- Posted by Jason on July 11, 2014 in Global Money Transfer
If you’re an Indian expat living in Australia, chances are remittances are a common part of life. If you send money to India from Australia, there are a few options in front of you. Chances are, at this point you may be using a transfer service that is not serving your best interests in terms of helping you get more of your money back to India where it belongs.
In order to avoid high fees and long wait times – as well as taking advantage of the best possible exchanges rates – you’ll need to learn more about how to send money to India. Here are five ways you can do it:
#1 – India money transfers through your bank
Bank transfers are one of the most commonly chosen options because when most people want to transfer money, the first service they talk to is their existing bank. Because there is a certain level of trust there already, you may assume your bank is the best company to handle your money transfers from Australia to India. They can be low on fees and can be faster than some other options – but this is rarely the case.
Unfortunately, if you’re sending money through your bank there’s a good chance you’re significantly overpaying on fees compared to the deal you could get with an online service. There is a big variation between the cost, speed and reliability of bank transfers from Australia to India. Many standard bank services have ludicrously high fees and can take over a week to transfer your money.
#2 – Foreign currency bank accounts
Another option is to open an AUD bank account with a bank in India, so you can actually deposit your AUD earnings right into an Indian bank without converting to rupees. This can be a little more complex to set up, but it can be a smart move if you are simply saving the cash, don’t need it in a hurry and believe a more favourable exchange rate for conversion will crop up in the future.
#3 – Paypal
Paypal has become a world favourite since it’s launch in 1999, and it’s known for being a convenient way to instantly transfer money between countries. Problem is, you are only ‘instantly’ transferring to another Paypal account – to then withdraw the cash to a bank account in India can take a week or longer. This third option might not be ideal if you need to move money quickly – not to mention that the hefty fees involved in Paypal transfers will quickly eat into any remittances you send to India.
#4 – Online money transfer service
As mentioned previously, many traditional bank services have extremely high fees. A purely online service like OrbitRemit, by contrast, can help you transfer cash at a better exchange rate and significantly lower fees (up to 80% lower than some banks) while often providing a same-day transfer speed. A strictly online service offers you the best combination of low fees, security and fast transfers.
#5 – Western Union – it’s risky
One of the 800-pound gorillas in the money transfer markets, Western Union is still relied on by many Indian expats for their money transfers from Australia to India. While the service has been around in some form for over a century, their transition into the online world has been marred by security problems and vulnerability to fraud.
So there you have it – five options for transferring cash back to India. If you’re looking for the best combination of speed, security and reliability, a service like OrbitRemit with thousands of positive reviews is by far your best option. Go ahead and give it a try today – you’ll love our excellent exchange rates and no fee transfers.
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