Lyla Lindsey
There are several ways to transfer money from Australia to an Indian bank account. You can use a bank transfer, PayID, POLi, or a debit or credit card. Some popular services for transferring money from Australia to India include Wise, Western Union, and DBS Treasures. Wise offers low fees and fast transfers, while Western Union offers fast, secure, and reliable international money transfer services. DBS Treasures provides seamless international transfers, competitive exchange rates, and speedy credit service. When transferring money from Australia to India, you will typically need to provide the receiver's full name, account number, and Indian Financial System Code (IFSC).
| Characteristics | Values |
|---|---|
| Transfer methods | Wire transfer, online remittance, foreign demand drafts, cheques, debit or credit card, bank transfer, PayID, POLi, Osko by BPAY, cash in-store |
| Transfer time | 1-5 business days, within 48 hours, within 24 hours, within seconds, within minutes, same day, instant |
| Transfer fees | Flat fee, 1.40 AUD + 0.54% of the amount that's converted, GST, transfer fee, service tax |
| Exchange rates | Superior exchange rates, preferential exchange rates, competitive exchange rates |
| Transfer amount | No limit on transfers to an NRE account, maximum daily transaction limit of 50,000 AUD when using PayID |
| Transfer security | 2-factor authentication, encryption, fraud prevention |
| Transfer tracking | Online, via app, using tracking number (MTCN) |
| Transfer recipient | Beneficiary's bank account number, name, address, IFSC code, purpose of transfer |
| Transfer provider | Wise, Western Union, HDFC Bank, DBS Treasures |
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What You'll Learn
Using a bank transfer
To transfer money from Australia to an Indian bank account, one of the most traditional methods is to use a bank transfer. This process typically involves transferring funds from your Australian bank account to the recipient's Indian bank account through a wire transfer or international money transfer service offered by your bank. Here's a step-by-step guide on how to do it:
Firstly, you need to have an active bank account in Australia with sufficient funds to cover the amount you wish to transfer. Contact your bank and inform them that you want to make an international transfer to India. They will guide you through the specific process and provide you with the necessary forms and documentation. You will need to provide details of the recipient's bank account in India, including the name of the account holder, account number, Indian Financial System Code (IFSC), bank name, and branch address.
Once you have gathered all the required information, fill out the international transfer form provided by your bank. This form will include details such as the amount you wish to transfer, the currency (Australian dollars to Indian rupees), and the purpose of the transfer. You may also need to provide your own personal and financial information, such as your name, address, and account number.
After submitting the form and documentation to your bank, they will initiate the transfer process. The time it takes for the funds to reach the recipient's Indian bank account can vary depending on the banks involved and the efficiency of the inter-bank transfer system. Usually, it can take anywhere from a few business days to a week or more for the funds to be credited.
There are a few important considerations to keep in mind when using a bank transfer to send money to India. Firstly, banks typically charge fees for international transfers, which can include a flat fee per transaction and/or a percentage of the amount being transferred. These fees can vary between banks, so it is important to understand the cost before initiating the transfer.
Additionally, the exchange rate offered by your bank can also impact the overall cost of the transfer. Banks may offer less competitive exchange rates compared to specialized money transfer services, so be sure to compare the rates and fees before choosing a provider. Finally, it is always a good idea to track your transfer and keep records of the transaction for your own reference and to ensure the funds are received by the recipient without any issues.
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Online remittances
Wise offers a straightforward process for transferring money from Australia to India. First, you need to open a free account, which can be done in minutes. You can then set up your transfer in three easy steps. You can send AUD to any bank account or PayID account in Australia. The recipient does not need a Wise account to receive the money, but if they do have one, you can simply look them up on the network and send them the money in seconds. You can pay in Indian rupees by bank transfer or using money already in your Wise account. Wise will then convert the money and send it to the recipient. Wise uses the mid-market exchange rate and shows your fees upfront.
Western Union also offers a reliable and convenient way to send money to India. You can transfer money online, via their app, or in person at an agent location. You will need to register for a free profile and verify your identity with a valid government-issued ID or passport. To send money, you will need the receiver's account number, the purpose of the transfer, and the receiver's bank and account details. Western Union offers encryption and fraud prevention to protect your money transfers.
Axis Bank also offers a digital channel for transferring money from India to Australia. Existing Axis Bank account holders can initiate transactions across major foreign currencies via internet banking, while non-account holders can initiate a transaction from any Axis Bank branch. To transfer money from India to Australia, you will need the beneficiary's details (name, account number, address, country name, bank name, and address), the SWIFT code, and the BSB number.
