Security Checklist for Sending Money from Ireland to India
Sending money from Ireland to India involves hidden costs and compliance rules that can reduce the amount your family receives by up to 5–8% if overlooked. Skip
Sending money from Ireland to India involves hidden costs and compliance rules that can reduce the amount your family receives by up to 5–8% if overlooked. Skipping key verification and rate comparison steps risks delayed transfers, unexpected fees, and avoidable tax deductions at source (TCS) above ₹7 lakh.
⏱ Estimated time: 5 minutes
Checklist
16 steps to a safe transfer
16
items
Before You Choose a Provider
4 steps
Compare the total cost (fee + exchange rate markup) across Wise, Remitly, and Western Union using a single EUR amount like €500
Why: The lowest advertised fee may still deliver less INR due to poor exchange rates, costing your family ₹1,500+ unnecessarily.
Learn more →Check if the provider offers the mid-market exchange rate for EUR to INR
Why: Providers that don’t use the mid-market rate add hidden markups of 2–5%, reducing INR received.
Learn more →Verify that the provider supports direct INR transfers to Indian bank accounts via IMPS or NEFT
Why: Some services only support cash pickup, which delays access and increases logistical burden for elderly relatives.
Confirm transfer speed options (same-day, 1–2 days, 3+ days) for EUR to INR corridor
Why: Paying extra for instant delivery isn’t worth it unless urgent; slower transfers often offer better rates.
Documents to Have Ready
2 steps
Gather your Irish passport, PPSN, proof of address (utility bill or lease), and recipient’s bank details
Why: Missing KYC documents delay first-time verification by 3–5 days, stalling urgent transfers.
Ask your family in India for a recent bank statement showing IFSC code, account number, and branch name
Why: Using outdated or incorrect IFSC codes causes failed transfers and 2–4 day delays for error resolution.
Before You Transfer
3 steps
Calculate the mid-market rate on Google or XE and compare it with the provider’s offered rate
Why: A 3% markup on €1,000 means ₹2,400+ lost — money your family won’t receive.
Learn more →Check your monthly transfer limit on the app before scheduling a large transfer
Why: Exceeding limits mid-process cancels transfers and resets KYC checks, delaying funds by days.
Download the provider’s app and complete identity verification before initiating first transfer
Why: Incomplete KYC can pause transfers for 2–3 days, especially for amounts over €1,000.
During Transfer
3 steps
Select 'Recipient gets' amount as INR to reveal hidden fees and true exchange rate
Why: Choosing 'You send' hides the real cost — the final INR amount may be 4–6% lower than expected.
Double-check the recipient’s full name, 11-digit IFSC code, and 10–16 digit account number
Why: One wrong digit in IFSC or account number can send money to the wrong person or cause 3+ day delays.
Opt out of dynamic currency conversion (DCC) if prompted to pay in EUR
Why: DCC applies poor exchange rates with 5–8% markup — always choose ‘Pay in INR’.
Learn more →After Transfer
2 steps
Save the UTR (Unique Transaction Reference) number and share it with your family for tracking
Why: Without UTR, your family can’t verify receipt or resolve issues with their bank quickly.
Ask your family to confirm INR credit within 24 hours and check for unexplained deductions
Why: Indian banks sometimes deduct SWIFT intermediary fees (₹400–1,200) despite 'zero fee' claims.
Compliance & Tax
2 steps
Track your annual remittance total under RBI’s Liberalized Remittance Scheme (LRS)
Why: Transfers exceeding ₹7 lakh/year trigger 20% TCS at source, though reclaimable in ITR.
Learn more →Ensure TCS is not deducted unnecessarily if your annual total is below ₹7 lakh
Why: Some providers apply TCS prematurely, freezing 20% of your transfer until tax filing.
Common Mistakes to Avoid
✗ Choosing a provider based only on ‘zero transfer fee’ without checking exchange rate markup
Consequence: Can cost up to 5% more in hidden fees — e.g., €1,000 sends ₹50,000 instead of ₹52,600.
✓ Fix: Always compare total INR received after all costs, not just fee-free claims.
✗ Ignoring SWIFT correspondent bank charges even when sender pays 'zero fee'
Consequence: Indian banks or intermediaries may deduct ₹400–1,200, reducing the final credited amount.
✓ Fix: Ask recipient to check bank statement for deductions and choose providers covering incoming fees.
✗ Using an outdated or incorrect IFSC code from an old cheque book
Consequence: Transfer fails or routes to wrong branch, causing 3–7 day delays and manual correction emails.
✓ Fix: Always verify IFSC via RBI’s IFSC lookup tool or recent bank statement.
✗ Not tracking annual remittances under LRS and exceeding ₹7 lakh unintentionally
Consequence: 20% TCS deducted at source — e.g., ₹20,000 withheld on a ₹1 lakh transfer above threshold.
✓ Fix: Maintain a monthly log of transfers and use UTRs as proof for future TCS claims in ITR.
✗ Allowing dynamic currency conversion (DCC) at checkout when paying in EUR
Consequence: Exchange rate markups of 5–8% apply, sending up to ₹8,000 less per €1,000.
✓ Fix: Always choose ‘Pay in INR’ and let the provider handle conversion transparently.
Recommended Providers for This Transfer
Wise
Offers mid-market rate with full cost breakdown, supports direct INR bank deposits, and provides UTR for every transfer.
Remitly
Provides express transfers with guaranteed INR amounts and strong EUR-to-INR corridor reliability.
Western Union
Widely trusted in India for urgent transfers with extensive cash pickup network and real-time tracking.
Save This Checklist
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Frequently Asked Questions
How can I get the best exchange rate when sending euros to India?
Use platforms like Wise that publish the mid-market rate and charge a transparent fee. Avoid providers that hide costs in poor exchange rates. Always compare how many INR you’ll actually receive for €1,000 across apps before sending.
Do I have to pay tax when sending money from Ireland to India?
India applies 20% TCS on remittances above ₹7 lakh per financial year under LRS. This is not final tax — you can claim it back when filing ITR. Keep all transfer records and UTRs for reconciliation.
Why did my family receive less than the amount I sent?
Differences come from exchange rate markup, SWIFT correspondent bank fees (₹400–1,200), or TCS deduction. Always check the ‘recipient gets’ amount before sending and confirm if the bank deducted any fees.
What happens if I enter the wrong IFSC code?
If the IFSC and account number don’t match, the transfer is usually rejected and reversed in 3–5 days. If both are valid but mismatched, funds may go to the wrong person — immediate bank escalation is needed.