Leslie Massey
HDFC Bank offers a variety of options for transferring money from India to Australia. The bank's International Money Transfer Service allows users to choose from a variety of fast and secure online money transfer options. These include Quickremit, IndiaLink, and Telegraphic/Wire Transfer. Additionally, HDFC Bank offers the option to transfer money through cheques, demand drafts, and traveller's cheques. For those transferring money for education purposes, it is important to note that there may be regulations and tax implications involved. Transfer fees may range from INR 500 to INR 1500, and online remittance transfer platforms typically charge a 1%-2% markup and transaction fee.
| Characteristics | Values |
|---|---|
| Transfer Methods | Wire transfer, Telegraphic transfer, Online money transfer services, Forex cards, International demand drafts, Cheques, Traveller's cheques, HDFC Bank's IndiaLink |
| Transfer Time | 1-5 business days for wire transfers, under 24-48 hours for online remittance transfer platforms, 3-5 business days for international demand drafts, within 2 hours for IndiaLink |
| Transfer Fee | Flat fee for wire transfer, INR 500-1500 for EFT, 1%-2% markup and transaction fees for online remittance transfer platforms, ATM withdrawal fees and currency exchange fees for forex cards |
| Transfer Amount Limit | USD 2,50,000 in a single financial year for Indian residents as per Liberalized Remittance Scheme (LRS) by Reserve Bank of India |
| Transfer Requirements | SWIFT code of recipient bank, amount and currency, name and address of recipient's bank, name and account number of recipient |
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What You'll Learn
HDFC Bank's International Money Transfer Service
HDFC Bank offers a variety of options for transferring money internationally. The bank's International Money Transfer Service allows customers to send money to India from anywhere in the world, including Australia, using a variety of fast and secure methods. Here are the key details of the available options:
Quickremit
Quickremit is one of the options offered by HDFC Bank for international money transfers. While specific details about this method are scarce, HDFC Bank emphasises that it provides a fast, secure, and convenient way to transfer funds to India.
IndiaLink
IndiaLink is another service provided by HDFC Bank for remitting money to India from abroad. This service is specifically mentioned for transfers from Africa to India, offering a quick, secure, and easy way to remit funds, with the money credited within 2 hours.
Telegraphic/Wire Transfer
HDFC Bank also offers the option of telegraphic or wire transfer for sending money to India. This method involves using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network to facilitate the transfer. You can initiate a wire transfer request through HDFC Bank NetBanking or by visiting a nearby bank branch. You will need to provide details such as the name and address of the recipient's bank, the recipient's name, and their account number. Additionally, you will need to specify the amount and currency (in this case, rupees) and pay the associated transfer processing fees and charges. The process typically takes 1-5 business days, and a flat fee is charged based on the transfer amount.
Foreign Outward Remittance Service
HDFC Bank's Foreign Outward Remittance Service allows customers to send and receive money in foreign currencies. This service is available for transfers to any country, except those under the OFAC sanctioned countries list. It offers competitive rates and charges, and transfers can be made conveniently from home or the office without the need for queues, cheques, forms, or letters. An outward remittance refers to a money transfer in foreign exchange by an Indian resident or a Non-Resident Indian (NRI) to a beneficiary located within or outside India, excluding Nepal and Bhutan.
It is important to note that when transferring money from India to Australia, there may be tax implications and regulations, especially for educational purposes. Additionally, transfer fees, exchange rate margins, and other taxes may apply, and these fees tend to be higher compared to other remittance methods. Therefore, it is recommended to explore the various options and choose the most suitable method for your specific needs.
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Wire transfer
HDFC Bank offers a telegraphic/wire transfer facility to transfer funds from your local bank to the beneficiary's HDFC bank account in India through their correspondent banks worldwide. A wire transfer is also known as a telegraphic transfer and uses a messaging system called SWIFT (Society for Worldwide Interbank Financial Telecommunication) to transfer information between banks.
To initiate a wire transfer, you can use your HDFC Bank NetBanking account, visit a nearby bank branch, or choose from one of the several online wire transfer operators. You will need to fill out a wire transfer form with the required details, including the name and address of the recipient's bank, the name of the recipient, and their account number. Additionally, you will need the SWIFT code of the recipient bank, and you must mention the amount and the currency in which you want to transfer the money.
There is a flat fee for wire transfers, which depends on the transfer amount. You will also need to pay the transfer processing fee and other charges. The process usually takes 1-5 business days, allowing for weekends and national holidays.
It is important to note that every transfer from India to Australia is taxable, and TCS is levied. There are regulations and tax implications for transferring money from India to Australia for education purposes. The Reserve Bank of India (RBI) has issued a Liberalized Remittance Scheme (LRS), which states that Indian residents can remit a maximum of USD 250,000 in a single financial year for tuition fees, living expenses, accommodation, and other related costs.
