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Best Way To Transfer Money From Australia to India

Best Way To Transfer Money From Australia to India

Lets first screen out what are the available option to transfer money from Australia to India. money transfer Australia to India

Best Choice – Transferwise (This is a no-fee link, without any charges)

Second BestXend Pay

  1. Xend Pay
  2. Transferwise
  3. InstaRem
  4. SBI Sydney
  5. Remitly
  6. Remit Money
  7. ICICI Money2India
  8. World Remit
  9. Transferwise

All the above options are reliable and take a maximum of 3 days to transfer.

RBI Rules On Money Transfer

RBI’s Liberalized Remittance Scheme (also known as LRS) allows resident individuals (Indian nationals and expatriates) to remit foreign exchange of a maximum of US$250,000 (or equivalent) per Indian financial year. Resident individuals can usually send foreign exchange overseas for one of the following purposes:

  • Overseas education expenses
  • Employment
  • Medical treatment
  • Care for a close relative
  • Emigration fees
  • Visa fees
  • International visits for private purposes

The individual needs to hold an appropriate account at an RBI authorised dealer, generally a bank having international branches. He or she needs to designate a specific branch of the particular bank, using which he or she will be making all foreign exchange remittances under the LRS. The individual can also make overseas remittances through an entity which is not a bank (but has appropriate permission from the RBI to deal in foreign exchange), but the remittance has to be funded from a bank.

Earlier, it was not necessary to produce PAN card for money transfer transactions abroad up to USD 25,000 or its equivalent. However, in April 2018, this rule was amended. Now, it is mandatory to produce the PAN card for all remittance transactions from India to Abroad regardless of the amount being transferred. This is to ensure that a resident individual is being compliant to the LRS limit of USD 2,50,000 in a single financial year.

Now let’s see if you want to send 1000 AUD, how much time each of them takes and what is the final recipient amount.

 

What To Look Out For

There can be many reasons for you to transfer money from Australia to India – living expenses, college fees, business purposes. So depending on your requirements, you shall also look out for the below criteria when using an online remittance

  1. Reliability – How reliable is the money transfer service, you are choosing?
  2. Speed – How soon do you need it to get there? You may end up paying more if speed is a priority.
  3. Exchange rate – Are you getting the best rate or are you paying more for convenience or speed?
  4. Hidden Fees – Are you paying more than you should? Sending money using a debit or credit card may have fees attached.
  5. Convenience – How easy was the experience from start to finish? Could you do it online or did you have to go to a location to complete the transfer? Is there an app that makes it even easier?
  6. Tracking – Are you be able to track the process online? Or you need to call the customer care or visit the branch

Sending Money Then Vs Now

Sending money internationally was a daunting task earlier. It used to take multiple visits to banks, waiting for hours, arranging documents and then after everything is fine, it would take 3–4 days for the money to be sent. But thankfully, this is not the case anymore, now this process has become convenient and affordable and you can complete the process in 2–3 minutes, without comprising the security.

Banks had been one of the most reliable ways to send money. But there are many disadvantages to choosing banks

  • inflated exchange rate
  • takes longer to process
  • high fees – while sending and/or receiving
  • requires more documentation

Because of these issues, people have now shifted to online remittance companies. There are now plenty of online companies that offer very attractive exchange rates and joining offers.

Process For International Money Transfer

The money transfer process in online remittance companies are quite simple and mostly follow these steps

  • Create an account (Email, PAN card, Passport may be required)
  • Provide bank information of receiver
  • Transfer the amount using bank transfer/credit card/debit card

Comparison – Sending Money from Australia to India

Now let’s compare if you would send 1,000 AUD from Australia to India. All of these options below are reliable and had been in this business for years. Let’s see the final amount you would receive if you use them

 

1 – Transferwise (Avail Offer on Transfer Fee)

TransferWise is an online money transfer service, which lets you transfer money up to eight times more cheaply than with a bank. It is one of the most popular apps/sites and has the highest customer satisfaction ratings on Google play and Trustpilot. TransferWise was founded in 2010 by two financial gurus and its system is beautifully simple. It bypasses pricey international payments entirely by using two local transfers instead of one international transaction.

Is Transferwise Reliable?

 

Trustpilot Score

Transferwise TrustPilot

 

Google Play Ratings

It is also one of the fastest growing online remittance companies (more than 7 million customers) having more than 50% over last few years. You would see that their profit has not increased as much as their revenue. This is because the company is expanding and growing its customer base, and another most important thing is its attractive exchange rate and low transfer fees as compared to its peers.

 

How Transferwise Works?

Transferwise works in three different steps (in this case, Australia to India transfer)

      • You send money from your Australian bank to their Australian bank
      • Transferwise transfers money from their Australian bank to their Indian bank
      • Transferwise sends money from their Indian bank to your Indian bank

For safety purposes, Transferwise might ask to verify your address when you use TransferWise. They are a financial institution and it helps them combat money laundering, and keep everyone’s money safe.

Now let me show you where does Transferwise stand when you compared it with other options for sending money from Australia to India. There is a current offer going on Transferwise for relaxation on Transfer Fee. So you can avail of this offer by following the link I shared above. Using this you would see no transfer fee is charged on the low transfer amount and the reduced transfer fee at a large amount.

How much can I send?

You can send up to 1.5 million GBP per transfer to a private individual. You can send up to 15 lakhs per day to businesses. However, the minimum amount is 20,000 INR.

How long does it usually take for the money to arrive?

Once TransferWise receives and converts your money, it usually takes 1 working day to arrive in your recipient’s bank account. Conversion can take up to 2 working days. The first transfer can take longer time but the successive transfer is usually quicker.

