Use These Means to Send Money From Australia to India

Despite moving to another country, you tend to stay connected with your loved ones. Apart from the regular phone or video calls, making frequent transfers to India also becomes common. You become monetarily tied to those back home, one way or the other.

Besides, there are several means available today that help you send money to India. They are payment modes that simplify transactions made from one country to another. Therefore, if you are in Australia and wish to make such transfers to India, look no further. Below are some of the fastest money remittance methods you can opt for:

Wire transfer

A wire transfer electronically transmits money between two parties. When you send money from Australia to India using this mode, it usually follows a particular system. It notifies the recipient bank through its correspondent bank in Australia. However, if your bank is a part of the SWIFT network, it sends the money via the same.

Cheques/demand drafts

Another way to make a money transfer from Australia to India is through cheques or demand drafts. For this, you can send the same to a branch of your bank in India. However, you should also attach a letter mentioning relevant details like:

The recipient’s full nameThe recipient’s bankThe recipient’s Bank Account NumberThe transaction amount (Be sure to check the exchange rates beforehand)

Once the bank in India receives this along with your demand draft/cheque, they transfer it to the mentioned Bank Account. Ideally, they do so within 30 minutes of receiving the cheque and the details.

Third-party transfers

You can make money remittances to an Indian bank Account via third-party transfer options. However, the transaction in this method will be processed through online money transfer providers. Check their credibility to dodge fraudulent activities.

NRE/NRO Accounts

When you become a Non-Indian Resident, you need to opt for a specific kind of Bank Account. This includes a Non-Resident External (NRE) Account or a Non-Resident Ordinary (NRO) Account. The same may be used to make an Australia to India money transfer.

Simply use a payment mode on your banking app. Then, enter the recipient’s details and confirm. Your banking partner will process the payment as soon as the recipient’s bank approves the transaction.

Online Account transfers/ACH

Online Account transfers are processed through Automated Clearing House. It is a network that facilitates electronic payments and automated money transfers. It moves money between banks without the involvement of cheques, wire transfers, or credit card networks. Hence, it is an appropriate means to transfer money to India.

Money transfers

A money transfer company offers money transfer services for international remittances. Therefore, consider them if you want a fast and inexpensive mode to send money from Australia to India. By doing so, you can enjoy lower transfer fees, better exchange rates, and efficient customer service.

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