Damon Mcknight
There are several ways to wire transfer money from India to Australia. You can use online services such as Wise, Western Union, or Xoom, or you can use a bank transfer through SWIFT (Society for Worldwide Interbank Financial Telecommunication). Online services typically offer fast, low-cost, and secure transfers, allowing you to send money to any bank account in Australia. They may also provide features like exchange rate locks, transaction tracking, and fraud protection. Bank transfers are usually cheaper than using debit or credit cards, but they can be slower. It's important to compare fees and exchange rates to understand the total cost of your transfer.
| Characteristics | Values |
|---|---|
| Time taken | 1-5 business days, up to 28 days for demand drafts |
| Cost | Flat fee, GST, transfer fee, foreign correspondent fee |
| Exchange rate | INR to AUD |
| Transfer methods | Online, in-person, via app, bank branch |
| Transfer platforms | HDFC QuickRemit, Western Union |
| Required information | Sender address proof, beneficiary name, address, routing number, bank name, address, account number, SWIFT code |
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What You'll Learn
Using a bank transfer
To transfer money from India to Australia using a bank transfer, you can use a specialist money transfer service, such as Wise, or go through a bank like ICICI.
Wise
Wise lets you send money from India to Australia using a bank transfer. You can pay in Indian rupees by bank transfer or using money already in your Wise account. Once they get the money, they'll convert it to Australian dollars and send it to your recipient. Wise claims that this usually takes seconds.
To use Wise, you'll need to open a free account, which you can do in minutes. Then, you can set up your transfer in three easy steps. You'll need to enter the amount you want to send and check the fees to see exactly how much your recipient will get. You'll then need to pay in Indian rupees by bank transfer or using money already in your Wise account.
Wise claims that bank transfers are usually the cheapest option when it comes to funding your international money transfer. They can be slower than debit or credit cards, but they usually give you the best value for your money.
ICICI Bank
ICICI Bank offers wire transfers, which are one of the easiest offline modes of sending money to your friends and family in India. Available in 40 currencies, you can transfer money from your local bank account to your ICICI Bank Account. ICICI Bank has a network of correspondent banks through which money can be credited to any bank account in India.
To use ICICI Bank to transfer money from India to Australia, you just need to issue Wire Transfer instructions to your local bank. The amount will be transferred to the beneficiary account within 24 working hours of ICICI Bank receiving the funds in its account held with the correspondent bank. ICICI Bank does not charge anything for Wire Transfers except for Service Tax on Foreign Currency Conversion.
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Online money transfer services
Wise
Wise, formerly known as TransferWise, is a well-known online money transfer service. It offers fast, low-cost, and secure transfers from India to Australia. Here's how to use Wise for your wire transfer:
- Sign up for a free Wise account: You can create an account online or through their mobile app using your email address or Google/Facebook account.
- Enter the transfer amount: Specify the amount you want to send in Indian rupees. Wise will show you the fees upfront and estimate when your money will arrive.
- Provide recipient details: Fill in the bank account details of your recipient in Australia, including their account number and bank name. For large transfers or certain currencies, Wise may require additional information, such as a photo of your ID, to ensure the security of your transaction.
- Choose a payment method: You can pay for your transfer using a bank transfer, PayID, POLi, or a debit or credit card.
- Track your transfer: Once the transfer is initiated, you can track its progress through your Wise account. Wise will notify your recipient of the incoming funds.
Western Union
Western Union is another established company offering online money transfers from India to Australia. Here's an overview of their service:
- Register an account: Create a free online profile on the Western Union website or mobile app. You will need to provide personal information, such as your name, address, and date of birth, to verify your identity.
- Choose a payment method: Select how you want to pay for the transfer. Western Union accepts bank accounts, credit or debit cards, or cash payments at agent locations.
- Provide recipient details: Input the details of your recipient, including their full name, address, and bank account information.
- Track and receive funds: Western Union allows you to track your transfer using a tracking number (MTCN). Your recipient can receive the money through a qualifying bank account or by visiting a Western Union agent location for cash pickup.
