Sending Money to Australia from India

Migrating to another country comes with its share of excitement and apprehensions. In recent years, Australia has seen a huge rush of Indians who have migrated to the country either for residency or studies or work or to fulfil their aspirations. If you too are migrating to the country ‘down under’, have you thought of how you should go about with your money transfer from India for immigration? You can send money online to Australia for other purposes as well like maintenance of your relatives or for your kids' education etc. You can send Australian Dollars through wire transfer online or a demand draft.

Modes to Send Money to Australia:

You have two ways to transfer money to Australia from India:

1: Wire Transfer Online to Australia (Swift Transfers)

2: Demand Drafts (money orders)

What is a Wire Transfer?

Wire-transfer is the easiest and best way to transfer money to Australia from India. Though wire transfer to Australia is actually done by banks, it is cheaper to use the services of companies since like BookMyForex. Online marketplaces like BookMyForex will get you a better rate on a wire transfer from India to Australia than banks. However, wire-transfers can be expensive. As Banks in India charge anywhere from Rs. 500 to Rs. 1000 to process it. Moreover, most foreign banks that receive the money also charge a foreign correspondent fee ranging from AUD 10 to AUD 40. So when you do a money transfer online to Australia, always be sure of the charges and costs. Send Australian Dollars at Zero Margin and Zero Commission with us.

What is a Foreign Currency Demand Draft?

You can send money to Australia through foreign currency demand drafts. Demand Drafts are physical paper drafts, issued in a specific foreign currency instead of a sending to a specific recipient. Demand draft is much cheaper than a wire-transfer to Australia. You have to pay just the demand draft fee to your bank or service provider. There is no need to pay any fee to the foreign bank receiving the money. This helps you save a lot of money.

However, the problem with demand drafts is that the process takes much longer to transfer money to Australia. It can take longer for the recipient to receive the money than a wire transfer online to Australia because you have to mail the demand draft physically. Once they receive it, it takes few days to en-cash the demand draft. The total number of days combined creates a large gap (maximum up to 10 days) in actually receiving the funds. So demand drafts work out better if there is no emergency. If you need to transfer money to Australia from India on a planned basis with sufficient notice, use demand drafts.

How much money can be sent to Australia from India?

According to RBI’s LRS policy update in 2017, Indians can send up to $2,50,000 or its equivalent per year per person abroad. If you want to send Australian Dollars then the amount is around 338,000 AUD (this number can vary because of currency fluctuations). You can do an online wire transfer from India to Australia or send it via a demand draft.

What are the purposes under which you can Transfer money to Australia from India?

You can send Australian Dollars from India to Australia for the following 8 reasons:

1: Studies abroad

2: Business Trip

3: Medical Treatment Abroad

4: Maintenance of close relatives abroad

5: Emigration

6: Going Abroad on Employment

7: Gift or Donation

8: Private Visits abroad

What Beneficiary details do you need to transfer money to Australia from India?

- Beneficiary Bank Name, Swift Code, Routing number & Correspondent Account No.

- Beneficiary Name, Address (as given in bank)

- Remitter Name, Account Number and Purpose of Transaction with KYC.

- Filled A2 Form cum declaration with signature

What is the Documentation Required to Transfer Money to Australia From India?

You need following documents to Send Money to Australia:

- Original and valid passport

- A valid visa for the country of travel (except where VISA on arrival applies)

- Confirmed ticket-showing travel within 60 days of taking foreign exchange

- PAN (Form 60/61 in case PAN missing)

- Apart from this KYC of sponsoring company would be required as per RBI guidelines

What are the Benefits of making a Wire Transfer to Australia via Bookmyforex.com?

—Smarter, Faster & Most Trusted Way to Send Money online to Australia from India.

- Send Money to Australia from India at the guaranteed best rates.

- Best Rate Guarantee – Find us a BETTER RATE & we’ll beat it.

- Fastest Transfers – Book your order online and have your transfer processed in the next 12 – 48 business hours.

- Best customer support, available 24×7 on every medium (FB/Twitter/Call/Email)

- There are no foreign transaction fees or hidden charges.

Notes:

All foreign currency transactions are subject to Service Tax.

Foreign Exchange and Money Transfer services are available though Tied-up Reserve Bank of India approved Authorized Dealers only. All foreign exchange transactions are subjected to AML/CFT/KYC & FEMA policies instructed by Reserve Bank of India.