If you’re an Australian expat living in India, or an Indian expat living in Australia, you’re probably well aware of how costly and difficult it is to send money between these two countries. Using a bank to transfer money to India is undoubtedly the most commonly used method, but it also comes with the biggest drawbacks.
First, there are exorbitant fees regarding each transfer, coupled with the unfair exchange rates. The bank will always give an exchange rate that is inferior to the interbank exchange rates. As a result, a growing number of people are beginning to use commercial Forex firms in order to transfer their money to India.
Certain cities in India, such as Bangalore, offer high yields in terms of real estate. Due to the quick economic growth of India, the real estate market is becoming increasingly appealing for Australian-based residents. Because real estate is still one of the best ways to make a passive income in 2020 and beyond, a growing number of investors are interested in investing in the Indian real estate market.
Even if you find a great price on a house, you might have to face exorbitant costs by transferring money in and out of India. For example, when you purchase a great property worth AUD 500,000 or more, the transfer costs through the bank may exceed AUD 10,000. On the other hand, using an FX transfer firm will enable you to spend only AUD 2,500 or less, which is 4 times less.
Tens of thousands of Australians reside in India. They have moved for various reasons, the main one being to experience a new culture and leveraging the hospitality of Indians and of other Asian cultures. If you’re a tourist in India, you don’t need to apply for a Visa, but you need one if you spend more than 6 months there.
The Indian population in Australia has been skyrocketing for the past few years. There is an estimate of over 650,000 Indians living in Australia. Indians come to Australia to work, study and start their own families. Due to the similarity in time zones and weather, Indians can quickly accommodate to life in Australia.
People in India require a tourist visa to visit Australia, or if they want to work they need a work permit. However, applying to live in Australia can be quite a lengthy process, so it is wise for Indians to talk to their relatives or friends based in Australia to get more information.
The Indian Rupee (INR) is the 16th most traded currency in the world, while the AUD is the 5th most traded currency today. Thus, the exchange rate between these two currencies has always favoured AUD. Over time, the average price of AUD1 has maintained between 48 and 52 INR, with a rate of 48.61 in Q1 2020.
As an expat in India or in Australia, high transfer rates and transfer fees quickly add to an important amount of your initial deposit. When using your local bank, you get fees after fees. Some are upfront, some are disguised in the long paperwork that nobody reads.
With the relative stability of the AUD/INR pairing, it comes necessary to leverage the benefits of working with a commercial FX transfer company in order to save money and enjoy quick, safe transfers overseas. For an easy pick, we have suggested below the companies that are better at handling international money transfers to or from India.
There are no limits on the amounts of money transfers going in and out of India. However, the RBI introduced capital controls in 2013, decreasing the limit on personal remittances from $200,000 per year to $125,000.
The Foreign Exchange Management Act prohibits rupees from being transferred out of India. Any foreign currency must be converted first which complicates the process of money transfers and might imply more money lost between currency exchanges. This is yet another reason to start using FX companies for international money transfers from India.
Find the best company to transfer money to India from our easy to understand money transfer comparison table! Just scroll to the top of this page and look at the options we have listed!
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