Damon Mcknight
There are several ways to transfer money from Australia to India. You can use a bank transfer or wire transfer, but this method often comes with high fees and slow transfer speeds. Alternatively, you can use an international money remittance service, such as Ria, Wise, Xoom, WorldRemit, or Xe. These services offer fast, low-cost, and secure online money transfers, with the ability to track your transactions in real-time.
| Characteristics | Values |
|---|---|
| Transfer methods | Wire transfer, online money transfer services, cheques, demand drafts, bank transfers, debit cards, credit cards |
| Time taken | 12-48 hours for wire transfers, 1-5 business days for wire transfer requests, 7-28 days for demand drafts, 15-20 days for cheques, same-day or instant transfers for some online services |
| Cost | A flat fee is charged for wire transfers, bank transfer fees range from AUD 10-AUD 40, online services are usually cheaper than banks, bank transfers are usually the cheapest option |
| Exchange rates | Exchange rates vary, online services may offer better rates than banks, some services allow you to lock in an exchange rate for up to 48 hours |
| Amount limits | There is no limit to the amount of money that can be sent overseas from Australia, ICICI Bank allows up to USD 75,000 per transaction and USD 250,000 per financial year for savings account holders |
| Recipient requirements | The recipient does not need an account with the same provider as the sender, e.g. Wise or ICICI Bank |
| Declaration requirements | Cash and non-cash forms of money with a combined value of AUD10,000 or more must be declared when entering or leaving Australia |
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What You'll Learn
Transfer money via a bank transfer or wire transfer
Transferring money from Australia to India can be done in several ways, including bank transfers and wire transfers. Here is a step-by-step guide on how to transfer money via these methods:
Bank Transfer
To transfer money from Australia to India via a bank transfer, you can follow these steps:
- Find a reputable money transfer service that facilitates transactions between Australia and India, such as Wise or Western Union.
- Sign up for an account with the chosen service, providing necessary personal information and creating login credentials.
- Verify your account by providing any required identification documents, such as a passport or government-issued ID.
- Input the recipient's bank details, including their bank branch name, account number, and full address.
- Specify the amount you want to transfer from AUD to INR.
- Review the fees and exchange rates to understand the total cost of the transfer.
- Initiate the transfer by selecting the appropriate payout method, such as bank account, credit or debit card, or cash.
- Track the progress of the transfer using the provided tracking information.
Wire Transfer
For a wire transfer from Australia to India, you can follow a similar process:
- Choose a wire transfer service, which can be your own bank or an online wire transfer operator, such as HDFC Bank's QuickRemit or ICICI Bank's Wire Transfer.
- Log in to your NetBanking account or visit a nearby bank branch to initiate the wire transfer request.
- Fill out the wire transfer form with the necessary details, including the recipient's bank name, address, and account number, and your desired currency (INR).
- Provide the SWIFT code of the recipient's bank, which is used for interbank information sharing.
- Pay the transfer processing fee and any other applicable charges, such as GST on the wire transfer amount.
- Allow for processing time, which can vary from 1 to 5 business days, depending on weekends and holidays.
Both bank transfers and wire transfers are secure and efficient ways to send money from Australia to India. By following the above steps, you can ensure a smooth and successful transaction.
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Use an international money remittance service
There are several international money remittance services that you can use to transfer funds from Australia to India. These services are offered by banks and specialised money transfer companies. Some of the popular options include:
Axis Bank
Axis Bank offers an online fund transfer service that allows you to send money from Australia to India 24/7, with the assurance of complete user security. To use this service, you need to log in to Axis Bank's internet banking platform, click on the 'Forex' option, select ''Outward Remittances', register the international payee by filling out their details, and then make the payment. You can also initiate fund transfers on the go using the Axis Mobile app. Additionally, Axis Bank has a branch network that you can utilise to transfer funds from India to Australia. You can walk into any Axis Bank branch with the requisite documentation, including the beneficiary's details and the SWIFT and BSB codes, to request an international fund transfer.
RemitMoney
RemitMoney is another popular option for transferring money from Australia to India. It offers a quick, reliable, and convenient service, with excellent customer support. Many users have praised the fast transfer speeds and competitive exchange rates provided by RemitMoney. To use this service, you need to register with RemitMoney on their website or through their mobile app, providing your personal details and those of your recipient. You can then select the amount you want to send, the payment method, and how your receiver wants to receive the money. RemitMoney displays its fees upfront, so you will know the final amount you will pay and the exact sum that will be received.
Wise
Wise (formerly known as TransferWise) is a well-known international money transfer service that offers transparent pricing and uses the mid-market exchange rate. With Wise, you can transfer money directly to local bank accounts in India without needing a Wise account. You will need the recipient's account details to ensure a smooth transfer. Wise also offers the option to make payments using only the recipient's email address. While bank transfers are usually the cheapest option, they can be slower than debit or credit card transfers.
HDFC Bank
HDFC Bank offers a foreign outward remittance service that allows you to send and receive money in foreign currencies. This service is approved under the Foreign Exchange Management Act (FEMA) and can be used for various purposes, including education, employment abroad, foreign travel, and medical treatment. To perform an outward remittance with HDFC Bank, you need to add a beneficiary, select the funds transfer option, input the amount, accept the terms and conditions, and confirm the details.
