10-Step Checklist Before Sending Money from Ireland to India
This checklist ensures you maximize what your family receives in India by avoiding hidden markups, delays, and compliance costs specific to the EUR to INR corri
This checklist ensures you maximize what your family receives in India by avoiding hidden markups, delays, and compliance costs specific to the EUR to INR corridor. Skipping steps can cost hundreds of euros annually through poor rates, failed transfers, or unclaimed TCS deductions.
⏱ Estimated time: 5 minutes
Checklist
20 steps to a safe transfer
20
items
Before You Choose a Provider
4 steps
Compare the mid-market EUR/INR exchange rate on Google before checking provider quotes
Why: Providers often hide markups in the rate — even 'zero fee' transfers can cost 2–5% more if the rate is poor.
Learn more →Check if the provider supports direct EUR-to-INR transfers without USD conversion
Why: USD conversion adds 1.5–3% in unnecessary fees and worsens the final INR amount received.
Verify if the provider discloses their total transfer cost (fee + exchange rate markup) upfront
Why: Some services advertise low fees but use a poor rate, resulting in lower INR delivery than competitors.
Review transfer limits for first-time users on each platform
Why: Many providers impose low initial limits (e.g., €5,000/month), blocking large family remittances.
Documents to Have Ready
2 steps
Gather your Irish residency proof, passport copy, and PAN card if sending over Rs 7 lakh/year
Why: Missing documents can delay KYC approval and hold up urgent transfers during holidays or emergencies.
Have your recipient’s full name exactly as it appears on their bank account
Why: Name mismatches — even missing a middle name — can cause rejection and delay the transfer by days.
Before You Transfer
4 steps
Complete KYC verification during non-peak hours to avoid processing delays
Why: KYC backlogs at providers during festival seasons can delay transfers by 2–3 days.
Calculate the total cost (transfer fee + spread over mid-market rate) across at least 3 providers
Why: Wise may be cheaper than Remitly for one amount, but not another — always compare per transfer.
Check if your recipient's Indian bank charges incoming SWIFT fees
Why: Even with 'zero sender fees,' Indian banks like SBI or HDFC may deduct ₹400–₹1,200 (≈$5–15) per transfer.
Use a provider that locks in the exchange rate for 24–48 hours if you're transferring later
Why: EUR/INR rates fluctuate daily — rate lock prevents last-minute losses if the rupee weakens.
During Transfer
4 steps
Enter the recipient’s IFSC code and bank account number twice to avoid typos
Why: An incorrect digit can delay the transfer by 3–7 days or require manual escalation to reverse.
Select 'OUR' as the fee option to cover all outgoing charges
Why: Choosing 'BEN' shifts correspondent bank fees to the recipient, reducing the final INR received.
Opt for same-day transfer only if the urgency justifies the 1–2% premium
Why: Same-day EUR to INR transfers often cost significantly more with minimal speed gain due to Indian banking cutoffs.
Confirm the estimated delivery date and time in IST (Indian Standard Time)
Why: A transfer marked 'delivered' at 8 PM IST may not reflect in the bank until the next business day.
After Transfer
3 steps
Save the UTR (Unique Transaction Reference) number for tracking and dispute resolution
Why: Without the UTR, your provider and bank cannot trace the transfer if it fails or gets delayed.
Ask the recipient to confirm exact INR received and check for unexplained deductions
Why: Undisclosed correspondent bank charges or currency conversion slips can reduce the amount by hundreds of rupees.
Review your bank statement to confirm the exact EUR debited and timing
Why: Discrepancies between expected and actual debit may indicate hidden fees or double charges.
Compliance & Tax
3 steps
Track total annual remittances sent under LRS to monitor TCS threshold (Rs 7 lakh/year)
Why: Exceeding Rs 7 lakh triggers 20% TCS deduction; failing to track leads to unexpected cash flow impact.
Collect Form 16B or TCS certificate from your remittance provider if TCS is deducted
Why: This document is needed to claim the TCS back as a tax credit in your Indian income tax return (ITR).
Report large transfers (>Rs 7 lakh/year) to your Indian bank if required for NRO/NRE account updates
Why: Failure to report may lead to account freezing or scrutiny during future tax filings.
Common Mistakes to Avoid
✗ Assuming 'zero fee' means the lowest total cost
Consequence: Hidden exchange rate markups can cost 3–5% more, reducing INR received by ₹1,500 on a €5,000 transfer.
✓ Fix: Always calculate total cost using the final INR amount delivered, not just the fee displayed.
✗ Using USD as intermediary currency for EUR to INR transfers
Consequence: Double conversion fees and poor rates can cost an additional 1.5–2.5%, especially on platforms like Western Union defaulting to USD.
✓ Fix: Choose providers like Wise that route EUR directly to INR without USD conversion.
✗ Not informing the recipient bank about incoming international transfers
Consequence: Some regional Indian banks flag large remittances as suspicious, delaying crediting by 2–4 days.
✓ Fix: Notify the recipient to alert their branch and provide sender details in advance.
✗ Ignoring TCS deduction on remittances above Rs 7 lakh per financial year
Consequence: 20% TCS is deducted at source — e.g., ₹14,000 on a ₹7 lakh transfer — unless properly documented and claimed later.
✓ Fix: Track annual total, declare under LRS, and file ITR with Form 16B to reclaim TCS.
✗ Copying IFSC code from unofficial sources or auto-fill suggestions
Consequence: Wrong IFSC codes cause failed transfers, requiring manual reversal that takes 5–7 working days.
✓ Fix: Always copy IFSC directly from the recipient’s passbook, net banking, or RBI’s official IFSC lookup.
Recommended Providers for This Transfer
Wise
Offers true mid-market exchange rates with transparent fees and supports direct EUR-to-INR transfers, avoiding costly USD conversion.
Remitly
Provides express and economy options with upfront cost display and strong reliability for Ireland-to-India remittances during festivals.
Western Union
Useful for urgent cash pickups in rural India, though exchange rates are weaker — best for small, time-sensitive transfers.
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Frequently Asked Questions
Do I have to pay tax when sending money from Ireland to India?
You don’t pay Irish tax on sending money home if it’s from after-tax income. However, India’s Tax Collected at Source (TCS) of 20% applies on remittances exceeding Rs 7 lakh per financial year under LRS. This is a deposit, not a final tax — you can claim it back in your Indian ITR with proper documentation.
Why did my recipient get less INR than shown during transfer?
The shortfall is likely due to Indian bank correspondent charges (₹400–1,200) deducted locally, even when you paid zero sender fees. Also, some providers use a worse rate at execution than quoted. Always choose 'OUR' fee setting and confirm charges upfront.
How long does it take to send money from Ireland to India?
Bank transfers take 1–2 business days. Wise and Remitly typically deliver in 1 day, sometimes within hours. Transfers initiated after 5 PM CET or on weekends may take 2–3 days due to cutoff times and Indian banking holidays.
What is the best exchange rate for EUR to INR from Ireland?
The best rate is the mid-market rate (e.g., 1 EUR = 88.50 INR on Google). Wise offers this rate exactly. Others like Western Union may offer 86.50–87.00, costing you over ₹1 per euro. Always compare final INR delivered.