Find the Best Way to Transfer Money to India
To find the best way to transfer money to India, you should compare your options. Even before you do that, it's important to understand how it actually works.
How to transfer money to India from Australia
While each bank and money transfer service is different, you will always need to follow these steps to transfer your money safely and quickly:
- Setting up an account usually takes 5-10 minutes and make sure you have some I.D. on hand
- Enter the bank details of the person or company you are sending the money to
- Pay for your transfer using a card or bank transfer
Now that you know how to transfer money to India, you can compare your options. We understand, this isn't easy.
Every bank and money transfer company offer different exchange rates and transfer fees depending on how much you want to send.
That's why using our table compares the total cost of the transfer, based off the amount of your transfer.
How to find the cheapest way to transfer money to India
Banks and money transfer services will offer different foreign exchange rates and transfer fees depending on your amount. To find the cheapest option, you really need to compare the total cost of the transfer based on your amount.
What information do you need to transfer money internationally?
You usually need to provide the following information to your bank or money transfer service:
- Currency - select INR
- Reason for transfer
- Your full name
- Bank account number
- Personal address
- Phone number
Overseas Bank Account details
How much will it cost to make my international money transfer?
There are 3 fees you'll usually be charged to send money to India:
- Exchange rates - The better the exchange rate, the more Indian rupee you get in the bank account in India. Money transfer services that offer better exchange rates will usually charge you a separate transfer fee.
- Transfer fees - These can range anywhere between $0 to $5. Some online transfer companies offer fee-free transfers for sending large amounts of money. These companies usually charge a slightly worse margin on their exchange rate, but are still better than bank fees.
- Hidden fees - You or the person you're sending money too will often get charged a bank receiving fee or banks intermediary fee of approximately $25 each.
Tax implications of transferring money to India
Money transfers from the Australia to India are taxed based on residence status.
If the person you're sending money to is a non-resident in India or they have stayed outside India for more than 180 days in a financial year, the person is NRI.
- If the person in India you're sending money to is NRI, that person is only taxable for the bank deposit interest or any income made in India. The money transfer itself is not taxable.
- If the person you're sending money to is a not a NRI, he/she has to show the source of the money transfer, which is taxable.
How can I transfer money overseas with the big 4 banks in Australia?
While we have covered the benefits of using a money transfer provider, many people have bank accounts with NAB, CBA, Westpac and ANZ and these guides show you:
Keeping your money safe
We've made sure that all the money transfer services and banks you compare are safe.
- Is regulated in Australia and India
- Holds an appropriate financial services license
- Have strict privacy policies
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Here at The Currency Shop, you’ll learn how to save on transfer fees when sending money overseas from Australia.
FAQs about Sending Money to India from Australia
How do I transfer money to an Indian bank account?
How can I pay for my money transfer to India?
Depending on your provider, there are several different ways to pay. Many providers accept direct bank transfers, wire transfers, or debit or credit card payments. They may charge a small additional fee, depending on how you decide to pay.
How long does it take to send money to India?
It depends on the provider you choose, how you pay for the transfer and how the recipient wants to get the money. Most money transfers to India via a specialist provider will take 0 to 2 days.
How does The Currency Shop make money?
The Currency Shop does not charge you. Instead, we receive a referral fee from the banks and money transfer companies that we are partnered with. This does not affect the price you pay.
Is it safe to use The Currency Shop to compare?
Yes. The Currency Shop holds an Australian Financial Services Licence (462269) and is a member of the Financial Ombudsman Service. We closely vet our providers and only partner with the largest, safest and most trusted money transfer companies in the world. That just makes sense.
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