Sending money to India from Australia
If you are newcomer to Australia and want to send money to India, then familiarizing yourself with the terms like exchange rates, current conversion charges, transfer charges ,time to transfer can help you make a better decision to compare the different ways to transfer money to India and getting better exchange rate.
The first step to make an informed decision is to compare costs and exchange rates in Market. There is plenty of website around but the one which I often visit and found quite handy are following
Both of the above website gives you a snapshot of comparison between different providers that can be used to send money to India. You can compare various features of different providers like exchange rate, cost and time to transfer on a single page.
The second step is to access the different ways of sending money to India which through my experience spans to the following categories
Nowadays you can send money through internet by setting up an initial account with the provider who then transfers the money to the nominated receiver bank account in India.The transfer method is convenient and fast but you need to make sure you are comfortable with the provider and make sure check the security features of the website.
International Money transfer through your Australia Bank
Although an expensive proposition as far as the transfer fee is considered Australia banks provide IMT services to India which can take up to 5 days.
Although i myself haven’t used this service but if you want to try I would recommend Common wealth bank who I am banking with last 12 years
International Money transfer through Indian Bank in Australia
If you have a bank account with an Indian bank who has branches in Australia then you might be able to get a better exchange rate through online transfer as there won’t be any processing fee.
Over the counter
Over the counter is the easy and secure way to transfer money to India with cash or your eftpos card. You might approach a money transfer company at their store front or use a third-party convenience-store counter. The person you send the money to will collect the cash at the money transfer office in their country.
If you are a first timer and really want to get an expert advise,
I was recently contacted by a very friendly guy called Ashish Shah from Vglobal. They are a relatively young currency exchange company who have developed into the fastest growing and one of the largest in the Australia. They have capitalised on the fact that, these days, you don’t need big offices in Australia to do currency exchange deals.So they can work on slimmer margins than most other companies would care to, passing on the savings and benefits to their customers on the exchange rates they provide.