4 steps to take before transferring money from Australia to India

The reasons for transferring money from one country to the other can be numerous but knowing how to do it effectively is a must before going ahead with the purpose. An individual should know the basic details of how to transfer money from Australia to India. Some of the steps an individual should take before transferring money from Australia to India are listed below:

  1. Bank account:

An individual will need to have an Australian bank account in place. The account must be in their name. Foreign exchange fees and poor currency exchange rates can be quite drastic. There is an array of financial institutions that offer accounts today. Some have also accepted the application prior to the individual arriving in Australia. They have online application forms where an individual can provide their details like passport number, approximate arrival time and thus. Having a bank account is a must for

  1. Money transfer vendor:

When an individual is looking at the best way to transfer money from Australia to India, they are also looking out for the best money service provider. An individual can choose from the following provider:

  • PayPal:

It is a money transfer service used for transferring small amounts. Every transaction is secure through this.

  • Banks:

A lot of financial institutions in India also offer the facility of transferring funds across the globe anywhere.

  • Foreign exchange specialists:

A lot of foreign exchange providers also apply low margins on exchange rates and the fees are minimum. So, an individual will have more money in their pocket for spending a carefree lifestyle. An added advantage of a foreign exchange specialist is that they have offered the cheapest way to send money to and from Australia. The transfers are less risky, and anyone can authorize them online from their account.

  1. Send money:

When it comes to transferring money to the recipient in India, a customer will need their complete bank account information for completing the transaction. The following bank account information is a must while sending money:

  • Account number
  • Full name
  • SWIFT code
  • BSB

Depending on the service they choose, the bank or money transfer operator, they can easily find out how to transfer money from Australia to India.

  1. Features of money transfer:

Money transfer can be tedious, but some of the features that an individual should always look out for when transferring cash is

  • Exchange rate:

A customer will need to shop around for receiving the best exchange rate. These rates need to be updated frequently. Banks and money transfer operators also offer a calculator for the same. So, an individual will know how much they will need to send across.

  • Quick transfers:

Quick transfers may come with additional charges and an individual may need to pay additional charges for it.

Some of the benefits of choosing a good institution for conducting the transfer transactions are

  1. Easy, secure and convenient transactions.
  2. Best exchange rates
  3. Automate the money transfers.

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