How To Send Money From Australia To India Cost Effectively

Many individuals travel abroad to search for better prospective. This also includes the country of Australia. Several individuals from India have travelled and settled abroad here for various reasons. In such cases, they normally opt for money transfer from Australia to India, when sending funds back home. So what are the different ways one can send money back home? Here are a few choices.

Offline Bank Services

The offline channels of money transfer are one of the oldest and most preferred forms of money transfer. This includes methods like the wire transfer and foreign cheques. The wire transfer has been one of the easiest and safest ways for money transfer from Australia.  Through this process, you will need to instruct your local bank for the wire transfer and the details of your account and the amount that has to be transferred through a code. The receiver will receive this code and contact their respective bank where they will share this code. Once the bank has matched the code and verified it, the funds will be transferred accordingly. Another method of transfer is through the foreign cheques where you can send the cheque from a foreign bank wherein the funds will be deposited in the receiver’s bank once the cheque has been cleared. Most of the banks offer these services along with other additional services as per your financial requirements.

Online Services

Many banks are now introducing online facilities where you can easily make any money transfer from Australia to India. This includes email money transfer, online bank accounts and many others. Mostly this method of transfer is offered by those banks which have a branch in each of the countries.  This makes it easier to transfer funds with a lower fee charge. Additionally, this is the ideal choice if there is an urgency of funds. Alternatively, there are several other independent financial institutes that offer you the facility to send funds from Australia to India. This can be done through online websites, where you can easily provide your account details. Additionally, you can even open an independent account with these financial institutes wherein you can transfer funds easily from this account to another account. Through these account, you can even get a lot of deals and discounts.

Attention To Hidden Fees

When you make any fund transfers, you must pay particular attention to those hidden charges. Each mode of transfer which you will opt for will have their own set of services fees. However, at times, you will notice that you will be charged for extra services or facilities which you have not opt for. These are known as hidden fees. These hidden fees can be charged on any factor, like transferring over the excessive requirement.

Neha Sharma is a finance student who loves to write in her free time. She is well experienced with the different options to transfer funds from one country to another. Through her article, she has provided the different cost effective options for money transfer from Australia to India that you can use to your benefit.