Indians in Australia use the services of financial institutions for transferring money to home land. Banks like ANZ charge high transfer fee and offer comparatively poor exchange rates. Some choose such service providers because of ease of use and extra security they offer. Ignorance about the best providers also could be a reason for using high fee, poor rate service providers.
We request our readers to provide some insight into the best providers of money transfer to India.
Please share your experiences and expertise with us through the comments section of this post. If you don’t want to use the comments section, please email us your opinions at admin(at)india2australia.com . We will append your expert advises and experiences with this post for the benefit of Indian Community in Australia.
Speed of disbursement, Coverage offered including bank transfer, Cost of service, Convenience and best exchange rates are the trademarks of a good money transfer service provider to India.
Anil Kumar from Craigieburn has come up with this suggestion .
The best way to send money from Australia to India
Money gram and western union. Both provide good rates. But they have limited to $5000 as max amount can be send. With Times money there is no limit and can be credited directly to account of the receiver. I didn’t use any other service so far .
This is a sample transaction taken at 3:00 PM on 5/05/2013
INDIA has hundreds of available pick-up Locations.
Exchange Rate for 1 AUD = 54.6930 INR
Send Amount – 985.00 AUD
Receive Amount – 53,872.62 INR
Fee – 15.00 AUD
The actual fee may change.
Through Moneygram Transferring money direct to a bank account in India is more complicated than doing it from any Australian Bank. These pricings are for 10 minutes money transfer to India.
Service: Sending to: Fees:
Money in Minutes India 20.00 AUD
Estimated exchange rate: 1 AUD (Australian Dollar) = 54.6398582 INR (Indian Rupee)
Amount we will send: 980.00 AUD
Transfer fee: 20.00 AUD
Estimated total price: 1000.00 AUD
Amount paid to receiver: 53547.06 INR
Western Union doesn’t transfer direct to bank account in India . Money has to be collected from pick up locations India. These pricings are for 10 minutes money transfer to India
Remit to India currency rate for 1Australian Dollar – ` 54.38
$50 – $500 – $6
$501 onwards – $12
For both Moneygram and western Union there is a limit of $5000 for transferring to India . For Times Money there is no such limit and money can be transferred to any bank in India. Times money will courier the demand draft to the receiver.
Eventhough exchange rates and fees are slightly better for Times money, time is an issue. Bank Transfer will take minimum 24 hours. If the draft is to be couriered to the receiver add a couple of more days for the courier.
ANZ Bank money transfer to India
This is only for a guidance . This screen shot is taken at the same time with other examples before . Please note : In this case the sender spends $1024 and not $1000
International money transfer details
Exchange Rate: 1.0000 AUD : 52.7100 INR
Transfer issuing fee: $24.00
For $1024 the receiver will get Rs 52710
If Time is not an issue Times Money’s remit2india.com is the winner.
By Anil Kumar , Craigieburn