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Wire transfer
To initiate a wire transfer, you can use your NetBanking account, visit a nearby bank branch, or use an online wire transfer operator. You will need to fill out a wire transfer form with the recipient's name and address, their bank's name and address, the account number, the amount to be transferred, and the currency (in this case, rupees). You will also need the SWIFT code of the recipient bank.
There is usually a flat fee for wire transfers, which depends on the amount being transferred. The process can take 1-5 business days, depending on weekends and national holidays.
Some specific services that can be used for wire transfers from Australia to India include:
- HDFC QuickRemit: An online money transfer service by HDFC Bank. It offers superior exchange rates and direct credit to the beneficiary's HDFC account. There is a GST applicable on the amount sent, as well as a transfer fee that may be waived for higher amounts.
- ICICI Bank Money2World: This is an online money transfer facility available for Resident and Non-Resident Indian ICICI Bank Account holders. It offers 24/7 money transfer services with a confirmed exchange rate feature.
- Western Union: This service allows you to transfer money to bank accounts in Australia or to participating locations for cash pickup. You will need to register for a free profile and verify your identity with a valid government-issued ID or passport.
- Wise: With Wise, you can send money to any bank account in India, including NRO and NRO accounts, or a UPI ID. Your recipient does not need to have a Wise account to receive money. You can pay in Australian dollars by bank transfer, card, PayID, or using money already in your Wise account. Wise will then convert the currency and send it to the recipient.
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Foreign demand drafts
To send a foreign demand draft, you will need to fill out a demand draft form. The draft must be drawn in favour of the beneficiary and include their name and account number. You will also need to mention the amount and the currency in which you want to transfer money (in this case, Indian rupees). There may be a fee for issuing the draft, as well as currency conversion charges to convert the amount to Indian rupees.
Once the draft has been issued, you will need to mail or courier it to the branch in India. The collection period for the draft will vary depending on the local clearing regulations and the country where the demand draft is drawn. It is important to note that if the draft is lost or misplaced, you can request a duplicate. However, cancelling and issuing a new draft will incur a fee.
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Online money transfer services
There are several online money transfer services that allow you to transfer money from Australia to an Indian bank account.
Wise
Wise (formerly known as TransferWise) is a popular option for transferring money from Australia to India. You can sign up online or through their app for free using an email address, or a Google or Facebook account. You can then enter the amount you want to send in Australian dollars or Indian rupees, and see the fees and exchange rate upfront. You will also need to provide the details of your recipient's bank account. Wise accepts payment via bank transfer, PayID, debit or credit card, or using money already in your Wise account. Wise claims to offer fast transfers, with the ability to send money to India from Australia within one day or even instantly in some cases. The cost of transferring money through Wise is a small, flat fee of 1.40 AUD + 0.54% of the amount that's converted.
Western Union
Western Union is another well-known money transfer service that allows you to send money to India from Australia. You can transfer money online, via the Western Union app, or in person at an agent location. To send money online, you will need to register for a free profile and verify your identity. You will then need to provide the details of your recipient's bank account, including their account number and Indian Financial System Code (IFSC). Western Union offers fast transfers, with the ability to send money to India in minutes for cash pickup, and also provides real-time tracking of your funds. The maximum daily transaction limit to send money to India is 50,000 AUD when paying with PayID, but this may vary depending on the service you choose and your transaction history.
HDFC QuickRemit
HDFC QuickRemit is an online money transfer service provided by HDFC Bank. It 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 for this service, which is waived for higher amounts. To use QuickRemit, you will need to register and log in, and then provide the details of your recipient's bank account.
Axis Bank
Axis Bank offers a reliable and secure way to transfer money from India to Australia through both digital and branch channels. To initiate a transfer online, you will need to register for an account if you don't already have one, and then provide the beneficiary details, including their name, account number, address, country name, bank name, and address. You will also need to provide the SWIFT code and Bank State Branch (BSB) number. Axis Bank offers the flexibility to transfer funds in the currency of your choice.
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Frequently asked questions
Some of the ways to transfer money from Australia to an Indian bank account include wire transfer, foreign demand drafts, online remittances, and bank transfers.
To transfer money through wire transfer, you need to fill up a wire transfer form with details such as the name and address of the recipient's bank, the name of the recipient, and their account number. You will also need to provide the SWIFT code of the recipient bank, the amount, and the currency in which you want to transfer the money.
Some of the reliable online platforms for transferring money from Australia to an Indian bank account include Wise, Western Union, and DBS Treasures.
