How you can effortlessly send more money from Australia to India with the right transfer service.
Aussies are spoilt for choice when it comes to sending money to India. With so many services to choose from, you want to use the best service for your needs so it's cheaper to send funds abroad. Your recipient can also receive more if you choose a provider that offers great rates and low fees.
Sending money to India is easy with a service below
You can compare money transfer companies in the table below. Using the table headings you can sort through products based on their fees, minimum transfer amounts and transfer speeds. If you're interested in a product and want to learn more, click 'More', and if you want to register for an account click 'Go to Site'.
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How to transfer money from India to Australia
- Ensure that you have your recipient's full name and residential address (unfortunately PO boxes are not accepted)
- You will need your recipient's IBAN or bank account number
- Or their SWIFT code or BIC Code, alternatively the full bank address
- Log into your money transfer account and initiate a transfer
- Select the country you're transferring to as "India"
- Enter the details you've collected of the person you are sending money to
- Select the transfer amount and set the currency as "INR"
- Confirm your transfer
Click to take a closer look at the providers who support the INR
- State Bank of India
Banks vs money transfer companies
Aryan owns a small clothing store in Chennai, India. Over the last few years he has seen a growing interest for Indian made clothes overseas, especially in Australia. He is now considering expanding his small business to Sydney, and having his wife export the products to him.
While looking into the visa and business licensing requirements for this venture, he decides to also look at ways that he can send his profits back home to his wife. He first checks the difference between using a bank and using a money transfer service:
|Bank||Money transfer service|
|Exchange rate||51.2 Indian Rupees (INR) per Australian dollar (AUD).||53 INR per 1 AUD.|
|Transfer fee||$20 fee for each transaction.||$17 fee for each transaction.|
|Amount received for $1,000 AUD||When Aryan sends his wife $1,000 AUD she will receive 51,202 INR. This amount may be lower if the receiving bank charges a fee.||Aryan's wife will receive 53,070.23 INR.|
|Transfer time||Three to five business days.||In approximately 10 minutes.|
|Transfer options||Bank account transfer to an existing bank account in India.||Aryan’s wife will need to go to an agent to pick-up cash.|
Conclusion: Aryan’s wife will receive 1,868 more Rupees if Aryan uses the money transfer service. Aryan will also save $3 AUD on his end this way.
How do I compare transfer companies when transferring money to India?
Aryan learned a lot from his inquiry into his money transfer options. When comparing services, look for the following features and rates to find the one that offers the most value:
- Competitive exchange rates. While official rates are set, financial institutions have the right to make adjustments to cover their costs. How much of an adjustment is made will make a difference in the amount received. While 1,868 Rupees may not seem like much, once you start multiplying that by the number of times a month Aryan will be sending money home, it becomes a large sum.
- Little to no fees. The bank charges a standard fee on all transfers regardless of the amount. To compare money transfer options you will need to inquire about different cash amounts to see how much the fee is going to be.
- A range of transfer methods. Depending on your circumstances, you may prefer a bank account to bank account transfer rather than a cash pickup.
- Fast transfer times. There is a considerable difference between the transfer times with banks and money transfer providers. For regularly scheduled payments the bank is an option, but when your recipient is facing an emergency, you will have to use a transfer service company.
- Suitable transfer amounts. Some services will have a minimum and maximum amount dollar that can be sent with each transaction. Ensure that your transaction fits into the limits of any service you plan to use.
- Reliable customer service. When transferring money frequently, you will want the peace of mind in knowing that there is an agent you can be connected with immediately if there is a problem with the pick-up.
How do I send money to India from Australia?
With the large Indian population in Australia and the amount of trade between the two countries, you will find a number of providers and methods available when you need to make a money transfer.
- Money transfer services. You can send money to India using a range of dedicated money transfer services. Many of these services offer competitive rates, quick transfer times and a range of extra services, such as limit orders and forward contracts. You can compare these services above.
- PayPal. You could set up two valid PayPal accounts to transfer money back and forth. A credit is needed to add money to your account, which you can then transfer to the second one. There is a fee per transfer with this service and there may be restrictions on the amount of money that can be sent.
- Citibank Plus transaction account. An international banking network, a Citibank Plus Transaction Account allows for money transfers to India. There is no minimum amount and the transaction can be made online, over the phone, at an agent or from bank account to bank account for no fee.
- Send a cheque in international currencies such as Euros or US dollars. When sending money to India from overseas countries you should ensure that the cheque is in recognised international currency, but this is one the most slowest ways to send money. You should also provide a solid proof to the bank you are sending from and the reason as to why you are sending the money to India such as a legal document demanding you to send the money to India. After providing the legal document, you need to provide the bank account details of the person you are sending the money to and the amount in your preferred international currency that you want to send.