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Online money transfer services
HDFC Bank's International Money Transfer Service
HDFC Bank offers a range of fast and secure online money transfer options to send money to India from around the world, including Australia. One of their services is QuickRemit, which allows for quick and easy remittance of funds to India. Another option is IndiaLink, which is a secure and quick way to remit funds to India, with the funds being credited within 2 hours. HDFC Bank also offers telegraphic/wire transfer facilities, allowing you to transfer funds from your local bank to the beneficiary's HDFC Bank account in India through their network of Correspondent Banks worldwide.
HiWiPay
HiWiPay is another popular online money transfer service that allows you to send money from India to Australia. They offer swift transfers with flexible payment options, and transfers are typically completed within 24-48 hours. HiWiPay also provides competitive exchange rates and low transaction fees, making it a cost-effective option for international money transfers.
Forex Cards
Forex cards are a convenient and secure way to carry your money when travelling or living abroad. To use a forex card, you need to obtain one from a bank or forex service provider, load it with the desired amount in INR, and then activate the card. The amount loaded on the card will be converted into a foreign currency (such as Euros) based on the prevailing exchange rate. Forex cards can be used immediately for purchases or ATM withdrawals, and they offer a simple and efficient way to access your funds while in Australia.
Other Online Remittance Services
In addition to the above-mentioned services, there are other online remittance transfer platforms available that allow you to send money from India to Australia. These platforms typically charge a markup and transaction fee for their services, which can range from 1% to 2%. It is important to compare the fees, exchange rates, and transfer speeds offered by different platforms to find the most suitable option for your needs.
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Forex cards
HDFC Bank offers a range of services for transferring money from India to Australia, including wire transfers, demand drafts, and cheques. One of the options is to use a Forex Card, which is a prepaid travel card that allows you to carry foreign currency safely and easily when travelling abroad. Here is what you need to know about Forex Cards:
Eligibility Requirements
To be eligible for an HDFC Bank Forex Plus Card, you must be a resident of India and at least 12 years old. If you already have an account with HDFC Bank, you will need to provide a self-attested copy of your valid passport and your PAN card (if it is not already updated in your account). If you do not have an account with them, you will need to provide the same documents, along with a self-attested copy of your international travel ticket or visa and a copy of your passbook or one-year account statement used for funding the card.
Benefits of Forex Cards
Costs and Limitations
The cost of a Forex Card can vary depending on the issuing bank or card service provider, typically ranging from zero to around ₹500. Some banks may offer the option of getting a travel card in one day, but they may charge extra fees for this expedited service. When using a Forex Card, it's important to be mindful of the transaction limits, which can vary based on the purpose of your trip. For example, the limit for forex transactions in India is different for travel, business, and other purposes. For travel purposes, you can usually carry up to USD 3,000 per visit.
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Cheques and demand drafts
If you want to send money to Australia from India using HDFC Bank's services, one way to do so is through cheques and demand drafts. This method is relatively low-cost compared to other options, but it is not the fastest way to transfer money.
To send money through cheques, you will need to use HDFC Bank's Fund Transfer facility. You can send cheques in various currencies, including USD, GBP, AUD, EUR, CAD, and SGD. However, cheques drawn in one currency and payable in another country will take longer to process and may attract additional charges from correspondent banks. Once the cheque reaches HDFC Bank, it will be sent for further processing to realise the funds, which can take 15-20 days.
Demand drafts are another option for transferring money to Australia from India using HDFC Bank. You will need to fill out a demand draft form and make the draft payable to the beneficiary. You can then mail or courier the demand draft to the branch in India. Demand drafts can also be sent in various currencies, and the processing time is typically between 7 and 28 days.
It is important to include a letter of instruction with your cheque or demand draft, clearly mentioning the account number where the funds should be credited and the purpose of the transfer. This helps ensure that the funds are deposited into the correct account.
HDFC Bank also offers a 'CASH ON CALL' loan option for its customers, which can be availed during the money transfer process. This loan is subject to the terms and conditions set by the bank, and the processing fee will be levied during the immediate billing cycle after booking.
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Frequently asked questions
Using a wire transfer is the best method. You can also use online money transfer services, forex cards, international demand drafts, or HDFC Bank's International Money Transfer Service.
You can use HDFC Bank's IndiaLink, Quickremit, or Telegraphic/Wire Transfer.
You will need the SWIFT code of the recipient bank, the amount and currency, and the name and account number of the recipient.
Transfer fees range from INR 500 to INR 1500. Exchange rate margins and other taxes may also apply. Online remittance transfer platforms generally charge 1-2% markup and transaction fees.
Wire transfers typically take 1-5 business days. Online transfers usually take place within 24-48 hours. Funds transferred through forex cards can be used immediately.
