, donations etc.
An NRE account comes with various inward remittance benefits including:
DBS Treasures does not levy any additional service charge on credits to a DBS account.
|International Funds Transfer||Service Charge|
|Credit to DBS Treasures Account for Inward remittance||Free|
|Returned funds for unapplied OTT / ITT (for inward remittance)||All INR 500 + Swift Charges|
You may choose any offline or online international transfer method. Some of the options are foreign demand-drafts, SWIFT-based online remittance or bank-to-bank transfers to send money from Europe to India. Online remittances into your NRE account are faster and there is no limit on the funds that you can send.
How to Send Money to India Online from Europe
It is extremely easy to send money from Europe to India through an NRE account.
Step 1: Open a DBS Treasures NRE savings account. You can do this remotely and at your convenience with the help of a dedicated Relationship Manager.
Step 2: Log in to your local savings account and choose international funds transfer or remittance option.
Step 3: Enter your Customer ID or registered mobile number on the online form; your bank account details may appear automatically.
Step 4: Select or add your beneficiary account (in this case, your DBS Treasures NRE savings account). You need to add a beneficiary only once.
Step 5: Check if all the information entered is correct (e.g. account information, IFSC code, SWIFT code, etc.)
Step 6: Click on ‘Submit’ or an equivalent button.
As soon as the funds are credited to your DBS Treasures NRE account, we will alert you via SMS and e-mail.
No. An NRE account is maintained in rupees. As per RBI guidelines, any money received in an Indian bank account is automatically converted to INR. If you want to hold your funds in a foreign currency, you should open an FCNR account.
Yes, as a DBS Treasures account holder, you get access to several benefits when you send money to India from Europe, including exclusive privileges, preferential forex rates and faster credits.
You can hold a joint account with a resident Indian relative on a former or survivor basis. The resident Indian can operate the account on a power of attorney basis.