People transact from their country to other places in the world for various purposes, be it to relatives as a gift, to pay tuition fees, as capital to start a business, to pay for medical bills, etc. Whatever your reason for sending money to Australia is, you deserve to be informed of the best and most affordable ways you can make your transaction at your convenience.
This article provides the easiest and most efficient ways of sending money from India to Australia.
Methods of money transfer
There are three primary ways of sending money outside a country; International wire transactions, online transfer companies, and online money transfers.
International Wire Transfer
Many Indian banks and RBI-approved authorized dealers have collaborated with several banks overseas including Australia to send money internationally through the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network. An electronic transaction moving through a network of banks and transaction agencies across the globe sends money from an Indian bank account directly to an overseas account. This service is available to all residents with a bank account in the country. Banks that offer this remittance service are the State Bank of India, CitiBank, ICICI Bank, Standard Chartered, etc.
Requirements
- Name & Address of beneficiary
- Bank Details of beneficiary such as swift code, account number, bank routing number, etc.
- Name & Account number of the sender
- Purpose of Remitting with KYC
- Self-declaration of the relationship between the sender and beneficiary
Online Money Transfer Services
Online services like BookMyForex or ExTravelmoney are cheaper and quicker options. They compare exchange rates across several banks and offer users the most competitive rate unlike wire transactions at zero commission.
ExTravelmoney
To send funds, go to the website and enter the following details; send amount, the purpose of remittance, and location. Book your transfer online after selecting the best rate. Next, submit the KYC documents for verification, hen click transfer, to send the money to the bank’s account as NEFT/RTGS. The beneficiary will receive the money in at least 48 hours.
BookMyForex
To book your transfer order online, visit the website. Confirm your eligibility for foreign remittance. Provide all details required such as the receiver’s information and your purpose of remittance. Send the money to one of the partnered banks of BookMyForex. The booked exchange rate will apply on your device’s screen. To make the transaction, it will provide you with a digital Form A2 that requires your signature. After signing on to the portal, the transaction is processed and the money is received within 12 to 48 hours.
Online Transfer Companies
Provide the most affordable conversion rates with faster transfer service, the lowest transaction fees, and safety. There are three best options to send funds via this method.
InstaReM
A top digital transfer company located in Australia, Malaysia, India, Canada, etc. It does low-cost international transfers for individuals, corporations, and financial institutions. With rates sourced via Reuters, its INR/AUD exchange rate is at one INR to 0.0176 making it a competitive rate. All transactions are done at a minimal fee with no hidden charges.
Wise (ex-TransferWise)
An electronic institution based in London, it was launched to make international transfer low-cost, stress-free, and speedy. With a Wise bank account, you can have balances in over 55 currencies and use a debit card to pay for expenses abroad. To send funds to Australia, you will pay a fixed fee plus 1.78 percent of the money when converted. You can easily track the transfer order online.
Skrill
Headquartered in London, it operates in more than 120 countries with a digital wallet offered in 40 currencies. With it, you can make a transfer fee to an overseas account. You can also fund your transfer via your bank account or debit/credit card at no extra charge. To do this, create an account on its website or download the mobile app.