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Wire transfer operators
Wire transfer, also known as telegraphic transfer, is a popular way of transferring money from India to Australia. It involves using a messaging system called SWIFT (Society for Worldwide Interbank Financial Telecommunication) to share information between banks.
There are several wire transfer operators that facilitate money transfers from India to Australia. Here are some commonly used wire transfer operators:
HDFC QuickRemit
HDFC Bank offers an online money transfer service called QuickRemit, which allows users 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. A GST is applicable on the amount sent for wire transfers, along with a transfer fee, which may be waived for larger amounts. QuickRemit typically completes the transfer within 4 working days.
ICICI Bank Wire Transfer
ICICI Bank provides a convenient offline mode of transferring money to India through wire transfer. You can initiate an international wire transfer from your local bank to any bank account in India. ICICI Bank has a vast network of correspondent banks, ensuring smooth and timely processing. The transfer is usually completed within 1-2 working days. ICICI Bank does not charge a fee for wire transfers, but the remitting bank or correspondent bank may levy charges, and a Goods and Service Tax will be levied on the converted gross INR amount.
When using wire transfer operators, you will typically need to provide certain details, such as the name and address of the recipient's bank, the recipient's name, and their account number. It is important to carefully fill out the wire transfer form to ensure a smooth and secure transaction.
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Transfer fees
When transferring money from India to Australia, there are a variety of fees that you may encounter, and these can vary depending on the transfer method and provider.
Bank Transfer Fees
Using a bank to transfer money to Australia from India can be expensive. Some banks charge a flat fee for the convenience of an international wire transfer, which can be as high as $50. In addition, your bank may limit the amount of money you can send through this method. The recipient may also be charged a fee by their bank.
When using a bank transfer, you will also need to provide the recipient's name, address, contact information, and banking information, including their international bank account number (IBAN) and their bank's SWIFT/BIC code.
Money Transfer Services
Third-party money transfer services, such as Ria Money Transfer, offer competitive exchange rates and low flat fees. For example, Ria Money Transfer charges a flat fee of $2.89 for transfers from Australia to India. These services may also offer various methods for the recipient to receive the money, such as cash pickup, bank deposit, or PayTM.
GST and Correspondent Bank Charges
When transferring money from Australia to India, you may also be subject to Goods and Services Tax (GST) on the transfer amount and any associated fees. Additionally, if the transfer involves multiple banks, each bank may levy its own charges, which are typically based on their tariff schedules.
Total Cost of Transfer
It is important to consider the total cost of a transfer, which includes both the fee and the exchange rate. Some providers may advertise no fees, but they may offer less favourable exchange rates, resulting in a higher total cost. Therefore, it is recommended to compare the total cost, including both the fee and the exchange rate, before choosing a transfer method.
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Transfer times
Wise, a money transfer service, claims that 60% of transfers arrive in under 20 seconds, and 95% in less than a day. They also offer a calculator to provide a personalised estimate for transfer times.
ICICI Bank states that for international wire transfers, the amount is typically transferred to the beneficiary account within 24 working hours of the bank receiving funds in its account held with the correspondent bank.
HDFC Bank's QuickRemit service typically takes within 4 working days for the remittance amount to be dispatched to the beneficiary.
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Frequently asked questions
There are several ways to transfer money from India to Australia. You can use a specialist money transfer service such as Wise, Western Union, or Xoom, or you can use a bank transfer.
Specialist money transfer services often offer low fees, competitive exchange rates, and fast transfers. They also provide convenient online and in-person options for senders and recipients.
To initiate a transfer, you will need to provide the name and address of your recipient's bank, as well as their account number. You may also need to provide their full name, address, and phone number. Additionally, you will need to specify the amount you wish to transfer and choose the appropriate currency.
When choosing a money transfer service, consider factors such as cost, speed, security, and convenience. Compare fees, exchange rates, transfer times, payment options, and the availability of online tracking. Also, ensure that the service you select is reputable and prioritizes the protection of your personal and financial information.
