An overhaul exhaustive guide to money transfers from Germany(EU) to India. Read on and post on forums for any questions. Lets find an optimistic way to minimize the brokerages involved.

From the vast experiences of people the following are ways are ordered as best according to their usage, best exchange rate, easiness.



This is the best way of all the ways one can transfer money to India. It is not that we are biased or advertising for ICICI but because of its flexibility , promptness and after all the best exchange rate which is always the top compared to some banks like Citibank, SBI etc.


One need to register on the ICICI portal and follow the instructions.

Money can be transfered to any ICICI branch in India for free as well as to a big list of other banks in cities  electronically. Apart from this they will send a DD to any bank in India where you got an account ( can be a bank in your village or town. 2 euros of postage and  DD fee is charged for amounts transfered to other banks as DDs)


Once you register on the website you are ready to transfer the money.

From Germany , the standard way is you have to click on POWER TRANSFER or NET EXPRESS on the left menu.

Enter the details of the recipient in india who has got ICICI account ( it can even be your own ICICI account) or to  a bank you want to.

Enter the amount of money you want to send and after making everything , a special TRACKING NUMBER is generated which looks something like “M2X324242” and this code is the real identifier for your transaction.

With this TRACKING NUMBER you will be provided the details of the bank inside Germany where ICICI holds an account making your life easier to transfer money with no costs.

If you chose POWER TRANSFER(wire transfer) , you will see the local bank information as

Account Holder Name:  ICICI Bank Ltd.
Account Number  :6231605988

Bank Address
14, Junghofstrasse, Frankfurt Am Main, 60311

IBAN No. DE91501108006231605988

From the above address one need to transfer the money which was stated on the money2india portal with the TRACKING NUMBER in the transfer’s subject line.

The IBAN number given is for transfers outside Germany , ie, for  EU region and if you are inside Germany you have to split it to fit to BLZ(bank clearing code) and Konto nummer ( account number).

IBAN No. DE91501108006231605988 is COUNTRY CODE + BLZ + Konto ==> DE91 / 50110800 / 6231605988

The details for transfer are<span class=”highlight”> Konto: ICICI Bank Ltd   BLZ : 50110800    Konto Nummer: 6231605988 with the transaction string as M2X…… (  TRACKING NUMBER generated)

POWER TRANSFER is for whole EUROPE  and thats the reason ICICI shows you the bank account as IBAN.

Summary: ICICI has an account in a local bank (JP Morgen chase bank) in Germany and you need to send money to that account from your bank account with the TRACKING number and thats how they know when the money is there in their account, thereby comparing the details for that TRACKING number and will deposit  the money to india in your recipient’s account. The key factor is the TRACKING NUMBER from which the details of transaction are processed.

Tips: If you have an account in JP Morgen Chase bank , literally the money transfered reaches ICICI’s account in Germany on a mouse click, but if your  are having a different account like Sparkasse, Deutsche Bank or other German banks , it might take 2 working days to reach this JP Morgen and then once the money is there it will be deposited to the account in India. The maximum optimal time is 3rd working day and your money is in INDIA and the exchange rate is calculated according to the time when the money is being deposited to Indian account.

NET EXPRESS. With this option its more local , like for Germany , specific. According to your address registered on the portal , the destination account will be a local bank near to your place.

For example: If you live in Munich or assume if you give your address as Munich while registration on the portal, the destination bank account would be Landesbank München and NOT the JP Morgen Chase. This feature is only country specific and a guy from Sweden cannot use this.


The exchange rate is always higher compared to Citibank and SBI. One can verify this by visiting the ICICI link here , on the citibank website (, if you have account only) or by calling SBI, Frankfurt. We bet you will find that ICICI is high always as we have proved it many times in many groups out there.

ICICI gives you more exchange rate if your money is at some thresholds. eg: 100 euros to 1000 euros it gives one rate, 1001 till 10000 gives a bit higher rate . You can do that on the exchange rate calculation link

Many people might argue that SBI or its subsidiaries like SBH, SBT give good exchange rate but he/she might be sending money as a fixed depositor or with some special account status. However that is still less than the exchange rate, and other way with no extra FEES levied as our traditional Indian banks love to make some money or delay the transfer to gain some interest on your money.


  • Simple, online , flexible,
  • Good exchange rate,
  • No service fees,
  • Online tracking,
  • Email notification when money is deposited / DD dispatched (courier tracking too).



  • Money is transfered in 3 working days, if your bank is different from ICICI’s German bank account

Note: ICICI has now introduced a fee of 2 euros for transactions under 800 euros and a Foreign Currency Service tax of 25Rs on each transaction as per RBI regulations.

Ready Cash

This is a new service available for selected cities where one can get the cash from the bank in India. The procedure is same as other features but in this way, recipient can get cash by showing the reference number , ID etc. More on the website of ICICI.

Citibank Online Transfer

People with Citibank account in Deutschland can transfer to any Citibank account around the world.

This is no more valid after Citibank was changed to TARGO Bank


  • Nothing to register , enough that you have an account with Citibank Germany
  • Exchange rate is shown before you go for the final click
  • Transfer to any citibank around the world in a second


  • Exchange rate is low
  • Only citibank account holders can use this


SBI, Frankfurt

Mainzer Landstrasse 61
D-60329 Frankfurt am Main/ Germany
Phone: + 49 69 272370

One can call and know the exchange rate.


  • One can send a DD to any SBI bank in india or a telegram transfer (TT)


  • Time consuming and some times no tracking information.
  • The SBI at the receiving end charges 500 to 1000rs irrespective of the fee you paid here. This is not sure but heard from many people.

Transfer from your bank

This is something like you walk in to your bank with the details of bank in INDIA , SWIFT code, etc.


  • Fill out a big form in Deutsch


  • Takes more than 15 days , sometimes even a month.
  • Charges are about 15 to 35 euros.
  • Exchange rate is the rate when the money reaches India and no idea how they calculate this, but heard from some bank people that the rate is calculated as per reserve bank.

You can discuss this on forums

All the information is assumed to be correct and drawn from several sources. We are not responsible for any mistakes or totally false information. We try our best to give you as much information as possible. Please use this as a  your reference but not for any official purpose , if you are looking for official stuff, visit or goto the respective sites / offices.

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