Sending Money from India to Australia? Here’s What Every BookMyForex Customer Should Know!
Understanding Wire Transfers
Need to send money from India to Australia? Whatever the reason, wire transfers are a secure and reliable way to send money abroad. Your money is transferred electronically through trusted networks like SWIFT, ensuring it reaches the recipient’s bank account safely. All you need are a few details: the recipient’s name, their account number, and the bank’s SWIFT code.
But here’s the catch: Indian banks charge quite high fees for this service, and they often add a 2-3% markup to the exchange rate. That’s where BookMyForex comes in! We offer zero transfer fees and guarantee the lowest exchange rates. Why spend extra when you don’t have to? Plus, your money is processed through trusted partner banks, so it’s just as safe as using your regular bank but way more affordable.
Why Indians Transfer Money to Australia
Under the Liberalized Remittance Scheme (LRS), Indians can remit up to $2,50,000 in a financial year, and Australia is one of the most popular destinations for sending money. Here’s why:
1. Education: Australia is a hub for international students, with top universities like the University of Melbourne, ANU, and UNSW. Indian families frequently send money to cover tuition fees, accommodation, and living expenses for their children studying there.
2. Family Support: Many Indians have relatives living in Australia, whether they’re students, skilled workers, or permanent residents. Sending money to help with day-to-day expenses or emergencies is a common practice.
3. Migration and Settlement: Australia is a dream destination for Indians looking to migrate for work or permanent residency. Wire transfers are often used to fund initial settlement costs, such as renting a home, buying furniture, or setting up utilities.
4. Medical Treatment: Australia is known for its advanced healthcare system, and some Indians travel there for specialized treatments or surgeries. Families send money to cover hospital bills, doctor consultations, and recovery expenses.
5. Investments: Australia’s real estate market is booming, and many Indians invest in properties in cities like Sydney, Melbourne, or Brisbane. Others send money to invest in Australian businesses or stocks.
Documents Required for International Money Transfers to Australia
The documents required for international money transfers through BookMyForex vary depending on the purpose of your transfer. For example, if you are transferring money for education purposes, you’ll need to upload the admission letter from the Australian university. For personal fund transfers to loved ones, proof of your relationship with the beneficiary is necessary.
However, there are two mandatory documents for all transfers, regardless of the purpose:
—PAN Card
—Remitter Photo Cum Address Proof
For a detailed list of documents based on the purpose of your transfer, visit here
Factors to Consider When Transferring Money to Australia
1. Exchange Rates: Exchange rates can make or break your transfer! The rate determines how much INR converts into Australian Dollars (AUD). Even a small difference in rates can mean a lot when you’re sending a large amount. Hence, always compare rates to get the most value for your money! For example, if one provider offers ₹54 per AUD and another offers ₹55, you’re saving ₹10,000 for every 10,000 AUD sent. BookMyForex guarantees you the lowest rates, unlike banks that often charge up to 2.5% extra.
2. Transfer Fees: Nobody likes paying extra fees. For money transfers to Australia, banks in India usually charge flat fees of ₹1500 to ₹2000, and some platforms charge a percentage of the transfer amount, which can go as high as ₹8000. But here’s the good part! BookMyForex offers zero transfer fees for sending money to Australia. Just use the promo code "ZEROBANKFEE" when placing your order via our website or mobile app and save yourself some money!
3. Intermediary and Recipient Bank Charges: When transferring money to Australia, your funds might pass through intermediary banks, which can deduct fees for it. Additionally, the recipient’s bank may charge a fee for processing the incoming funds. To avoid unexpected deductions, choose a platform like BookMyForex that shows you the exact amount your recipient will receive. No surprises, just transparency!
4. Transfer Speed: Need the money to reach Australia quickly? Speed matters when you are sending money overseas for urgent reasons! Bank wire transfers usually take 3-5 business days, but BookMyForex processes transfers much faster, within 12 to 48 business hours. For education-related transfers, we even offer same-day processing. It’s fast, reliable, and stress-free!
5. Security and Compliance: When sending money abroad, security is a top priority. Always choose a platform that uses advanced encryption and secure payment gateways to protect your data. BookMyForex ensures your information is safe with secure payment systems and document watermarking. Plus, we comply with all RBI regulations and FEMA guidelines, so you can transfer money abroad with confidence.
6. Tax Collected at Source (TCS): Here’s what you need to know about TCS: For education and medical expenses, a 5% TCS applies, while for other remittances exceeding ₹7 lakh in a financial year, a 20% TCS is charged. Transfers below ₹7 lakh are exempt from TCS. The best part? You can claim the TCS amount when filing your income tax return.
