9 Cheaper Ways to Transfer Money to India from Australia

When transferring money to India from Australia there are lots different companies who claim to have the best exchange rate. How do you quickly check all the companies and their exchange rates? Easy. With our comparison table, it will show you the cheapest money transfer option when sending money to India from Australia.

We will also share with you:

How to transfer money to India
The information you need to make a money transfer to India
What are the costs to transfer money to India
What are the tax implications of transferring money to India

Compare cheaper ways to send money to India

I want to send

From To

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 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 credit card or debit card, bank transfer or wire transfer

Now that you know how to transfer money to the 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.

Your personal information: Your full name, address and date of birth. For security reasons they need your photo id scanned or photographed. You can use your mobile phone to take a photo and send.
How you wish to pay: Your bank details, account numbers and address or debit/credit card details.
The full name and address of the person you wish to pay.
Indian bank account details, the name on the account and IFSC code and SWIFT code or BIC code for the bank account in India.

Helpful hints

- Make sure your photo is of a high quality so they can see the picture
- Make sure your personal id is valid and within the expiry date
- You can't give your work/office address or PO box address

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.

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.