27 Jun 2023
For years, transferring money internationally has been a daunting task. However, modern technology has made it easier than ever, especially if you're looking to send money to India from Australia swiftly and free. But how do you go about this process? Let's explore!
The World Bank reported that in 2021 the nominal Gross Domestic Product (GDP) of Australia was $1.55 trillion. Its GDP per capita income in the same year, another World Bank said, was $60,443.1. These figures show that the country has a robust economy attracting job-seekers from developing countries like India to come there, find work, earn a living, and then send money to India to support their families financially.
Since several money transfer options are available and are at your disposal, at times, it is pretty confusing to choose one.
In some methods, you might find speed as a top feature, while in others safety of funds will be a top priority. Yet, in some methods, the currency exchange rates will do the trick.
Although, in all the methods, speed and transfer cost is of the essence, and most people choose a method in which they can transfer funds swiftly.
But will speed only be enough if it were to come at the expense of uncompetitive currency exchange rates, high fees, safety, etc.?
Well, the answer is obvious.
This blog will shed light on the method to send money to India from abroad with speed but not at the expense of other benefits of an online money transfer, like low fees, favourable exchange rates, safety, etc.
But first, let’s take a quick look at a few reasons that trigger migration from India.
Let’s take a quick look at some of the prime reasons below.
With a current population of over 1.3 billion people, India is all set to overtake China as the world’s most populous country by 2030. It is a distinction Indians may not particularly be proud of because the growing population is burdening the country’s resources well beyond its capacity.
It makes it difficult for the country to provide for its people.
In the budget session of 2022, one of the leading politicians of India stated that over 53 million Indians were jobless against the government’s claim of providing a paltry 6 million jobs to the jobless and that too, over a period of five years as if there would not be any additions to the already huge number of jobless people by then!
It is, therefore, necessary for the people of India to travel to developed counties for better jobs to earn a living and send money to India online to support their families financially to fulfil their basic needs, at least if they cannot still afford a decent living.
Education systems in most developing countries are designed in a way that the quality is lacking in them and is thus in short supply. If you look for quality education, you will have to search it deeply, and if you find it and want to have access to it, you will have to spend money that will be too big a sum for anyone with limited means.
Needless to say, a lack of quality education can lead to unemployment.
Unemployment births poverty, and where the population is too big for land to sustain it, the implications can be grave. The deep poverty levels in India make putting food on the table difficult, let alone having access to other essentials of life.
These figures might point to a somewhat robust economy, but if seen in proportion to the country’s population, the economy will appear weak.
Let’s now take a look at how you can transfer funds to India swiftly from Australia.
If you are looking to transfer funds to India from Australia at no cost, choose ACE Money Transfer. The firm has offered entirely Fee-Free remittance transfers for Indian expatriates until the end of 2023.
Besides, the following details will help you choose a method to make an online money transfer to India swiftly but with, not without, other advantages that were discussed slightly above.
Never choose any one service provider that you think is the best. Always select a few companies and then draw thorough comparisons between their services and check which of them is attuned to your needs.
Several service providers keep their normal and express delivery times different. For example, a service provider might take a day or so to deliver funds, but the same company will charge you an extra amount if you want to shorten the delivery time. At the same time, some service providers have the same delivery time, which is even shorter than the express delivery time of others.
Learn more about ways to transfer funds to India from abroad here:
Ways To Transfer Funds To India From Abroad.
A live currency exchange rate is always more competitive than one that is not and is rather static. So, make sure to find a service provider with live exchange rates with speed because a swift transfer will be of little use with uncompetitive currency exchange rates.
Banks are not a suitable option for money transfers if you look for speed with favourable exchange rates. Because their rates are static and the time of a fund’s delivery through banks is between 3 to 5 business days. Be mindful, however, that this time can extend subject to a transfer’s origin, fund’s destination, the volume of money, etc.
Following these simple tips will help you find a service provider that not only offers speed but several other advantages.
Get live exchange rates, zero fees, safety, 24/7 service availability in over 100 countries with around 375,000 pickup locations, and a time of just a few minutes to deliver funds; ACE Money Transfer makes all of it possible under one roof. Join ACE’s regulated remittance solutions to benefit from the technological, secure, and economical money transfer to India from Australia or any other foreign country.
FAQs
Is it really free to transfer money from Australia to India?
Yes, ACE Money Transfer offers free transactions. However, it's important to note that the transaction fees are waived until the end of 2023 by the firm for all Indian expatriates.
How fast will my money reach India from Australia?
With ACE Money Transfer, money can be sent almost instantaneously. However, delays might occur due to reasons like verification processes, bank processing times, or public holidays.
What information do I need to provide to send money from Australia to India?
Typically, you'll need to provide your full name, address, and bank account details, along with the recipient's name, their bank account information, and the bank's SWIFT or BIC code.
Are there any limits on how much money I can send from Australia to India?
Each money transfer service may have its own limits for daily, weekly, or monthly transfers. Be sure to check these details with your chosen service.
Is it secure to transfer money online from Australia to India?
Yes, ACE Money Transfer uses high-level encryption and multiple layers of security measures to ensure that your transactions are safe and your information is secure.
References
(GDP (current US$) - Australia | Data (worldbank.org)
(GDP per capita (current US$) - Australia | Data (worldbank.org)
(GDP (current US$) - India | Data (worldbank.org)
(GDP per capita (current US$) - India | Data (worldbank.org)
