Sending money overseas has become convenient and safe with the help of international money transfer services. Online money transfer services assist you in conducting money transfers to foreign countries using their robust payment system electronic infrastructure. Individuals just need to have their retail bank account details at hand. Reputed money transfer operators will help you transfer money from India to Australia at a reasonable commission rate. In this article, we will deal with the top reasons as to why individuals transfer money abroad and also the steps to be followed while transferring money.
Payment of overseas education fees
If a young relative has achieved admission into Australia’s top universities, finding financial resources to pay for the college education could be tough. Payment of college fees at the right time alleviates students’ stress levels, and they can completely train their focus on their studies. In times such as these, students look forward to help from parents and relatives in India. Using secure financial technology, parents can now send money quickly and securely to their relatives studying in Australia. The extra financial burden of paying huge commissions to banks from sending money abroad is eliminated with the help of online money transfer services.
Maintenance of close relatives abroad
Suppose you are located in India, and your relatives are back in Australia. You might be required to transfer funds to your parents for their maintenance or other relatives for emergencies. Individuals can now transfer money from India to Australia through an international wire transfer. These wire transfers happen quickly compared to the long periods taken by traditional banks.
Private Visits Abroad
Many of us want to dream of going on a long holiday. A long hiatus to Australia would require significant local funds in Australian currency. The money initially taken at the beginning of the trip may run out before you expected it. Using online money transfer services, you can take the immediate help of friends and family to receive funds without attracting ATM fees abroad.
Medical Treatment Abroad
Suppose you are a resident of India and wish to get treatment in Australia’s best hospitals. In such cases, it is advisable to transfer the healthcare costs to the Australian hospital or clinic from your bank account. However, keep in mind that Indians can send up to 338,000 AUD per year.
You will also be required to send money to Australia if you intend on resettling there. In case you are moving to Australia from India, it is advisable that you open an overseas bank account where you can transfer your funds from your current Indian bank account. The simplest way to open an account abroad is to check with your current bank to see if they have a branch in the country you wish to move to.
Gift or Donation
An individual living in India may wish to send foreign currency to relatives or organizations in other countries as a gift or as a donation. It is best to opt for a service provider that will transfer your money hassle-free and secure money in such cases.
Let’s say you have to go on a business trip to Australia. How do you transfer your funds in such cases? Company trips include traveling overseas as a representative of the firm for business purposes, holding an international meeting, lecture, specialized training, research trip, training, etc. It should be noted that the total sum of foreign currency that can be taken out of India for business purposes per financial year is US $250,000 or 338,000 AUD per year.
You can take the whole amount in one trip or spread it out over many trips abroad, but the overall cap per financial year is US $2,50,000 or 338,000 AUD per year.
How to transfer money from India to Australia?
Swiftness and convenience are the hallmarks of online money transfers from India to Australia. If you decide to conduct a money transfer through online forex platforms, you can be completely assured of efficiency and low prices. Log on to an online forex website now and start sending money to your loved ones in Australia.
How to Transfer Money From India To Australia?
Below are the following steps to understand the process of transferring money from India to Australia via wire transfer.
To begin, determine whether you qualify for an outward remittance. Simply provide the sender’s and recipient’s information. You’ll also have to state the intent for your money transfer to Australia.
You will be asked to provide evidence once you have listed the details. It would be necessary to provide information such as a PAN card, passport front, back pages, remitter photo and address proof, and various other documents.
It should be noted that the customer has the alternative of completing this step offline and signing the papers back in the bank. It is better to select a document pickup option keeping in mind the pandemic circumstances. The documents on the website are also convenient to upload, which saves you time.
This step involves transferring funds to any of the partner banks of the online service provider.
The exchange rate seen on your device will be booked for you. You will eventually receive a digital A2 form. You will not be required to go to the bank because you’ll sign it on the portal. The partnering bank of the service provider will initiate the transfer procedure and provide you with a SWIFT acknowledgment.
Individuals can now conveniently transfer funds from India to Australia using instant online forex platforms. Due to the increasing demand for money transfers, electronic payment systems offer high-quality money transfer services at reduced costs compared to banks.
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