Send Money to Germany from India — Bank Charges, SWIFT Fees & TT Rates

On a ₹1,00,000 outward remittance today, the cheapest bank in our coverage is ICICI Bank at ₹1,065 total — that includes commission, SWIFT / correspondent charges, GST at 18%, and the bank's TT Selling rate for EUR. Rates and charges refresh daily; see the table above for today's numbers.

Among Indian banks in our coverage, ICICI Bank is currently the cheapest for EUR at a ₹1,00,000 transfer size. Bank wire transfers also carry a 1–2% rate spread vs the mid-market rate on top of the visible fees — services like Wise or Remitly can be cheaper on rate but aren't compared here because we only cover retail bank remittances.

A standard SWIFT / TT remittance from an Indian bank to a beneficiary in Germany typically settles in 1–3 working days. Same-day is not offered by Indian retail banks for outward remittance to Germany.

Under the RBI's Liberalised Remittance Scheme (LRS), a resident Indian can send up to USD 250,000 per financial year to Germany for permitted purposes — gifts, education, maintenance of relatives, investment abroad, and business travel. The cap is on the aggregate across all remittances in the year, not per corridor.

You'll need PAN, a signed A2 form (LRS declaration) with a purpose code (S0202 (education), S1301 (gift), S0305 (maintenance of relative) are the most common), the beneficiary's IBAN and SWIFT/BIC code, and proof of source of funds for larger amounts. TCS at 20% applies above ₹7 lakh in a financial year for most non-education purposes.

The remittance itself isn't taxed, but TCS (Tax Collected at Source) at 20% applies on the amount above ₹7 lakh per financial year for most non-education purposes. TCS is claimable when you file your ITR. GST at 18% applies on the bank's commission portion — not on the transferred amount.