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Compare exchange rates and transfer fees
When transferring money from Australia to India, it's important to compare exchange rates and transfer fees to ensure you're getting the best value for your money. Here are some things to keep in mind:
Exchange Rates:
Firstly, look for companies that offer competitive exchange rates. Some providers, like Wise, offer the mid-market exchange rate, which is considered fair and free from markups. They also allow you to lock in an exchange rate for a certain period, providing predictability for your transfer. Additionally, you can use tools like CompareRemit to compare exchange rates from multiple money transfer providers in real time, helping you find the best rate for your transaction.
Transfer Fees:
Transfer fees can vary depending on the provider and the method of transfer. Bank transfers are generally considered the cheapest option for international money transfers. While they may take longer than debit or credit card transfers, they usually offer better value. Some providers, like Wise, charge a fixed fee plus a percentage of the amount converted, and they ensure transparency by showing you the total cost upfront. It's important to be aware of any hidden fees or charges that may be applied during the transfer process, as these can add up and impact the overall cost.
When comparing fees, consider the speed of the transfer, the pay-in and pay-out methods, and other factors such as customer service and transfer limits. For example, wire transfer services like HDFC QuickRemit offer competitive exchange rates and direct credit to the beneficiary's account, but there may be additional fees involved, such as a GST on the amount sent and a transfer fee, which may be waived for larger amounts.
Additionally, be mindful of any fees associated with cancelling or stopping a payment. Some banks, like the State Bank of India, charge fees for such requests, and these fees may include any losses incurred due to foreign exchange rate movements during the process.
By carefully comparing exchange rates and transfer fees, you can make an informed decision and choose the most cost-effective option for sending money from Australia to India.
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Choose a fast, secure, and affordable service
There are several options available for transferring funds from Australia to India, each with its own advantages and disadvantages. Here are some fast, secure, and affordable services to consider:
Wise
Wise (formerly known as TransferWise) is a popular option for international money transfers. It offers fast, low-cost, and secure online money transfers between Australia and India. Wise has strong security systems in place, with over 1,000 anti-fraud specialists, and your money is safeguarded and held separately from their company funds. They also offer transparent pricing, with no hidden fees or exchange rate markups. Bank transfers through Wise can be cheaper, but they may be slower than using a debit or credit card. You can also lock in an exchange rate for up to 48 hours. Wise also offers a convenient mobile app for sending money on the go.
Axis Bank
Axis Bank provides online fund transfer services from India to Australia. You can initiate transfers through their internet banking platform or the Axis Mobile app. The app allows you to register an international payee and make payments after 30 minutes of registration. Axis Bank assures complete user security for online fund transfers. However, there may be transaction limits for online and mobile app transfers. Additionally, you may need to provide the beneficiary's details, such as name, account number, address, bank name, and SWIFT code.
HDFC QuickRemit
HDFC Bank offers an online money transfer service called QuickRemit, which allows you to transfer money from Australia to India. QuickRemit provides superior exchange rates and direct credit to the beneficiary's HDFC account in INR or other bank accounts. There is a GST applicable on the amount sent for wire transfers, and a transfer fee may be waived off for higher amounts. Online transfers through QuickRemit involve a service tax, and there is a minimum and maximum transaction limit in AUD.
Bank Wire Transfer
You can also use a traditional bank wire transfer to send money from Australia to India. This method typically uses the SWIFT messaging system for sharing transfer information between banks. You can initiate a wire transfer request through your NetBanking account or by visiting a nearby bank branch. However, keep in mind that wire transfers may take 1-5 business days to process, and there may be associated flat fees depending on the transfer amount.
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Track your money transfer in real-time
Tracking your money transfer in real-time is an important feature of transferring money from Australia to India or vice versa. Here are some ways to track your money transfer in real-time:
Wise
The Wise app offers a seamless and transparent money transfer experience. With Wise, you can save your favourite currencies and track how the exchange rate changes over time. You will know exactly what you have spent and when you spend it. Wise also offers fast transfers, with 60% of transfers arriving in under 20 seconds and 95% in less than a day.
Western Union
Western Union provides reliable and quick money transfers to Australia. Their online platform and app allow you to track your money transfers in real-time. You can also set custom exchange rate alerts to transfer INR to AUD at the perfect time. Western Union offers free registration and verification of your profile, and you can send money to bank accounts in Australia for free on your first transfer.
HDFC QuickRemit
HDFC QuickRemit is an online money transfer service offered by HDFC Bank, allowing you to transfer money from Australia to India. QuickRemit offers superior exchange rates and direct credit to the beneficiary's HDFC account in INR or to accounts in other banks. There is a transfer fee that may be waived off for higher amounts.
BookMyForex
BookMyForex offers a zero-fee international money transfer service from India to Australia. Their app provides a simple and efficient platform for transferring money, with competitive exchange rates and a smooth transaction experience.
Bank Transfers
Traditional bank transfers can also be used to transfer money between Australia and India. While they may be slower than other methods, they usually offer the best value for your money. Bank transfers typically take 1-5 business days, and you may need to fill out a wire transfer form with your bank details and those of the recipient.
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Frequently asked questions
Some safe ways to transfer money from Australia to India include Ria Money Transfer, Xoom, WorldRemit, Wise, and Xe.
To transfer money from Australia to India, you will need the recipient's name, address, contact information, and banking information, including their international bank account number (IBAN) and their bank's SWIFT/BIC code.
Bank transfers are usually cheaper than using a credit or debit card. Some services that offer low-cost money transfers from Australia to India include Ria Money Transfer, Wise, and WorldRemit.
The time it takes to transfer money from Australia to India can vary depending on the service and payment method used. It can range from just minutes to up to three business days.
