There are around 18,994 (end of 2021) persons of Indian origin in Finland, most of whom live in Helsinki and surrounding regions. With the Finnish government planning to welcome 15,000 Indian students by 2030 and increase the relocation of Indian workers to the country by 30,000 people a year, the Indian community size is only expected to grow. Finland is a country of great opportunities for international students and skilled workers. It is known for its social security, educational and career prospects, innovation and tech-driven economy, inclusivity, and more.
With the excitement of experiencing a new culture and enhancing your career and academic development comes the issue of feeling homesick and missing your family back in India. Sending money to India is one of the most common ways Indian expats keep in touch with loved ones back home and nurture their relationships. To help you stay connected, we’ve gathered a list of helpful tips and life hacks to help you avoid the pitfalls of global remittances. After reading this article, you’ll be able to transfer money to India on the most beneficial terms without falling into the trap of unfavourable offers.
Tip 1. Sending money to India? Check exchange rates
Tip 2. Fees and commissions
Tip 3. Security of sending money to India
Tip 4. How accessible is it?
Tip 5. Transfer money to India with benefits
Tip 6. Is it user-friendly?
How to send money from Finland to India
Tip 1. Sending money to India? Check exchange rates
When choosing the best way to send money to India, the first thing you should pay attention to is the currency exchange rate. It can significantly affect the value of your remittance. However, rates are overlooked surprisingly often, so they’re opening today’s list. Let’s compare exchange rate offerings from various money transfer companies to see how they can increase or decrease the value of your remittances.
Let’s say we’re making an online money transfer to India of €150 total:
| Company name | WorldRemit | Profee | Instarem | Wise | XE |
|---|---|---|---|---|---|
| 1 EUR to 1 INR rate | 89.9285 INR | 90.865533 INR | 89.7563 INR | 90.4192 INR | 89.7057 INR |
| Total amount | 13,489.00 INR | 13,629.83 INR | 13,455.85 INR | 13,363.05 INR | 13,455.85 INR |
The data presented in the table is relevant as of the end of March, 2024.
As you can see, you can get a range from 13,363.05 INR (Wise) to 13,629.83 INR (Profee) for the same transfer amount of €150. To make the best money transfer to India, you should be mindful of the EUR to INR exchange rate and the total amount. As depicted in the table above, providers sometimes advertise an attractive EUR to INR rate that doesn't align with the final total. Take Wise, for example, which claims to offer 90.4192 INR for 1 EUR. Logically, this should result in 13,562.88 INR. However, after a closer look, the total amount is 13,363.05 INR, significantly lower than expected.
Observing the table above, it is apparent that Profee is the company offering the best value for your transfer of €150. Its INR to EUR exchange rate offer proves to match the final amount of 13,629.83 INR, adding extra transparency and reliability.
Tip 2. Fees and commissions
Many believe that finding the best way to send money to India means finding a remittance company with lower fees. While it is valid to some extent, as discussed in Tip 1, exchange rates should be an important factor, too. Be cautious to avoid falling into the trap of solely focusing on low fee offers without considering exchange rates. Frequently, a low commission fails to make up for the unfavourable exchange rate offered by a company, resulting in financial losses for you.
Let’s compare the fees you’ll have to pay to transfer money to India with the five providers from Tip 1:
| Company name | WorldRemit | Profee | Instarem | Wise | XE |
|---|---|---|---|---|---|
| A fee for a €150 transfer | 1.99 EUR | No fee on your first transfer and a fee of no more than 1 EUR for the following transactions | No fee | From 1.51 EUR to 2.21 EUR | 1.99 EUR |
The data presented in the table is relevant as of the end of March, 2024.
When making an online money transfer to India, it’s worth paying attention to fees. However, it’s even more crucial to check the overall value you get for your money. For example, while Instarem doesn’t charge fees, the currency exchange rate still makes the company’s offer as a whole less attractive than Profee’s.
Tip 3. Security of sending money to India
The importance of security when you transfer money to India cannot be overstressed. Choosing a reliable company is vital for various reasons, including the protection of your funds and the security of your personal information.
A reliable and reputable provider should protect your money and data by ensuring the following:
- Safeguarding of funds and data;
- Implementation of fraud detection and prevention measures;
- Compliance with regulations, including anti-money laundering and anti-fraud laws;
- Transparency and traceability of your remittances;
- Adherence to international compliance standards;
- Responsive customer support.
If you’re wondering how to send money from Finland to India without any potential risks, try Profee. It is a licensed European company providing clients with the highest level of security. Profee undergoes annual certification in line with PCI DSS security standards and utilises Tier4 data centres for optimal resilience.
Tip 4. How accessible is it?
When you send money to India, it's crucial to consider more than just exchange rates, fees, and security measures. Accessibility is also pivotal—you don’t want to overcomplicate things. You should assess whether transferring is convenient for you and whether receiving the funds is easy for your recipient. Ask yourself, ‘Does my recipient have to be a client of the company I’m remitting with?’ If yes, it’s time to find another company to transfer money from Finland to India.
Keep an eye out for excessive paperwork requirements and lengthy processing times. Instead, prioritise providers that offer easily accessible platforms. For example, Profee streamlines the process by only requiring basic information from clients to get started. Moreover, with Profee, you can send money to India without your recipient needing to be a Profee customer. It ensures a hassle-free experience for both you and your recipient.
Tip 5. Transfer money to India with benefits
When it comes to finding the right company for you, it’s not only about your basic needs being met. See what the provider offers on top of rates and fees. The best way to send money to India is the one that can bring you additional benefits. Take Profee, for instance. As a client, you can transfer money from Finland to India at favourable rates with minimal to no commissions while enjoying security and usability. However, beyond that, the company also offers a Referral programme. By participating in a few simple steps, you get rewards from Profee directly to your account. The best thing is that you can earn those rewards without any limits.
- Copy your referral link and share it with a friend;
- Wait till they sign up using the link and make their first transfer of 100 EUR or more;
- Then Profee will send 10 EUR to your account and reward your referee;
- Repeat the process unlimitedly by inviting as many people as you’d like and keep earning with Profee.
Tip 6. Is it user-friendly?
A user-friendly, intuitive interface is necessary to ensure the best money transfer to India. Check whether the company's products are easy to navigate, be it the website or the app. It can say a lot about the provider if you need extra instructions to transfer money from Finland to India. See if the interface is responsive and straightforward because no one has time to solve riddles when transferring money to India.
Opt for a company that helps save time and energy with fast delivery speed, intuitive interface, accessibility, and useful features—that way, you’ll find the best way to send money to India. The Profee app and website are customer-friendly, straightforward and provide a seamless experience. Besides, with the ‘repeat the transfer’ feature you can optimise your remittances and support loved ones whenever they need it with just a few taps.
How to send money from Finland to India
With Profee, you can make the best money transfer to India in no time:
- Open the online calculator;
- Specify the transfer amount in EUR and select India as your destination country;
- As of March 2024, you get a promo rate and no fees when remitting to India for the first time;
- Type in your recipient’s bank details, including account number, IFSC code, and full name;
- Choose a payment method;
- Confirm the transaction. Your online money transfer to India is on its way now!
Today, we’ve covered some of the most helpful tips on sending funds to India from Finland. Profee stands out as a company that provides beneficial terms, including the best rate and fee policy, and ensures an effortless customer experience. Support your loved ones in India and 65+ other countries worldwide with Profee. Create cherished memories across distance.
