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Send Money from India to Australia with BookMyForex

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, studies, work, or to fulfill their aspirations. This necessitates regular money transfers from India to Australia. It could seem like a big challenge for first-timers to remit funds abroad, but it's effortless if done through online platforms like BookMyForex.

Exclusive Tie-Ups With Leading Banks for International Money Transfer 

Through partnerships with reputable institutions like Yes Bank and RBL Bank, along with other trusted service providers, we facilitate smooth and hassle-free international money transfer services to Australia. These select tie-ups guarantee quick, secure, and cost-effective transactions, with customer satisfaction as our primary focus.

Ways of Sending Money to Australia from India:

You have primarily two ways to transfer money abroad:

1: Wire Transfers 

2: Demand Drafts 

What is a Wire Transfer?

Wire transfer is the easiest and best way to transfer funds to Australia from India. Money can be transferred quickly and securely using this method. Banks in India charge anywhere from Rs. 500 to Rs. 1000 to process wire transfers. Moreover, most foreign banks that receive the money also charge a foreign correspondent fee ranging from AUD 10 to AUD 40. Online platforms like BookMyForex offer far better rates compared to most banks, and we do this without imposing any extra transfer fees.

What is a Foreign Currency Demand Draft?

Despite online remittances and wire transfers being the most popular means of sending funds abroad, some people still use foreign demand drafts. These are physical paper drafts issued in foreign currencies. Note that transferring money to Australia by demand draft is a much more time-consuming process.

How to Transfer Money from India to Australia with BookMyForex? 

Have you got friends, family, or acquaintances in Australia? Are you looking for a convenient way to send them funds monthly or occasionally? With BookMyForex, you can make secure and easy wire transfers from India to abroad. With just a few steps on our website, you will be able to remit money to Australia:

1. Order Details: Enter your city, transfer country, and the amount. 

2. Customer Details: Verify the remitter's details using an AADHAR card and PAN card.

3. Eligibility Check: Indicate the purpose of remittance and upload the documents.

4. Beneficiary Details: Fill in the beneficiary's name, address, bank details, and SWIFT code. 

5. Review Order: Check order details and submit the payment online.

After completing the above steps, a digital A2 form will be generated. Our partnering bank will process your transfer post doorstep KYC and provide a SWIFT acknowledgment shortly afterward.

Why is BookMyForex the Best Platform for International Money Transfers?

BookMyForex is recognized as India's most trusted platform for international money transfers, known for its unbeatable rates and smooth transfer process. Here’s why the platform is the top choice for those seeking a reliable and effortless experience:

1. Fully Digital & Paperless Process: Wire transfers can be booked online in five minutes with our quick, digital, and paperless booking process.

2. Fastest Method of Transfer: We offer the fastest method to send money to Australia, with funds usually available within 12 - 48 working hours.

3. 24*7 Booking Option: Live and transparent transfer rates are displayed 24x7, so you can place your order online whenever it is convenient for you. 

4. Affordable Rates: Save up to 2-3% on transfer charges when you book your remittance order online through BookMyForex. In contrast, your bank is most likely to charge you a lot more than BookMyForex.

5. Save Money on Every Money Transfer: You can save up to 5% on every transfer with BookMyForex as we offer zero bank fees and zero nostro charges. 

6. Book Now Pay Later Option: With the "Book Now and Pay Later" feature, customers can lock rates for up to 3 days with a refundable deposit of 2%. It is useful when currency rates are volatile.

Factors to Consider When Sending Money from India to Australia

Certain significant factors need to be kept in mind to ensure a seamless and cost-effective funds transfer process. Here's what you need to consider:

1. Exchange Rate: The exchange rate can influence the final amount received by your recipient. It's advisable to compare rates from different providers to secure the best deal.

2. Transfer Charges: The fees charged for money transfers can vary among providers. It's important to understand these charges to steer clear of unexpected costs.

3. Speed of Transfer: The duration it takes for funds to get to the recipient can differ among providers. Some offer immediate transfers, while others might take a few days.

4. Service Provider: Choose a trustworthy and dependable provider. Review that the provider conducts funds transfers through authorized banks and provides transparent pricing.

5. Regulatory Adherence: Make sure your transfer meets all regulatory requirements, including limits on transfer amounts and the necessity for appropriate documentation.

6. Security: Transaction security is crucial. Opt for providers known for thorough security measures to safeguard your money and personal information.

7. Tax Collected at Source (TCS): For remittances from India to Australia, a TCS of 5% applies for education and medical-related transfers, and 20% for other money transfers. This is applicable only if the total amount exceeds INR 7 lakh in a fiscal year. No TCS is charged if the total money sent in a fiscal year is less than INR 7 lakh.