How to Transfer Money from India to Australia?

In today’s globalized world, sending money abroad is more common than ever before. Whether you’re supporting family overseas or paying for an international education, transferring money abroad can be challenging. However, not more. If you need to send money from India to Australia, ways like wire transfers can be really helpful. Continue reading this blog to find out more about how to transfer money from India to Australia.

Money Transfer Methods between India and Australia

A traditional choice, banks offer international money transfer services that can help you make remittances from India to Australia. However, they may have less competitive exchange rates and higher fees compared to other options. But did you know you can send money abroad with more options than just a bank transfer? There are other modes of transfer too, discussed below-

• Companies like Wise (formerly TransferWise), WorldRemit, and XE offer online money transfers often with faster processing times and lower fees than banks.
• Platforms like PayPal or Remitly allow transfers directly between individuals’ accounts. While convenient, they may have limitations on transfer amounts and fees.

There are two methods available for sending money to Australia:

• Online wire transfers, first (Swift Transfers)
• Drafts on demand (money orders)

Online Wire Transfers

An online wire transfer is an electronic method of transferring money from one person to another. In transferring money the bank acts as a middleman. 

Demand Drafts

Demand drafts are a method used to transfer money from one account to another. It is a prepaid instrument that does not require a signature. 

Also Read: Every study abroad student must know about the strategies for studying at expensive destinations. Learn about Currency Exchange Strategies for Studying in Expensive Destination.

Steps to Transfer Money From India To Australia

You may send money securely and conveniently from India to Australia. You can instantly transfer money from India to Australia to your loved ones by following a few simple steps:

Step 1: To send money, you must first choose your city and the nation you wish to send it to, followed by the amount. You can proceed with the order procedure after clicking “Book this Order.”
Step 2: The next step is to verify the sender’s information using an Aadhar card and a PAN card.
Step 3: You must confirm your eligibility after stating the reason for your remittance.
Step 4: After that, you must provide a minimal set of documents, such as a photo and a document proving the sender’s address. Depending on the reason for the transfer, additional acceptable documents such as a voter card, passport, and Aadhar card may also be needed.
Step 5: In order to continue, you must provide the beneficiary’s information, which includes name, address, bank name, routing number, bank address, account number, and Swift code. After that, the sender’s savings bank account can now be used to make an online transfer of the money.
Step 6: A declaration page will appear on your screen. Your email and mobile number will receive an OTP to verify your consent.
Step 7: Before continuing, make sure you have read the order information. The payments can then be made using Net Banking, NEFT, or RTGS.
Step 8: You will receive a summary of the Order Confirmation. The only thing left for you to do is review the remittance application form that was given to your registered email address and digitally submit it to us. You will get a SWIFT acknowledgement once the partner bank has processed the transfer.

Also Read: If you are coming back to India after your International travel and left with foreign currency, then check this blog on How to Exchange Foreign Currency for Indian Rupee. 

Things to Consider when Sending Money from India to Australia

You must consider the following things when transferring Money from India to Australia. The most crucial factor to take into account is currency exchange rates. The relative cost of one currency to another is known as an exchange rate (or a group of currencies).

• Transfer Amount: Sending larger amounts? Look for services with lower fees or percentage-based charges.
• Speed: Need the money to arrive quickly? Explore express transfer options offered by some providers, but be prepared for potentially higher fees.
• Exchange Rate: Compare exchange rates offered by different providers to get the most value for your money.
• Transfer Fees: Look for transparent fee structures and avoid hidden charges.

FAQs

Sending money from India to Australia has been a difficult process for some people. Hope this blog post has helped you get the required information about how to transfer money from India to Australia. 

To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.

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