Pros

  • Cheap because of the real-time middle-market exchange rates.
  • Convenient (online or in-app), no visit to the branch required
  • The minimum payment amount is £2 (or the equivalent in other currencies).
  • The maximum payment amount is £1 million.
  • Lock-in rate available for 24-72 hours
  • Highest customer rating on all platforms – Google Play, TrustPilot, Monito, etc.

Cons

  • The first transfer can take 2-3 business days
  • A large amount of money may require to verify the address.
  • A credit card may not always be approved
  • Not all countries are included, for example – India-China, Israel-India, etc.
  • No flexibility on margins for larger transfers.

2 – Xend Pay

Xendpay was founded by Indian migrant and ethical entrepreneur Rajesh Agrawal. The goal of the company is to make reduce the cost of international money transfers for the millions of migrants around the world who regularly send money home.

 

Pros

  • Competitive exchange rates.
  • iPhone app. Allows transfers from iOS mobile devices.

Cons

  • Limited delivery options
  • Long transfer speeds. It can take up to 4 days for your recipient to receive the funds.
  • No recurring payment

3 – InstaReM

Headquartered in Singapore, InstaReM is a leading digital payments solutions provider across Southeast Asia, Asia Pacific, Europe and the Americas. InstaRem Logo With InstaReM, individuals and businesses can make low-cost money transfers to 55+ countries. InstaReM also offer customers Zero-Margin FX Rates and Best Transfer Amount Guarantee.

For its business clients, InstaReM offers MassPay – an international business payments platform that allows them to send single and bulk payments using the same web, file and API interfaces to over 60 countries in multiple currencies.

Pros

  • Low transfer fees between 0.25% and 1%
  • No extra margins to exchange rates & guaranteed best transfer amount
  • Complete transparency and absolutely no hidden charges
  • InstaPoints – loyalty points to redeem against transactions
  • Dedicated customer support team

Cons

  • Coverage: No presence in the Middle East and Africa
  • Unable to send money to or from New Zealand
  • Account activation can take longer than promised
  • They don’t accept credit card
  • 24/7 support doesn’t extend to personal financial advice

4 – SBI Sydney

SBI is India’s largest bank which operates foreign offices network and has correspondent banking arrangements with about 600 banks worldwide. You can send and receive money internationally through SBI accounts using any of the methods described below.

  • SBI Express Remit
  • SBI Demand Draft
  • SBI Wire Transfer
  • SBI Personal Cheque

 

Bpay® Fee structure (INR)

Remit Value from Remit Value TO Fee in AUD
1 1000.99 2
1001 10000.99 4
10001 24999.99 8
More than 25000 0

POLi Fee structure (INR)

Remit Value from Remit Value TO Fee in AUD
1 1000.99 2
1001 10000.99 4
10001 24999.99 8
More than 25000 0

5 – Remitly

Remitly is a digital remittance service on a mission to make the money transfer process faster, affordable, and more transparent. It has around 2 million customers worldwide.

Pros

  • Offers two money transfer options: Express and Economy
  • Can send money to bank accounts, mobile wallets, cash pick up locations
  • Offers a 100% satisfaction guarantee where they refund the fees if your transfer doesn’t reach on time (See “Costs and fees” below)
  • Many ways to fund your transfer (See “ Ways to Send Money” below)
  • Sending large sums (above $1000) is cheaper
  • Easy tracking for both senders and recipients

Cons

  • Limits transfers to family (and sometimes friends; only personal transfers supported)
  • Doesn’t offer a business account
  • Complex fee structure
  • Doesn’t support transfers between the 16 sender countries

6 – RemitMoney

RemitMoney is an online money transfer facility which enables NRIs from United States, United Kingdom, Canada, Europe, Australia, Singapore, UAE, South Africa & Switzerland to send money to India. It is Fast, Economical and Safe. RemitMoney has the vision to be the world’s most customer-focused payments portal that helps people send money back home. You can use your US bank account in order to transfer money into your recipient’s Indian bank account (including NR accounts).

Pros

  • No fees on any transfer
  • Earn cash points on every transfer
  • Schedule one time or recurring payments over a span of 12 months
  • Refer & Earn Cashpoints worth INR 500 on every successful invitation!
  • Deposits to to Axis Bank,HDFC bank, ICICI Bank, Punjab National Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, and many more

Cons

  • The exchange rate is elevated compared to others
  • Few customers have complained about auto cancel of their remittance

 

7 – ICICI Money2India

ICICI bank is one of India’s leading banks which offers international money transfer solutions to and from India. But transferring money to loved ones overseas has always been a tricky experience for many expats, especially NRIs. Many of you might’ve faced difficulties in the past with varying foreign exchange rates, money not being received on time, or spending much more than you planned.

 

8 – WorldRemit

More than 4,000,000 customers use our money transfer service and many of them choose to do so on our app – a faster and more convenient way to send money worldwide. We offer low fees and guaranteed exchange rates in any case, and to get started, you can now use the code 3FREE and save the fees in your first three money transfers abroad.

Pros

  • Easy to Use
  • Reasonable Fees
  • Excellent Customer Reviews
  • Worldwide network

Cons

  • Fees are not clear enough
  • Cash is not accepted
  • Government-issued ID required

 

Concluding remarks

I have personally used Transferwise and I can strongly recommend it. If you are sending a huge amount then you may need to verify your address, which is one of the disadvantages, in that case, you can opt for Xend Pay.

Another important thing is that if you directly go to the Transferwise site then you may be asked to pay transfer charges. If you use the link given above, you can avoid paying the charges.

 

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