You have 2 options-:
1) Visit nearest Deutsche bank-> take photocopy of ur passport and admission letter..and 4 photos..... Either open savings account with them worth 1 lac savings or 1 lac FD and then they will process your documents for free and you will get ur block account opened in 2-4 days..Then do remittance in your block account via DB india... They will ask u to fill up some forms...and will remit your money...around 500-600 will be charges as service tax + db germany will charge 50 euro . You will get confirmation in 2 days.
Pros: fast processing, you can complete the process within 7-10 days days from opening block account and savings account to getting confirmation.. You need not rush anywhere.. DB india will do everything... Plus DB india savings debit card will work in germany as well without any transaction charges, you will get ur money converted in euro on current euro rates + benefits with forex card of DB india also
Cons: You need to invest 1 lac in DB india.. this 1 lac will be blocked and you can withdraw it, if you close this account
PS: Ask them to give you proffered exchange rate for current customer + student customer... you need to kinda bargain... you will get ur exchange rate around 90 paisa or 1 rs per euro extra than to current exchange rate on xe.com
But thats fine because you are saving money in attestation and courier charges.....Plus, your Block account will take around 20-30 days for activation, when you arrive in germany. So for previous days + deposit of house, you need extra money.. So you need not to carry extra euro notes..
2) Visit Nearest Embassy/consulate-> Take 2 photocopies of ur passport and admission letter and visit nearest consulate.. and get ur documents attested....You need to pay around 2000 rs for attestation.. you need to confirm for the latest charges......Then you need to courier these documents to DB germany....you will get response from DB germany in 7-10 days regarding ur account opening
then u can visit any nationalized bank which deals in foreign currency remittance and tell them you want to remit to your student blocked account.. they will ask u to fill up some forms... some bank may ask to open savings account in their bank .. i would suggest SBI, IOB and axis bank for better exchange rates.
Then they will remit in ur block account you will get confirmation by email from DB germany in 3-4 days
pros: you need not to block 1 lac rupees
you will get exchange around 30-40 paisa extra then to current exchange rate on xe.com
Cons: you need to have too much time.. you can complete the process in around 15-20 days, in some cases it would take more time... You need to spend on:
1) attestation- around 2000 rs
2) courier- around 1000 rs
3) remittance fees of other bank around 1200 to 1500 (differs in every bank)
...Hope it helps..credit goes to my friend vineet..thank you @k7
1) Visit nearest Deutsche bank-> take photocopy of ur passport and admission letter..and 4 photos..... Either open savings account with them worth 1 lac savings or 1 lac FD and then they will process your documents for free and you will get ur block account opened in 2-4 days..Then do remittance in your block account via DB india... They will ask u to fill up some forms...and will remit your money...around 500-600 will be charges as service tax + db germany will charge 50 euro . You will get confirmation in 2 days.
Pros: fast processing, you can complete the process within 7-10 days days from opening block account and savings account to getting confirmation.. You need not rush anywhere.. DB india will do everything... Plus DB india savings debit card will work in germany as well without any transaction charges, you will get ur money converted in euro on current euro rates + benefits with forex card of DB india also
Cons: You need to invest 1 lac in DB india.. this 1 lac will be blocked and you can withdraw it, if you close this account
PS: Ask them to give you proffered exchange rate for current customer + student customer... you need to kinda bargain... you will get ur exchange rate around 90 paisa or 1 rs per euro extra than to current exchange rate on xe.com
But thats fine because you are saving money in attestation and courier charges.....Plus, your Block account will take around 20-30 days for activation, when you arrive in germany. So for previous days + deposit of house, you need extra money.. So you need not to carry extra euro notes..
2) Visit Nearest Embassy/consulate-> Take 2 photocopies of ur passport and admission letter and visit nearest consulate.. and get ur documents attested....You need to pay around 2000 rs for attestation.. you need to confirm for the latest charges......Then you need to courier these documents to DB germany....you will get response from DB germany in 7-10 days regarding ur account opening
then u can visit any nationalized bank which deals in foreign currency remittance and tell them you want to remit to your student blocked account.. they will ask u to fill up some forms... some bank may ask to open savings account in their bank .. i would suggest SBI, IOB and axis bank for better exchange rates.
Then they will remit in ur block account you will get confirmation by email from DB germany in 3-4 days
pros: you need not to block 1 lac rupees
you will get exchange around 30-40 paisa extra then to current exchange rate on xe.com
Cons: you need to have too much time.. you can complete the process in around 15-20 days, in some cases it would take more time... You need to spend on:
1) attestation- around 2000 rs
2) courier- around 1000 rs
3) remittance fees of other bank around 1200 to 1500 (differs in every bank)
...Hope it helps..credit goes to my friend vineet..thank you @k7
I like your blog post. Keep on writing this type of great stuff. I'll make sure to follow up on your blog in the future.
ReplyDeleteRegards
remit to India at best exchange rates
Thank you for sharing such great information. It has help me in finding out more detail about Remit Axis Bank
ReplyDeleteI avoided Deutsche Bank because I have heard that it can take more than a month. Instead, I came across X-patrio, an online platform. They open a blocked account within a week and chargers only 49EUR which is cheaper as compare to the others. You can visit their website if you want know more about it: https://www.x-patrio.com/
ReplyDelete