Lyla Lindsey
There are multiple ways to send money from India to Australia, including wire transfers, online money transfer services, forex cards, and international demand drafts. State Bank of India (SBI) customers can send overseas remittances of up to USD 40,000 per transaction per day in eight currencies (including AUD) through the YONO SBI app. Alternatively, SBI offers an online Payment & Transfer Service. Other options for transferring money from India to Australia include Remitly and Western Union, which offer competitive exchange rates and low fees.
| Characteristics | Values |
|---|---|
| Maximum transfer amount | USD 250,000 in one financial year |
| Transfer methods | SWIFT transfer, Wire transfer, Electronic Funds Transfer (EFT), Online money transfer services, Forex cards, International demand drafts, YONO SBI App |
| Transfer time | 24 hours to 2-5 business days |
| Transfer cost | INR 500 to INR 1500 |
| Exchange rate | Variable |
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What You'll Learn
Using the YONO SBI app
To use the app, your customer account should be KYC-compliant with an updated PAN. You can visit any branch with the beneficiary's details. For more information, you can contact [email protected] through mail.
The YONO SBI app is a convenient option for sending money from India to Australia through SBI. The app allows you to initiate and manage your overseas remittances from your mobile device.
It is important to note that there may be additional requirements or restrictions for using the app, such as specific account types or transaction limits. Therefore, it is recommended to review the terms and conditions of the YONO SBI app and ensure that you meet all the necessary requirements before initiating any transactions.
Additionally, SBI offers an online "Payment & Transfer Service" that can be used to send money from India to Australia. This service may provide an alternative option if you prefer to transfer money through their website instead of using the YONO SBI app.
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Transfer fees and taxes
When transferring money from India to Australia, there are a few things to keep in mind regarding transfer fees and taxes. Firstly, every transfer from India to Australia is taxable, and TCS is levied. The State Bank of India (SBI) allows retail customers to send overseas remittances of up to USD 40,000 or its equivalent per transaction per day in eight currencies, including AUD.
Transfer fees may vary depending on the service provider and the method of transfer. Online remittance transfer platforms typically charge a 1-2% markup and transaction fees. For example, transfer fees for Electronic Funds Transfers (EFTs) can range from INR 500 to INR 1500. Additionally, exchange rate margins may apply, and some platforms offer competitive exchange rates. It is important to choose a reliable and cost-effective transfer service provider to avoid unnecessary costs.
Western Union, for instance, offers a free first transfer to bank accounts in Australia and provides a price estimator tool to calculate the cost of sending money. Their website also mentions that they make money from currency exchange, which is an important consideration when choosing a transfer service.
It is also worth noting that the maximum amount an Indian resident can transfer in one financial year is USD 250,000. This limit should be considered when planning larger transfers to ensure compliance with regulations.
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Online money transfer services
There are several online money transfer services that can help you send money to Australia from India through SBI. These platforms offer a convenient and secure way to transfer funds internationally. Here is some information about a few of them:
Remitly
Remitly is a popular online money transfer service that allows you to send money from India to Australia through SBI. It offers competitive exchange rates, low fees, and access to thousands of providers worldwide. To use Remitly, you need to create an account on their website or mobile app. After selecting the currency and the amount you want to send, you can choose your preferred delivery speed. You will then need to provide the recipient's name and information, as well as your payment details. Remitly supports popular currencies and ensures that your money arrives securely through your preferred delivery method.
Western Union
Western Union is another well-known online money transfer service that facilitates sending money from India to Australia. With a focus on encryption and fraud prevention, they ensure the security of your transfers. To use their service, you need to register for a free profile. You can then log in and transfer money to a qualifying bank account or a participating location for cash pickup. Western Union offers a user-friendly app that allows you to track your money transfers and manage your transactions on the go. They also provide a vast network of agent locations, making it convenient for your recipient to receive cash close to home.
HiWiPay
HiWiPay is a specialised online money transfer service for international students transferring money from India to Australia. They offer swift transfers with flexible payment options. HiWiPay allows you to make payments via various methods, and the transfers typically take place within 24 to 48 hours. As with other online remittance transfer platforms, HiWiPay usually charges a markup and transaction fee, which is generally around 1%-2%.
When choosing an online money transfer service, it is important to consider factors such as reliability, cost-effectiveness, transfer speed, and the availability of the recipient's preferred payment method. It is also advisable to compare different service providers and payment methods to ensure that you select the most suitable option for your specific requirements.
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In-person transfers
To make an in-person transfer from India to Australia through SBI, you can use the YONO SBI app or visit any SBI branch. Here's a step-by-step guide for in-person transfers:
Using the YONO SBI App:
- Ensure your YONO SBI app is set up and your account is KYC-compliant with an updated PAN.
- On the app, initiate an overseas remittance of up to USD 40,000 or its equivalent per transaction per day in supported currencies, including AUD for Australia.
- Input the beneficiary details, including their bank and account information.
Visiting an SBI Branch:
- Locate a nearby SBI branch that handles forex or international remittances.
- Visit the branch with the details of the beneficiary, including their bank and account information.
- Provide a valid government-issued ID and your phone number.
- Use cash or a bank-issued debit card to pay for the remittance to Australia.
Additional Considerations:
- For amounts exceeding certain thresholds, such as Rs. 10 Cr. and above, there may be additional requirements or procedures.
- In-person transfers through SBI may have associated fees, transfer limits, and processing times, so it's essential to review their terms and conditions.
- Compare different transfer methods and service providers to find the most cost-effective and timely option for your needs.
By following these steps, you can securely transfer money from India to Australia through SBI using their in-person services.
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Transfer tracking
Another option is to use the SWIFT network, which SBI is a part of, facilitating bank-to-bank transfers. While this traditional method may take multiple business days, you can track your transfer by obtaining a SWIFT transfer instruction form. This form includes fields for correspondent bank or intermediary institution details, which can be useful for tracking.
Additionally, SBI offers Instant Transfer for real-time rupee remittances from SBI Foreign Offices in 15 countries, including Australia, to SBI accounts in India. While charges for this service may vary, SBI provides a customer support helpline to address any queries regarding transfer tracking and associated fees.
For those with an SBI account, visiting an SBI international bank branch worldwide provides access to online banking and transfer services. Each branch has its own fee structure, and some may provide minimum transfer amounts and concessional rates for account holders. Tracking transfers made through these branches may involve checking the status through online banking or by contacting customer support.
Finally, using a money transfer service like Western Union allows for transfer tracking as well. After initiating a transfer, you can expect to receive a confirmation email containing a tracking number (MTCN). This number can be shared with the recipient in Australia, enabling them to track the money. Western Union also offers an app that provides transfer tracking capabilities, ensuring that you and your recipient can monitor the transaction's progress.
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Frequently asked questions
You can send money to Australia from SBI using their online “Payment & Transfer Service”. Through the YONO SBI App, retail customers can send overseas remittances up to USD 40,000 per transaction per day in AUD.
Other services that can be used to send money from India to Australia include Western Union, Remitly, HiWiPay, and SWIFT transfer.
To send money from India to Australia, you will need the recipient's bank branch name, account number, and full address. You will also need to provide your own government-issued ID.
The time it takes to transfer money from India to Australia depends on the payment method and service provider. It can range from 24 hours to 2-5 business days.
