Before starting reading on How to transfer money from India to Australia at Best rates, Let us understand how wire transfer process works and what exactly it is:
What is Wire Transfer?
A wire transfer is the transfer of funds electronically from a bank or a financial institution to another bank using an approved and internationally viable money transfer system.
In financial terms, a wire transfer is known as remittance.
Hundreds of banks and financial institutions around the world are packed with each other through international banking protocols to receive or pay money electronically on behalf of any two account holders (one payor and another receiver) of similar or different banks or financial institutions.
Wire transfer is an easy, fast and cost-effective way of transferring money.
The Relation Between India and Australia
If we look at the strategic relationship between India and Australia, it is impressive like the ones in the India-Pacific region, which is trying to establish the cultural links as well as connections between people.
India is the 9th largest trading partner of Australia. After World War II there has been the promotion of economic growth between the two countries.
They are working together towards their collective interest. Both the countries being democratic respect for the citizens right.
These democratic practices have resulted in cooperation between these two nations. India’s new vision of GST or Goods and Services Tax was welcomed by Australia.
India and Australia are the founding members of the Asian Infrastructure Investment Bank.
How to Transfer Money From India to Australia at Best Rates?
If you want to transfer money from India to Australia for any important purpose, use FxKart Outward Remittance Portal for utmost convenience. Follow some easy steps as mentioned below:
Follow Some Easy Steps to Send Money From India to Australia:
- Check the Transfer Breakup
- Log Into the Portal
- Update Sender Bank Details
- Update Receiver Bank Details
- Update KYC
- Make Payment Online
- Remittance Processed
Enter Your Details, We will get you the LOWEST Rates Compared to Banks.
Step 1: Check the Transfer Breakup
Create the outward remittance request and select the amount and the currency you want to transfer. Also, select the purpose of transfer like medical remittance, overseas education or any tour payment, etc. Then click on the VIEW TRANSACTION breakup feature to know the exact amount you need to pay.
Step 2: Register Or Log Into the Portal
After seeing the breakup and If you feel our rates are competitive and want remit to Australia then Create an account and enter the details like name, mobile number, email id and password. If you have already created an account just sign in with your user Id and password.
Step 3: Update Sender or Remitter Bank Details
After you log onto the account, the screen will show you the payable amount, there you are required to fill the sender details like Name, Permanent Account Number, passport number, Aadhar number. Update the bank details like the bank name and branch, Account number, IFSC, and other details.
Step 4: Update Receiver Bank Details
Fill in the bank details of the beneficiary such as the Account holder’s name, Bank Account number, Bank’s name and Branch, and also the SWIFT code.
Step 5: Update KYC
Upload and update the soft copies of KYC or Know Your Customer documents for verification purpose. (Please note: All the KYC documents are verified online by our account managers)
Step 6: Make Payment Online & Your Outward Remittance Will Be Processed
You can pay the full amount either by Netbanking or NEFT (National Electronic Funds Transfer), IMPS (Immediate Payment Service) or RTGS after blocking rates online. Submit the request for money transfer and the money will get credited to the bank account of the beneficiary.
Types of Outward Remittance Supported From India to Australia at Fxkart:
Following are the different purposes for which you can send money from India to Australia.
The Authorized Dealers (AD) Category I and II Banks can release foreign exchange up to US$ 2,50,000 to the residents’ individuals for overseas education without requesting for an estimated amount from the foreign university. However, these banks can allow remittances without the prior approval of RBI in excess of US$ 2,50,000 depending on the estimate received from the overseas university.
An individual can draw an amount up to US$ 2,50,000 from the AD Category I & II Banks for the purpose of immigration or an amount specified by Australia. Remittance of foreign exchange in excess of the limit of US$ 2,50,000 is permitted towards meeting the incidental expenses of Australia but not for earning credits to become eligible for immigration for making foreign investments in the land, government bonds, etc.
Overseas Medical Treatments
The ADs can release foreign exchange up to an amount US$ 2,50,000 in a Financial Year without asking for an estimate from the doctor or the hospital. The Authorized Dealer can release an amount in excess of this based on the estimate received from any doctor in India or any doctor/hospital from abroad.
In case any person who falls sick after proceeding overseas, the Authorized Dealer may release foreign exchange without the prior approval of RBI for the purpose of medical treatment outside India. Additionally, an amount of USD 2,50,000 in a financial year is allowed to the person who accompanies the patient as an attendant to abroad for the purpose of check-up/medical treatment.
While touring abroad, a resident Indian can accept foreign exchange aggregating to an amount of US$ 2,50,000 from FFMC or Authorized Dealer in a financial year. It is irrespective of the number of visits made during a year.
Features of FxKart’s Digital Remittance Portal
RBI Authorized Remittance Partner
FxKart has tied up with the Authorized Remittance partners of RBI for processing all kinds of remittances from India to Australia. Our objective is to provide transparent and hassle-free abroad payments.
Lowest Rate Compare to Banks
We offer the best rates, unlike the banks who charge high rates. Even a slight variation in the forex market impact the currency rate in a major way. FxKart charges interbank rates plus 5 to 8 paise per transaction banks normally change interbank rates with higher margins plus additional processing fees. We save your hard-earned money.
Lock Best Rates
Fluctuation in currency rates is a matter of great concern for the Indians who regularly transfer money overseas. Our portal tries to solve it by locking the most favourable rates.
Hassle Free Documentations with Online Verification
We help to transfer money from India to Australia in no time. Be it education fee, travel cost, or medical remittance, fund transfer is smooth-sailing here. Even the verification of the documents is done online, which makes the whole system really hassle-free.
100% Safe and Secure Portal
All modes of services of FxKart is 100% safe and secure. They support all kinds of online payment methods like Debit cards, Net Banking, RTGS, NEFT.
Frequently Asked Questions
Q: How much does it cost for Transferring Money From India to Australia?
This is a very common question that you come across while thinking to transfer money from India to Australia. At Fxkart, there are absolutely no hidden charges involved, like in case of banks or local dealers.
The banks usually charge a commission that is very high, around 1 % of the transaction amount. We don’t charge like Banks (Processing Fee, Higher Margins, Above IBR (1 to 2 Rs) – We charge IBR + nominal charges based on the volume of requirement.
Q: How long does it take to transfer Money From India to Australia?
Transferring money from India to Australia is quite easy and it takes only around 1 day of International bank working hours (Also you can download the SWIFT copy on next day).
Q: How Does the Recipient Get the Money?
At Fxkart, we ensure that you are easily able to send money from India to Australia. After we receive your money, we convert the amount into the desired currency. As the next step, this money is then transferred from our local bank account to the recipient’s bank account in the destination country. This happens online and there is no need to collect the money at a specific location. The money gets deposited directly in the recipient’s bank account.
Q: Who processes your Outward Remittance From India to Australia?
Fxkart is 100% reliable and trustworthy and follows proper steps to transfer your money to Australia. We have RBI authorised remittance partner who has AD2 category license.