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Top 3 Money Transfer Providers for Australia to India
There are few restrictions on transferring money to India, but the Reserve Bank of India (RBI) has begun enforcing an existing Foreign Exchange Management Act (FEMA) article that prohibits rupees from being taken out of India
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Despite restrictions on transferring rupees (INR) out of India, it is a fairly straightforward process to transfer money from Australia to India. India and Australia have a strong bilateral relationship and cooperate in many areas including energy, mining, trade, information technology, education, science and technology, and defense.
Visas
Australian residents who visit India for the purposes of sightseeing, vacation, visiting friends or relatives, travelling for medical treatment, or for business trips of a short duration may apply for an Indian visa on Arrival. Visitors must have a passport that is valid for at least six months from the date of your arrival in India and be able to show proof of sufficient funds to cover your stay in the country.
If you will be conducting business in India you will need to apply for a business visa. For this process you will be required to present a letter of sponsorship from a partnering Indian company, along with a letter of association from the Australian company with which you are affiliated. There are several different types of Indian visas that authorize you to work, study or carry out other specific tasks while in the country, such as the journalist visa, emergency visa, or a conference visa.
Although it is fairly straightforward to apply for and obtain a visa for India, it is important to determine which particular category of visa you will require. International visa applications have been outsourced to VFS Global. Australians should schedule an appointment to visit the application center.
Trade between Australia and India
India ranked as Australia’s fifth most popular export destination between 2012 and 2013. The major categories of goods exported to Australia from India include jewelry, textiles, gems, and machinery. From Australia, India receives copper, fertilizers, crude oil, coal, and non-monetary gold.
India is the largest market for Australia’s export for chickpeas and gold; the second largest for copper ores and coal and the third largest market for wool and lead. Trade in services totaled US$ 3.5 billion in 2010-2011. India’s main exports in services to Australia include computer and information technology, as well as tourism. On the other hand, Australia main services exports are tourism, education and education-related services.
Several cooperative groups have been convened with the aim of fortifying the bilateral trade partnership between the Australia and India. These include the CEO Forum and the India-Australia Joint Ministerial Commission. Plans are currently in place for a Comprehensive Economic Cooperation Agreement between India and Australia.
Investment in India
Several Australian companies also operate in India. These include MIM Holdings, the Australian Wheat Board, Telstra, Rio Tinto, P&O Australia, BHP Billiton, Lucent Technologies, Clough Engineering, and ANZ Bank.
Indian students in Australia
Australia is becoming a more popular choice for tertiary and vocational education for Indian students. To date, there are approximately 36,000 Indian students enrolled in Australian universities. Several Australian and Indian universities have entered into formal agreements to further benefit their students. These relate to student and staff exchanges, joint degree programmes, and academic research. Several Australian vocational institutions are active in implementing programmes in India.
People to people links between Australia and India
Australia is home to almost 450,000 Indian expats who work in a variety of industries including doctors, accountants, teachers, researchers, and engineers. India is Australia’s third largest source of immigrants. Such an expansive Indian community means that many are sending remittance payments home to their families in India from Australia.
Banking in India
The Indian banking sector has experienced rapid and significant growth, to the point that local banks can compete strategically with their foreign-based counterparts. Australian expats will be able to find several options among the 31 foreign banks within the country. These include ANZ, HSBC, Barclay’s, Royal Bank of Scotland and Citibank, among others.
Local Indian banks now offer similar services at competitive rates. They also tend to be quite customer centric. The most popular local Indian banks include HDFC Bank and ICICI Bank. They offer a wide range of products such as ATM cards, period deposits, debit cards, and telephone and internet banking. These local entities have a wider reach than foreign banks, which could make them more efficient options when expats need to transfer money from Australia to India.
Opening a bank account in India is not difficult. You will need a copy of a resident permit, proof of identity, a copy of your Australian passport and a proof of a local Indian address.
Frequently Asked Questions
Are the money transfer companies shown above safe to use?
Yes, all the companies are safe and fully-regulated money transfer services.
Each are authorised and regulated by the relevant authority such as the Financial
Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.
How long does an international money transfer take?
The speed of delivery will depend on where the money is being from and to and how
you are sending and receiving the money. Transfers sent using bank to bank transfers
can depend take anywhere from minutes to days and you should check the time estimates
from the relevant provider. Debit and credit card payments sometimes allow for faster
transfers for smaller amounts.
How do I use FXcompared?
First review the comparison results (such as for a table above) for a given amount
of money sending from Australia to India. Then select a provider based on
factors such as price, speed, their rating and click the green button to be taken to
their website. From there, you can register and sign up for an account. Once you have
done that and the provider has verified your identity to ensure the money can be send
safely, you will be ready to transfer money.
What payments methods can I use to send money overseas?
The results shown above are typically for bank to bank transfers. It is possible
via some providers to pay in your funds for the transfer via cash, debit or credit
cards as well but this is usually reserved for smaller amounts. Some providers also
give you different options for how the money will be received - to a bank account
(most common), to a debit card, to cash or to a digital or mobile wallet.
What if the price shown above isn’t exactly what I am offered when I try to transfer money?
There can be a number of reasons why the final price you are offered may be different
to that shown in the table above. Exchange rates between two currencies change all
the time and is the most common reason. Additionally, some providers offer different
pricing depending what method you are using to send funds or how the funds will be
received. Others may offer you a premium service for faster payments. In some cases
FXcompared has a special rate with a provider and this is reserved for first time
customers who sign up to the provider starting from FXcompared’s website.
As prices do change often, be sure to confirm the total cost with the provider
before transferring money.
All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN
in the US, ASIC in Australia) and have been vetted by FXcompared.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency
brokers for sending money abroad. The website and the information provided is for informational purposes
only and does not constitute an offer, solicitation or advice on any financial service or transaction.
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specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees
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or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action
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