When you’re wanting to send money to family or friends in India, it’s important to be on the lookout for cheap exchange rates, low fees and a simple transfer process. Compare a range of international money transfer providers here with Savvy to help you find the best exchange rates and lowest fees available. Consider a range of options with us before getting your international money transfer underway today.
Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
There are many ways to send money to India from Australia. The best way to send your transfer may depend on how much money you wish to send and how quickly you need your funds to arrive. A business transfer involving tens of thousands of dollars being sent to a company in New Delhi is a different proposition from an individual wanting to send $300 home to family in Hyderabad, for example. The options you have available for your transfer include:
Out of all of these options, the cheapest, fastest and most reliable way to send money to India is using an international money transfer company. Savvy has partnered with a range of reputable transfer companies so you can start your transfer today with peace of mind. All of our providers have the necessary permits and licences to provide safe and reliable transfer services, so they’re trusted partners when it comes to sending money overseas.
Setting up an account with an international transfer provider is a quick and easy process. It should take you no more than five minutes to set up an account and get your transfer on its way. Some companies have both online platforms and mobile sites, so you can arrange your transfer on the run or from the comfort of your office.
If you’re a private individual wanting to send money overseas to family or friends in India, a remittance provider such as Remitly will get your money to its destination in India with very few details required. You may need to provide proof of your ID by scanning or photographing your driver’s licence or passport before sending your money overseas. You’ll then be sent a confirmation notification informing you the transfer has been completed.
If you’re a company wanting to set up regular transfers to India, you may need to provide details of your company structure, plus ID for all the company directors when you set up your account for the first time. A business account manager, which is offered by companies such as TorFX and Xe, can assist you in setting up your business transfer account.
If you intend to send more than $10,000 to India, your transfer will be reported to AUSTRAC, which is the Australian Transaction Reports and Analysis Centre. You may be asked for further information to ensure AUSTRAC compliance. For example, if you’re a company paying for goods or services ordered from India, you may be asked for proof of the sales or engagement contract. Such AUSTRAC compliance is the responsibility of the international money transfer companies; it isn’t up to individuals or businesses to make separate reports about their larger transfers.
Before making an international transfer to India, you’ll need the precise details of who you wish to send the money to, and where they or their bank account is located.
You may also need to verify your own identity when making a transfer, as mentioned, so make sure you have your passport or driver’s licence handy before you start, particularly if this is the first transfer you’ve made with that particular company. Note that not all international transfer service providers will be able to send money to all countries.
There are several things to think about before you send money to India. The main factors to consider when comparing different transfer providers are:
There are different methods and ways to charge for making international money transfers. Some companies charge a flat fee ranging from $6 to $15, whilst others charge a percentage of the transfer amount. The percentage charged will vary from country to country, but since India is such a high-traffic country for transfers from Australia, the fees charged will often be at the lower end of the scale, ranging from 0.4% up to around 0.65% of the transfer value.
Another charging method that transfer companies use is to add a margin to the exchange rate. This means you won’t receive the best rate possible for your transfer (which is known as the ‘mid-market rate’) but will receive a slightly lower rate, often in place of being charged a transfer fee. It’s worth noting that traditional banks can often add a substantial margin to the exchange rate, making them one of the most expensive options to send money to India. The higher the exchange rate, the more money will arrive in India.
How is the money to be received?
Think about how you want your money to be received in India – will it be transferred directly into a bank account, collected in cash or paid into a digital wallet or to a phone app? Not all providers offer all these options, so check the company you choose offers the transfer method you prefer.
Is India one of the countries serviced?
Not all international transfer companies deal in all currencies or offer a service to all countries, and some specialise in different parts of the globe. Make sure the company you choose deals in Indian rupees and supports transfers to India, which shouldn’t be an issue given the popularity of India as a money transfer destination.
Your payment method
Decide how you wish to pay for the transfer. Options include paying by direct debit from your bank account, using a digital wallet such as Apple Pay or Google Pay, using a credit card, a debit card with EFTPOS or in cash. As mentioned, not all companies will accept cash, credit cards or digital wallets, so check which payment method your preferred company will accept.
Minimum and maximum limits for transfers are set by most transfer companies. Make sure the one you choose has limits that fit in with your transfer needs. For example, some implement a minimum transfer limit of $200 to $250, but others set this at $1. Maximum transfer amounts also vary markedly, with some having a $5,000 a day limit while others offer much higher limits up to $500,000 or more in some cases (primarily for businesses).
The cheapest way to send money to India will depend largely on how much you’re looking to transfer. For some lower-value transfers, a company using a percentage of the transfer amount as a fee may be your cheapest option. Larger transfers may be cheaper using a company which has a set fee.
For example, a provider charging a fee of 0.5% of the transfer sum would cost you $1.50 if you were transferring $300, but $25 if you were transferring $5,000. A set fee provider who charges a standard $15 fee would be cheaper if you were transferring a larger amount of $5,000 or more. Therefore, it’s important to compare providers with Savvy to find the cheapest one for your circumstances.