How to Send Money from Australia to India?
NRIs staying in different parts of the world need to transfer money to India. Here, we will answer the question - how to transfer money from Australia to India? There are several methods of doing so. We take a look.
Through HDFC QuickRemit: QuickRemit is an online money transfer service by HDFC Bank which can be used to transfer money from Australia to India. QuickRemit comes with several benefits. You get superior exchange rates and also direct credit to the beneficiary’s HDFC account in INR or to accounts in other bank. There is a GST applicable on the amount sent for wire transfers plus a transfer fee which is waived off for higher amounts.
Here are the steps to send money through QuickRemit:
Log on to the QuickRemit website
Select ‘ Australia’ as the country from where you want to transfer the money
You will be directed to a new page. This will display the exchange rates
Click on ‘Remit now’.
Here, you are asked to login. If you are a new user, register yourself
Enter your bank details and that of the recipient
Enter the amount you want to send
Recheck all the details and click ‘Send’.
Once the remittance amount is received (within 4 working days) it is dispatched to the beneficiary
Online transfer through QuickRemit involves a service tax. The minimum number of AUD to execute a transaction is AUD 250. The maximum amount that can be sent in one transaction Is AUD 10,000.
Through wire transfer: Wire transfer is also known as telegraphic transfer. For wire transfers a messaging system called SWIFT is used. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. Banks use this messaging system to share information with each other. Transfer information is also shared through the SWIFT network. In some cases, intermediary banks may be involved. Here are the steps of how to transfer money to India from Australia through wire transfer.
You can initiate a wire transfer request through your NetBanking account. The other option is to visit a nearby bank branch. You may also choose one of the several online wire transfer operators.
You need to fill up a wire transfer form with required details. The information would include certain details like the name and address of your recipient’s bank and the name and the account number of the recipient to intend to send the money to. You would also need the SWIFT code of your recipient bank.
Mention the amount and the currency in which you want to transfer money (In this case it is rupees).
Pay the transfer processing fee and other charges.
Your wire transfer request is initiated. The process usually takes in 1-5 business days allowing for weekends and national holidays. A flat fee is charged for wire transfer, depending on the transfer amount.
Through cheques and demand drafts
We have seen how to send money from Australia to India online. Money can also be sent through cheques and demand drafts. A letter of instruction should mention the name of the beneficiary and the account in which it should be deposited. For demand drafts, you need to fill up a demand draft form. The cheque or the demand draft needs to be drawn in favour of the beneficiary. You need to mail or courier your demand draft to the branch in India. Sending money through cheques or demand drafts take between 15-20 days and 7-28 days, respectively. Though the time taken is higher, these are relatively low-cost options to send money.
We have seen the various options of how to send money to India from Australia. Pick the method that is the most convenient for you.
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* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
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