Everything Indian
Whether you’re interested in moving funds from India to Australia or the other way round, you need to have an idea of the avenues available. Since then, the United Payments Interface has extended its umbrella to include foreign transactions, including Australia. But do you know about the other methods? How does one utilise them? If you’re looking to save time and money, then read on.
01. Bank Transfer
You can visit your local bank branch and submit a foreign remittance request. For this, you need two key details: your PAN number and the recipient bank details. Like IFSC code for Indian banks, banks all over the world can identify each other through a unique code called SWIFT. You can submit the required funds in cash or drop a cheque if you want to avoid the hassle of dealing with cash. The outward remittance usually takes 3-5 business days. Also banks deduct some forex charges in each transfer, which differs from bank to bank. Do check out the forex and other charges before going ahead with international bank transfer.
02. PayPal
Paypal is an American international FinTech company that deals with payments all around the globe. Through PayPal, you have two options of sending and receiving money: you can either pay for an invoice if you are dealing in goods/services or you can send money directly to your family and friends. The funds can be transferred to your bank account, anytime at your disposal. For transferring funds, you just need the email address of the recipient to which the PayPal account is linked. In case you transact between family and friends, the funds are sent and settled instantly without any delay. The transfer service charge of PayPal is 5.55%. So, for example, if you are planning to send 100 AUD, the person in Australia will receive 94.45 AUD.
Also Read : Best Indian Clothing Stores in Sydney
03. Wise
Wise is a London based financial technology company that specialises in foreign exchange transactions. It works almost like a digital bank account. You just need to enter the details of the recipient’s account to dispatch the funds. Wise transfers are based on real exchange rates, and they charge a nominal fee. Hence, they are much cheaper than PayPal. The only drawback is that the funds get settled within 24 business hours, and not instantly.
04. UPI
As already mentioned earlier, UPI has broadened its scope and included foreign transactions in its latest press release. It currently supports sending and receiving funds to ten countries, including Australia. This is very helpful for the NRIs, and the only requirement is that their domestic bank account must be linked to their phone numbers abroad. Sending money through UPI is as simple as sending a text message; you just need the mobile number of the recipient, enter the amount and hit Send. Fund transmission through UPI involves zero charges and gets processed within seconds. However, do check the policy with your Australian Bank if they charge any fee on incoming funds through UPI.
05. Cryptocurrency
Who thought that the tech giant would enter the TV box industry? The Nvidia Shield Pro is still the best streaming gadget on the market. As far as streaming devices go, this Android-powered set-top-box cum games console is as efficient as it gets. Moreover, it has many features that will appeal to fans of both movies and video games.
06. A95X Max
It’s 2023, and would be misleading if we don’t inform you about crypto wallets. Although the crypto market is notorious for being extremely volatile, it is one of the readily available methods of transferring capital. Here, you don’t transmit funds directly, instead you deal with crypto assets like BitCoin, Ethereum, etc. For this, you need to open an account with a globally regulated crypto exchange like Binance. Just add your funds to Binance, convert them to your desired asset and add them to the wallet. To remit the assets, you need the recipient’s wallet ID. The assets are transferred instantly in accordance with real-time crypto exchange rates. The recipient can then convert the crypto asset to their country’s currency anytime they desire.
07. Digital Wallets
Several cyber wallets or e-money transfer services are available which can be used for international transfer. The upside is that you don’t need to connect these to your existing bank account. Just sign up to any of the wallets and add the money through debit/credit cards. To send the money, you need the email address of the recipient to which their wallet is linked. The funds can be automatically withdrawn to your bank account directly after the payment is processed. Some of the popular recommended digital wallets which function worldwide are Skrill, AstroPay and Neteller
Final Note :
That was all for the methods you can avail to transfer money directly from India to Australia. We hope that the article helped clear all your doubts. If you have any queries or suggestions, do leave us a comment.
GIPHY App Key not set. Please check settings