The Cheapest Way to Transfer Money to Australia

Reasons for money transfer to Australia

Popular tourist destination.

Residents of India can take up to US$ 2,50,000 (equivalent to Australian dollars) in leisure/private travel to Australia per financial year, according to the RBI. It can be done all at once or over a year by combining various trips to Australia. Up to the US, $3,000 equivalent AUD in cash can be (brought) carried to Australia on a single journey (Currency). The balance can be carried on a Forex card or a traveller’s cheque.

Quality Education

RBI allows foreign (exchange for) remittance up to US$ 2,50,000 to study in Australia.

Medical Treatments

In a financial year, a person coming to Australia for medical treatment can spend up to US$ 2,50,000 equivalent. This is the overall LRS limit, and it also applies to your other remittance transactions. Authorized Dealers may distribute foreign exchange over the above limit with general authorization based on a doctor’s estimate in India or a hospital/doctor’s estimate in Australia.

Job Availability

A person travelling to work in Australia is also authorized to take foreign (exchange) remittance from an Authorized Dealer in India up to USD 2,50,000 per fiscal year.

Emigration

A person wishing to emigrate to Australia can obtain foreign exchange up to USD 2,50,000 equivalent from AD Category I banks and AD Category II money changers. This system cannot be utilized to receive points or credits to become eligible for immigration by investing in government bonds, land, commercial enterprises, or other offshore investments.

Maintenance of close relatives.

A resident Indian can transmit money to Australia for the upkeep of close relations [‘relative’ as defined under Section 2(77) of the Companies Act, 2013] abroad up to USD 2,50,000 per Financial Year (April – March).

Remittance of a gift or a donation to Australia

In a Financial Year, any resident individual may send up to USD 2,50,000 as a gift to a person residing in Australia, including NRIs and Overseas Citizens of India (OCI), or as a donation to an Australian organization.

How to transfer money to Australia from India?

You can transfer funds to Australia directly to the account of the receiver or send it as FCDD to the receiver’s address.

Swift transfer will make the amount get credited to the beneficiary’s account. It is a highly recommended electronic mode for sending money to Australia with guaranteed pace and security. Transfer funds to Australia directly to the bank account at the bank located in Australia. Perfectly worthwhile for every personal transaction under this method.
FCDD is the steadfast method to take money to Australia or to any other part of the world. It is a foreign currency demand draft that could be submitted to foreign banks and get cleared easily. It can be obtained in all widely demanded currencies and valid for 3 months from the date of issue. A realistic option to gratify frequent requirements like educations, Employment resolutions, Immigration, Visa fees, payment of crew wages, medical treatment abroad, involvement in international events, etc.

Beneficial details for transfer money to australia:

Name of the Beneficiary Bank, Swift Code, BSB Code and Correspondent Account Number.
Name and Address of Beneficiary (as given in bank).
KYC (requires the remitter’s name, account number, and transaction purpose).
Completed and signed the A2 form with a declaration.

How do get the cheapest way to transfer money to Australia?

Choose your trustworthy partner for a money transfer to Australia
Select the recipient and make sure to provide precise details about the receiver along with the country and the right location. There should not be any error in the cited name of the beneficiary.
The best and most reliable method to send money abroad is through authorized dealers who have the license from regulators like Reserve Bank of India and always provide the best rates in the industry.
Select the amount you need to send to the account and decide on the method to transmit the amount
The most important and mandatory document is your valid ID proof and PAN Card

What is the cost to transfer money to Australia?

Send money overseas depends upon some conditions such as
IBR + nominal charges based on the volume of requirements.
Rates of Foreign exchange in the marketplace

A meager service charge incurred by the company often varies due to the company’s expertise and proficiency in serving the same.

You can get the cheapest way to transfer funds to Australia as and when required without any hassle. This is how you can transfer funds to Australia at ease to meet your urgent requisites. Your only real task here is to choose the apt and authenticated service provider from many available in the industry for the cheapest way to transfer money to Australia. So, now get ready to select the service provider wisely and to transfer the funds to Australia from any part of the world.