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How to transfer money to Greece cheaply
Find out which services and banks are allowing transfers to Greece.
The credit crisis in Greece has largely stabilised and the majority of large banks and global transfer providers have now reinstated their services into the country. There are currently no restrictions are currently in place for money transfers into Greece at this point in time.
If you are a Greece national, having a valid visa along with a valid residential permit to live and work in India, its important to be aware of the rules and regulations for foreign nationals to open an Indian bank account. You also should know the Indian restrictions and regulations that govern overseas foreign exchange remittances.
You can check the list below for the names of the lenders and providers offering money transfer services to Greece.
What’s the current state of the Greek economy?
In February 2017, the Greek finance ministry announced that the yield on the country’s bonds was near that of its pre-2010 levels, before its economic crisis began.
The International Monetary Fund (IMF) predicts Greece’s gross national product (GDP) will rise 2.8% in 2017, and an additional 1.2% yearly through 2020.
In June 2017, the Euro zone gave Greece a US$9.5 billion credit to help with debt relief. On 13 July 2017, Greece sent the IMF a letter detailing its plans to meet debt commitments by June 2018.Back to top
How do I send money to Greece from India?
In India, there are a number of providers, including banks that will allow you to send money to Greece. Consider your needs and those of your most common recipients first to decide which will be the best choice in your circumstance.
You can start by looking into these overseas money transfer service providers:
- Bank-to-bank transfers. Some of the major Indian banks will allow you to send money overseas. Check with the bank that you have opened your account in about the facilities they offer for sending money to Greece.
- Money transfer service company. Due to the volume of international exchanges a money transfer company carries out, they can afford to offer more competitive exchange rates and lower fees than many Indian banks. Some of them can also carry out market orders, regular transfers and more. Check with international money transfer companies regarding the facilities offered to individuals for remitting money from India to Greece. Some companies offering international money transfer services from India are InstaReM, UAEExchangeIndia, ExTravelMoney, Thomas Cook India, BuyForexOnline, FxKart and BookMyForex.
With a government debt ratio forecast to reach 150% in 2020 and 140% in 2022, the International Monetary Fund (IMF) warns that Greece will be vulnerable to economic shocks in the years to come.
The people of Greece voted “Oxi” or “No” on 5 July 2015, turning down a bailout package offered by the European Union that would have extended their current loan terms and offered solutions that would also help to pay off these loans.
The European Union subsequently provided a €7 billion bridge loan to Greece on 21 July while the Greek government voted on whether to accept a new bailout package. This loan was used to pay down some of the outstanding payments on debts Greece already has and also coincided with the reopening of Greek banks, although with tight restrictions.
While no restrictions are currently in place for transfers from India to Greece, the dire financial situation in Greece still remains.Back to top
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