How to send money to Sweden from India: A comprehensive guide

The need to send money to Sweden from India has surged in recent years, driven by deepening ties in education, work, business, and family connections.

Whether you’re funding tuition fees, supporting loved ones, or handling cross-border payments, selecting a fast, secure, and affordable transfer method is vital.

This guide dives into the best ways to send money to Sweden from India, spotlighting the DNBC Global Account as a standout solution.

Why send money to Sweden from India?

The growing ties between India and Sweden have fueled an increasing need for cross-border money transfers.

According to the Swedish Institute, over 5,000 Indian students were enrolled in Swedish universities in 2022, with prestigious institutions like KTH Royal Institute of Technology drawing significant talent from India.

Beyond education, Sweden’s thriving tech and engineering sectors have welcomed more than 12,000 Indian expatriates as of 2023, based on recent estimates, highlighting the country’s appeal to skilled professionals.

On the economic front, bilateral trade between the two nations reached $2.5 billion in 2022, underscoring the demand for efficient payment solutions among businesses and entrepreneurs.

Meanwhile, family ties remain strong, with the Reserve Bank of India (RBI) reporting that over 20% of remittances from India to Sweden are dedicated to family maintenance, reflecting the diverse personal and professional reasons driving these financial flows.

How to send money from India to Sweden – 4 ways revealed

Transferring funds from India to Sweden has become direct, thanks to various financial institutions and digital platforms offered.

Whether you’re supporting family, paying for education, or conducting business, understanding the available options ensures your money reaches its destination securely and cost-effectively.

1. Online money transfer services

These services allow individuals to send money online, often offering lower fees and better exchange rates compared to traditional banks.

They provide exchange rates closer to the mid-market rate, which can save users big amounts.

For instance, industry reports indicate that online services can save users up to several percentage points on transfer costs compared to banks, with average fees being lower.

Transfer times are typically faster, often within hours or even minutes, depending on the payment method and verification processes.

The convenience of initiating transactions from anywhere with an internet connection is a key advantage, and an interesting aspect is that many offer real-time tracking, enhancing user control and transparency.

This is beneficial for users sending money internationally, where visibility can reduce anxiety about the transfer’s progress.

2. Traditional bank transfers

Traditional bank transfers involve moving money through established financial institutions, often using networks like SWIFT for international transactions.

They are highly secure, as they are managed by banks with robust systems, making them a reliable choice for those prioritizing safety.

However, the evidence leans toward slower processing times, which can take several business days, especially for international transfers.

Fees can also be a drawback, typically ranging higher than online services, with industry data suggesting banks charge over 6% on average for a $200 transfer.

This variability might surprise users expecting consistent costs, and the process can be cumbersome, requiring in-person visits or detailed paperwork, which adds to the inconvenience.

3. Peer-to-Peer (P2P) Platforms

P2P platforms facilitate direct transfers between individuals, often using mobile apps, and are known for their speed and convenience in domestic contexts. For international transfers from India to Sweden, their suitability can vary.

Some P2P platforms support international transfers, they might not offer the best exchange rates or speeds compared to dedicated online money transfer services.

An unexpected detail is that P2P platforms may have usage limits or additional fees for international transactions, which could restrict their effectiveness for larger or frequent transfers.

They are primarily designed for individual use, and their availability for the India to Sweden corridor might be limited, making them less ideal for this specific route.

4. Traditional options

Traditional options, such as sending cash via courier or using checks, are less efficient for international transfers. Sending cash internationally is not recommended due to high security risks, like loss or theft, and the logistical challenges of cross-border delivery.

Checks can take days to clear, and there may be additional fees or delays, particularly for international processing.

These methods are outdated for modern needs, with users reporting higher risks and inconvenience, especially for larger amounts or urgent transfers.

This makes them generally unsuitable for sending money from India to Sweden, where digital solutions are more practical.

Here is a table summarizing the key pros and cons of each method:

Methods	Key Pros	Key Cons
Online Money Transfer Services	Lower fees, better rates, fast transfers, tracking	May require verification, variable fees
Traditional Bank Transfers	Secure, reliable, direct to account	Slower, higher fees, potential intermediary costs
P2P Platforms	Convenient for individuals, fast for some routes	Limited for international, potential fees
Traditional Options	Widely accepted domestically, no tech needed	High security risks, slow, inconvenient

How DNBC global account helps send money to Sweden from India

DNBC Global Account offers several specific benefits for sending money from India to Sweden:

1. Cross-Border Payments

The account provides accessible, fast, and cost-effective cross-border payments, making international transfers simpler.

This is particularly useful for businesses needing to send money regularly, with the account designed as a faster and more affordable alternative to traditional banking methods.

2. Multi-Currency Management

Businesses can hold funds in multiple currencies, including potentially the Indian Rupee and Swedish Krona, and convert at interbank rates.

This reduces conversion costs, which is a significant advantage when dealing with currency exchange, especially for larger transactions. The ability to manage all funds in one place enhances financial oversight.

3. SEPA for Europe

For transfers to Sweden, which is part of the EU, the account likely utilizes SEPA transfers. Information from their website indicates that SEPA transfers are cheaper for transfers within the EU/EEA region compared to SWIFT, which depends on correspondent bank fees.

This means transfers to Sweden could be faster and more cost-effective, with SEPA typically completing within one business day.

4. Global Reach and Transfer Limits

The account supports transfers to over 150 countries, ensuring that Sweden is covered. This global reach, combined with the potential for higher transaction limits for business accounts, is beneficial for businesses sending larger amounts, which might be unexpected for users accustomed to individual account limits.

5. Real-Time Tracking and Transparency

While not explicitly stated, many such accounts offer real-time tracking, providing transparency and peace of mind. This feature can help businesses monitor the transfer’s progress, reducing anxiety about international transactions.

Features	Details
Cross-border payments	Accessible, fast, cost-effective for domestic and international transactions
Services offered	International payments, treasury management, expense tracking, integrated financial solutions
Money transfer solutions	Faster, more affordable, transparent alternative to traditional banking
Account opening and payments	Open accounts easily, accept payments in local currencies, avoid hidden fees
Currency management	Hold multi-currency funds, convert at interbank rates, make global transfers
Supported currencies for transfers	20+ currencies
Currency pairs for real-time FX Exchange	100+ currency pairs with competitive rates
Countries for domestic transfers	60+ countries, with speed, simplicity, and security
Countries for international transfers	150+ countries, secure and cost-effective
Limited-time offer	30% OFF discount on monthly maintenance fee for the first 3 months