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 to fulfill 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 to Australia from India for immigration? We’ll tell you the options….
You can choose from the following options to send money from India to Australia:-
- Demand draft – If you don’t have a bank account in Australia yet, demand drafts are a good way to send money from India to Australia. It is also the most cost effective way to do a money transfer to Australia from India. Rs. 500 – Rs. 1500 is all it costs as bank charges for your demand draft. It’s even cheaper if you book your transaction with BookMyForex…. you end up paying only Rs. 200 (the lowest ever in India) and also get the best currency exchange rates in India! Since you will anyway be going abroad yourself, with a demand draft you can save on the corresponding bank charges as well (an exorbitant USD 10 –USD 40). Moreover, just like cheques, demand drafts are easily encashable abroad.
- Wire transfer (SWIFT transfer) – Wire transfer is definitely the quickest and most convenient way to send money from India to Australia if you have a bank account there where you can transfer the money. Banks charge anywhere between Rs. 500 to Rs. 1500 for a doing a wire transfer for money transfer to Australia from India. To get the guaranteed best rates for doing a wire transfer to send money from India to Australia, BookMyForex is your best bet since it charges only Rs. 200 for the transaction, the lowest in India. Additionally, a foreign correspondent fee ranging from USD 10 to USD 40 is charged by the foreign banks receiving the money, making it a little expensive as compared to demand drafts.
- Prepaid Forex Card – Yet another mode of money transfer to Australia from India is through a prepaid forex card. Their easy acceptability anywhere in Australia is a huge advantage. Another advantage of using forex cards is that you don’t have to worry about exchange rate fluctuations. However, you should consider opting for a prepaid forex card to send money from India to Australia only if you intend to use the money by paying though your card because if you plan to withdraw money from the card & put it in account, you can end up paying additional withdrawal charges. Cash withdrawal from any ATM attracts transaction withdrawal charge that is approximately 2 USD equivalent per withdrawal.