Time taken to send money to India from Australia?
Manoj Negi
answered on 26/11/2021
NRIs send money to India from different parts of the world. Likewise, Indians living and working in Australia often have to send money from Australia to India to their loved ones back home. There are several options to transfer money to India from Australia. Money transfer companies facilitate offline as well as online money transfer to India. Time taken to send money to India from Australia varies, ranging from 1 minute to 2-3 weeks based on the mode of funds transfer.
How to send money to India from Australia
Here are the various ways to transfer money to India from Australia:
Money Transfer Operators: Money transfer operators (MTOs) are financial companies (Usually non-banking companies) that facilitate cross border transfer of funds using either their internal system or through their collaborations with other international banking networks. Some reputed international money transfer operators are TransferWise, Western Union, MoneyGram, Xoom, etc.
SWIFT Transfer: SWIFT (Society for Worldwide Interbank Financial Telecommunication) wire transfer is a fast way to transfer money. This is an offline money transfer facility available with several banks in India, such as ICICI Bank, Axis Bank, Standard Chartered, ING Vysya, etc. Many wire transfer operators also provide the facility of online money transfer to India. You can initiate a wire transfer request through your NetBanking NRI bank account.
Foreign Currency Demand Drafts: A form of demand draft made in foreign currency at various bank branches located overseas to remit money to India. The equivalent amount in INR will be debited for remittance.
| Place | Online | Offline | Via Bank Branch | |||
| Internet/ Mobile Banking (Card/ Bank Account Transfer) | Money Transfer Operators (Card/ Bank Account Transfer) | Agents (Cash/ Cards/ Bank Account Transfer) | Call Centres (Card/ Bank Account Transfer) | Foreign Currency Demand Draft | SWIFT Transfers | |
| Time and Charges | ||||||
| Australia | 1-5 Business Days 2 AUD to 8 AUD | Minutes to 48 hours From 0 to a small percentage of exchange rate | In minutes 0 – 2.90 AUD + Foreign ExchangeCost | Same day to three days Up to 3.99 AUD below 1000 AUD | 7-28 days Draft making charges | 1- day 3-5% in exchange rate cost |
| USA | 1 hour to 2 working days
Up to $9.38 per $200 | 1 hour to (3-5) working days Up to $9.50 per $200 | 1 hour to 1 working day Up to $11.88 per $200 | 1 working day Up to $3.94 per $200 | (2-3) weeks Rs.500/- + taxes | (24-48) hours service tax on currency conversion (up to Rs.300/- + taxes) |
| United Kingdom | 1 hour to (3-5) working days Up to 5.39 GBP per 120 GBP | 1 hour to (3-5) working days Up to 5.81 GBP per 120 GBP | 1 hour to (3-5) working days Up to 7.20 GBP per 120 GBP | 1 hour to 1 working day Up to 4.99 GBP per 120 GBP | (2-3) weeks Rs.500/- + taxes | (24-48) hours service tax on currency conversion (up to Rs.300/- + taxes) |
Charges and time taken to send money from Australia to India
Note: The receiver will receive the money either in their own/partner bank accounts or as cash from the agents of the respective firms/banks chosen for money transfer.
Australia:
Mobile Banking: Moderately Expensive
Agents: Less time high cost
Foreign DD/Swift Transfer: More time, low Cost
Money Transfer Operators (Transferwise), Call Centres: Moderate time and cost
USA:
Agents: Less time, high cost
Foreign Currency DD/ Swift Transfers: More time, low cost
Money Transfer Operators (Transferwise), Call Centres: Moderate time and cost
UK:
Agents: Less time, high cost
Foreign Currency DD/ Swift Transfers: More time, low cost
Call Centres: Moderate time and cost
Compare the best money transfer rates to India from Australia
| Service providers | Exchange Rate* | Transfer Fees | Money Received in India (in exchange for AUD 1,000) |
| MoneyGram | 53.5946 | AUD 2.99 | INR 53,434.38 |
| Western Union | 53.3378 | AUD 0.00 | INR 53,337.78 |
| Wise | 53.6446 | AUD 6.15 | INR 53,314.69 |
| Remitly | 53.2639 | AUD 0.00 | INR 53,263.86 |
| nab | 51.9489 | AUD 10.00 | INR 51,429.38 |
Rates charged to send money to India from Australia
* Exchange rates are subject to periodic changes
NRIs living in Australia can easily send money to their loved ones in India through SBNRI platform. SBNRI has a partnership with Wise (formerly known as Transferwise) to facilitate quick and easy online fund transfer to India at a low cost.
How to get the best AUD to INR rates
NRIs can get preferential rates on AUD to INR currency conversion and a host of benefits when sending money from Australia to India for their loved ones by contacting SBNRI experts. At SBNRI, we keep an eye on the exchange rate on a regular basis to help NRIs with their remittances and investment. You can download SBNRI App to connect with our experts. They will help you evaluate the optimal time for remitting money to India from Australia.
You can also click on the button below to ask any questions. Visit our blog and YouTube Channel for more details.
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