Emergency cash transfers in India
An Australian travelling to India can also take advantage of money transfers services in the event of an emergency.
- Transfer service company. If you have money sent to you through a money transfer service you will first need to make sure that they offer a cash pick-up option, such as MoneyGram or Western Union. You will need to present your picture identification in order to pick-up the money.
- Travel insurance. It is advised that you purchase a travel insurance policy when leaving Australia for a holiday or business. Some of these policies have procedures in place to get cash to you if your wallet is lost or stolen. Make sure that you do obtain a police report under those circumstances for use when filing your claim.
- Credit card insurance. Major credit card providers also offer travel insurance as part of their plan. If you contact your credit card company using their emergency phone line. They will make arrangements to have cash sent to you while waiting for a replacement card.
Cash pickup locations in India
Below you will find listed a number of cash pickup agents in India where you could go to receive your money sent from Australia. These companies will ask for your identification as well as a reference number and the name of the sender.
Chennai Bank of BarodaNo 15 Sskoil Street Mangadu
Mangadu ChennaiChennai, Tamil Nadu 602 101
Open Monday through Saturday 9 am to 7 pm Sunday closed.
Canara Bank Niot Campus Narayanapuram PaLlikarani Kancheepuram
Chennai, Tamil Nadu 601301
Open Seven days a week from 9 am to 7 pm
Delhi - Arora Business Centre58 Shop in House No. 158G F Village Moti Bagh li
New Delhi, Delhi 110021
Open seven days a week from 7 am to 9 pm
Chennai Indian Bank #52Madras-Bombay Trunk Road
Open Monday through Friday 10 am to 3:30 pm Saturday 10 am to 12:30 pm Sunday closed
IDBI Bank #441-AtreyapuramA14-20 Sandeep Building
Open seven days a week from 10 am to 4 pm
Delhi State Bank of Hyderabad
Plot No. 74 Chachi BuildingSatnam RoadNew Delhi, 110051
Monday through Friday 10:30 am to 4 pm Saturday 10:30 am to 1 pm Sunday closed.
PNB #184600 New Delhi Connaught Plot No. N#46Connaught Place
New Delhi, 110001
Open Monday through Friday 10 am to 6 pm Saturday 10 am to 1:45 pm
Tips for picking up cash in India
If you do have plans on visiting India, be advised that Department of Foreign Affairs and Trade (DFAT) recommends that Australians exercise a high degree of caution when travelling to India. If you need to go to an agent to pick up cash make sure that you don’t travel alone and that you are riding with a reputable cab company. Return straight back to your hotel and secure the cash before heading back out for sightseeing.
How to pick up a money transfer in India
If you decide that the bank option is the best for your situation then you will need to set up a bank account in Australia. If you like the money transfer option then you will need to keep the following in mind:
- Identification. Cash transfer agents are careful when distributing money. The recipient will have to present a photo ID, where the name is an exact match for that on the transfer order.
- Tracking code. A tracking code will be on the paperwork received when placing the transfer order. The recipient will have to be able to present that same number to the agent.
- Amount sent. The agent will ask the recipient how much was sent. As the sender you will need to contact the recipient after the money has been sent and let them know the tracking code and amount sent.
- Address. When placing the transfer order you may be asked to provide the city where the money will be picked up in.
Once the transaction has been completed you should hold on to the paperwork at least until you have confirmed your recipient was able to pick up the cash. You will need this receipt if the money was not sent as verification for your transaction.
With the large amount of monetary transactions being conducted between Australia and India daily, there will be a number of choices for transfer service companies and banks. Compare the options you find to make sure that your Australian dollar is netting you the maximum amount of Rupees possible.
A background: Australia and India
This large population creates a need to have secure methods of sending money to India. Not only for personal reasons, but the amount of trade between the two nations necessitates this as well. The Australian Department of Foreign Affairs and Trade (DFAT) recognises that the growth of trade between Australia and India has been remarkable over the last decade, showing an increase of 24% from 2008 to 2009.
In March of 2014 it was reported that Australia had exported $111,597,501.61 AUD in goods and services to India, while receiving $22,437,984.73 in exports from the nation. This amount of trading requires safe and reliable methods of currency transfers. Migrants from India are one of the fastest growing populations in Australia. As of 2012, India became the largest source of permanent immigration into the country, making up over 15% of the entire migration program. You will find the largest concentration of these migrants making their new home in New South Wales, Australia.