Transfer Money To Australia (October 2024) – Forbes Advisor INDIA

How To Send Money To Australia?

Many people dream of moving abroad, be it for higher education or job opportunities. The people who are left behind not just worry for their loved ones but also worry about how to send money abroad. And also about how to ensure it reaches them in time of their need. 

Let us get into the details of the money transfer to Australia

Best Ways To Send Money From To Australia

There are two ways in which you can transfer money to Australia:

Wire Transfer To Australia

Wire transfer is the best and easy way to transfer money to Australia. They are usually done by the banks but some services offer it cheap. The online service providers provide you with better rates than the banks. 

The wire transfer procedure can be a bit expensive as banks can charge between INR 500 to INR 1000 to process them. Most banks in foreign that receive the amount of money transfer also charge you a foreign correspondent fee that can range from AUD 10 to AUD 40. 

Demand Draft

Demand drafts are physical paper drafts that are issued in foreign countries. It is also a convenient way to send money to Australia. Though it is convenient, it is a time-consuming process. Whereas, the wire transfer takes just 12 to 48 hours to complete the transaction.

How To Convert INR To AUD?

You can convert the live exchange rate at any bank, financial institution or online service provider. We have our Forbes Advisor Currency Converter Calculator that will help you with live exchange rates. You can calculate the rates before verifying them with banks or online providers. You simply have to type the amount and convert it into your desired currency.

For more details, you can check AUD to INR Forecast.

Steps To Send Money To Australia

For transferring money to Australia you can consider wire transfer with reliable services and low rates from an online service provider. The following can be a general guiding step to follow to send money online.

Step 1: First, download the mobile application or go to the preferred bank’s website and press “international money transfer”.

Step 2: Select the country Australia and city and enter the amount you wish to transfer.

Step 3: Click on the “book this order” button.

Step 4: Now, validate the details of the remitter.

Step 5: Verify your eligibility and also the purpose of your remittance.

Step 6:  Upload the set of basic documents like the remitter’s address proof.

Step 7: Add the required beneficiary’s details like name, address, routing number, bank name and address, account number and swift code. 

Step 8: Verify the information you just entered and select your preferred location to process your order.

Step 9: Once everything is verified you can proceed with the payment via NEFT/RTGS or netbanking.

Step 10: Lastly, your online service provider will send you an order confirmation summary.

Factors You Should Consider Before Making a Transaction

• It is a wise choice for you to choose a service provider that can offer you transparent rates and processes remittances through authorized banks. 
• Check the bank’s websites and online services feedback and reviews before choosing a mode of money transfer to Australia. 
• The essential factor to be considered is the exchange rate before you decide to transfer money to Australia. Be updated with the live exchange rates and see which online exchange, financial institutes, or banks provide you with the best rates.
• There are fees charged for money transactions to Australia. A fee is charged on every transaction from one country to another. The minimum fee charged by BookMyForex is INR 225 in addition to goods and service tax (GST) and if the desired amount of transaction exceeds INR 7 lakh in a financial year, tax collection at source (TCS) will have to be paid.
• Make sure you check the customer service provided by the service provider before making a transaction.