Sending money from one country to another is known as international money transfer. Due to government restrictions and foreign exchange regulations, sending money from India to Australia can be expensive, unless you opt for the right money transfer service provider.
The Reserve Bank of India’s (RBI) Liberalized Remittance Scheme (LRS) allows an Indian citizen to remit foreign exchange up to USD 250,000 (or its equivalent amount) per financial year. In addition to that, there is a condition – the reason to send money from India to Australia has to be one of the following:
- Overseas education expenses
- Medical treatment
- Care for a close relative
- Emigration fees
- Visa fees
If your reason is listed above, you may transfer money from India to Australia. There are several money transfer services available. Before you choose one, it is advisable to compare them on the basis of the following parameters:
- Wire Transfer Rate –
One of the key parameters which could make the entire transaction expensive is the wire transfer rate. Compare the rate between all the agencies and the banks before zeroing upon a particular one. While banks are known to charge anything between 2.5 to 6%, BuyForexOnline charges just one percent.
- Sending Fee –
Sending Fee is an important factor to be considered when sending money from India to Australia. Some money transfer service providers charge a flat fee and some charge a percent of the total sending amount. BuyForexOnline, on the other hand, has zero charges for the same.
- The Procedure –
It is not worth sending money through a money transfer agency or bank if their sending procedure is complicated. Whatever the reason, be it for education, work, or medical reason, the procedure of transferring money from India to Australia using Buy Forex Online is fairly simple.
- Transfer speed –
Time can be a critical factor when transferring money abroad. It’s important to check with foreign money transfer service providers to find out the time taken for a transaction. If you want to send money quickly, BuyForexOnline.com offers Money Transfer service from India to Australia in just 24 to 48 hours.
- Online presence –
In this Digital Age, being available online is not optional, it is mandatory. A Forex Agency which is established online would allow you to transfer money from the comfort of your home. BuyForexOnline, as the name suggests, is available online. It is, in fact, India’s first and only completely online Forex vendor.
- Hidden charges –
You may think that the aforementioned points are all that you need to watch out for. Unfortunately, there are a few Forex agencies which hide some extra charges. To filter those agencies, check whether they have a license issued by the RBI or not. BuyForexOnline guarantees transparent beneficiary charges and assures that there are no hidden charges.
- Customer Support –
Albeit often overlooked, customer support is essential. Check the options provided by the money transfer agency or the bank in case you need help. BuyForexOnline has dedicated customer service agents who can be reached out through phone call, email, and even Whats-App.
BuyForexOnline > Any other Forex Agency > Bank
Now that we know that there are multiple ways to send money from India to Australia, let’s compare their costs:
Mr Karthik wants to send money to Australia from India. The purpose of sending money is for his daughter’s education. He compares the cost of sending funds from a bank, a traditional money transfer agency, and BuyForexOnline. Following is a table depicting the same:
|Banks||Traditional Money Transfer Agencies||Buy Forex Online|
|Transfer Amount||AUD 1000||AUD 1000||AUD 1000|
|Exchange Rate||AUD 49.41||INR 48.64||INR 48.46|
|Sending Fee||INR 200||1%||Nil|
|Total Amount||INR 49610||INR 49126.4||INR 48460|
|Monetary Difference||INR 1150||INR 666.4|
|Time Taken||Up to three days||Up to four days||Up to two days|
Exchange Rate as on the date of writing this article (28-05-19)
It is obvious from the above table that banks are more expensive than traditional money transfer agencies, and are even more expensive than BuyForexOnline. That’s not all, the time taken to complete the transfer by banks and traditional money transfer agencies is also more than the time taken by BuyForexOnline.com.
If Mr Karthik is smart enough, he would opt for the right one.
Summing it up, sending money from India to Australia through a transfer provider, especially a bank can be expensive, complicated, and time consuming.
The most cost effective, time efficient and simplest way to send money to Australia from India is through Buy Forex Online.