Transferring Euros to Indian Rupees (EUR to INR) can often come with concerns about getting the best possible exchange rate and minimizing fees. Flywire understands these concerns and offers a Best Price Guarantee specifically designed for payments made via local currency bank transfers, helping you secure a better transfer rate for your EUR to INR transactions. This guarantee ensures that you receive a competitive exchange rate when sending money through Flywire’s bank transfer option.
Understanding Flywire’s Best Price Guarantee
Flywire’s Best Price Guarantee is a commitment to offering you a competitive exchange rate for your international payments. If you find a better exchange rate from your bank for a EUR to INR transfer using a bank transfer within two hours of booking your payment with Flywire, Flywire encourages you to submit a claim. This program is designed to give you confidence that you are getting a great deal when using Flywire for your international money transfers, specifically when converting EUR to INR via bank transfers.
Eligibility Criteria for Bank Transfers to India
To be eligible for the Best Price Guarantee when transferring EUR to INR, it’s important to understand the specific payment methods and conditions that apply:
- Valid Payment Methods: The Best Price Guarantee is exclusively for payments booked and processed through local currency bank transfers. This includes Boleto payments from Brazil, provided they involve a currency conversion from EUR to INR or another relevant currency to INR.
- Excluded Payment Methods: Payments made using other methods such as Alipay, online debit/credit cards, e-wallets, eBanking, or online banking are not eligible for the Best Price Guarantee. To benefit from this guarantee for better EUR to INR transfer rates, you must use a bank transfer.
- Exclusion of Discount Codes: If you are using a discount code for your Flywire payment, the transaction is not eligible for the Best Price Guarantee. This program is intended for standard transactions to ensure the best possible rate without additional promotions.
- Application Timing is Key: You must submit your Best Price Guarantee application before you pay funds to Flywire or its local partners and before receiving an approval or denial email. Applications submitted after Flywire receives your funds will be considered invalid. Ensure you compare rates and apply before initiating the transfer.
- Request Amount Specificity: The guarantee is valid only for the exact amount requested in your original Flywire booking in the recipient’s billing currency (INR). The comparison must be for the same transfer amount.
- Acceptable Exchange Rate Sources: To prove you’ve found a better rate, you must provide an official bank document showing their foreign exchange rate for EUR to INR specifically for bank transfers. Indicative rates, mid-market rates, or quotes from online providers like Yahoo Finance or Google Finance are not acceptable as they do not represent actual bank transfer rates.
- Comprehensive Fee Inclusion: The rate quoted by your bank must include all fees associated with sending the same amount to India via bank transfer as you are sending through Flywire. If your bank’s quote doesn’t include all fees, Flywire may apply a standard flat fee based on typical bank charges for wire transfers to ensure an accurate comparison.
- Time Sensitivity: The foreign exchange rate and associated fees comparison from your bank must be within a two-hour timeframe of when you booked your payment on Flywire. This ensures the rate comparison is current and relevant.
- Request Limit: There is a limit of one approved Best Price Guarantee request per payer within a 72-hour period.
- Communication Method: Flywire will communicate the acceptance or denial of your Best Price Guarantee application exclusively via email. Monitor your email for updates after submitting your claim.
Required Documents for Your Claim
When submitting a claim to demonstrate you’ve found a better EUR to INR transfer rate, you need to provide proof in the form of a bank document or a screenshot that clearly includes the following information:
- Official Bank Foreign Exchange Rate: The document must clearly show the selling rate for EUR to INR from your bank for a bank transfer. Remember, rates from online financial websites are not acceptable. It must be an official bank rate.
- Rate for the Same Amount: The bank document must show the foreign exchange rate for the same amount you booked on Flywire for your EUR to INR transfer.
- Sender Identification: Your name must be visible on the bank document or the screenshot must clearly show you are logged into your bank account. This verifies the source of the rate information.
- Total Price in Local Currency: The document must display the total price in your local currency, including all associated fees and taxes, to send the equivalent amount in INR to India, mirroring your Flywire booking.
- Date and Time Stamp: The bank document or screenshot must have a clear date and time stamp, proving it was taken within two hours of your Flywire booking.
How to Submit Your Best Price Guarantee Claim
To submit your claim and potentially secure a better EUR to INR transfer rate, follow these steps:
- Online Chat Form Submission: Flywire has streamlined the claim process and now only accepts Best Price Guarantee applications through their online Chatbot form. Email submissions are no longer accepted.
- Review and Communication: Once you submit your application via the online Chatbot form, Flywire will review your claim to determine eligibility. This process typically takes 1-2 business days. Flywire’s support team will then contact you via email with the outcome of your application, whether it’s approved or denied, along with a clear explanation.
- Wait for Decision Before Payment: It is crucial to wait for Flywire’s decision before instructing your bank to send funds. Do not proceed with the payment until you have received their decision email.
- Payment Instructions Upon Approval: If your Best Price Guarantee claim is approved, instruct your bank to send the payment in your local currency. Do not ask your bank to pay at their quoted rate or in Indian Rupees (INR). Following Flywire’s instructions ensures your payment is processed smoothly and without delays or additional costs.
Disclaimer: Flywire retains the right to make final decisions on the eligibility of Best Price Guarantee applications at its sole discretion. This program is designed to help you achieve a better transfer rate when converting EUR to INR for your international payments through bank transfers with Flywire.
