Things To Consider For Transferring Money To Australia

In recent years, many people have migrated to Australia for various purposes, such as residency, higher education, and job opportunities. As a result, the number of people transferring money to Australia has drastically increased. People send money to Australia for various purposes like maintenance of their relatives, children's education fees, medical expenses, etc.

Sending Money To Australia

Sending money to Australia could seem like a challenge for first-timers. Still, by considering the things which need to be considered while transferring money to Australia, this challenge can be overcome. The factors to keep in mind while sending money to Australia are as follows:-

1. Remittance provider and exchange rates

Exchange rates are the most important thing to consider. There are various remittance providers in the Forex market, and exchange rates can vary for each of them. Hence, before transferring money to Australia, always compare the foreign exchange rates and choose a provider that offers the most competitive rates. Moreover, the remittance providers might also charge additional fees such as transaction fees, transfer fees, and currency conversion fees, so make sure to understand the total cost of the transfer before sending money to Australia. One should also make sure that the remittances are sent only through trusted and authorised remittance platforms.

2. Method of money transfer

There are 2 modes available for sending money to Australia- Wire Transfer and Demand Draft.

Wire transfer is a great method for sending money to Australia. Banks usually perform wire transfers. However, performing it via bank can be expensive as they charge a high processing fee. Hence it is always better to use remittance service providers for doing wire transfers as they offer it at reasonable fees.

Demand Draft is also an easy method to send money to Australia. However, when compared with a wire transfer, a Demand Draft is a more time-consuming process. Therefore, in case you are in lack of time and want a speedy transfer, opting for a Wire transfer is a better choice.

3. Documents required

Before sending money to Australia, make sure to have a checklist of the required documents. The list of documents required for transferring money to Australia includes the Remitter's Address Proof and Photo ID, Beneficiary Details, and Swift Code.

4. Threshold limit and TCS

Whenever transferring money to Australia, It is very important to consider the money transfer threshold limit. Tax collected at Source (TCS). As per the current government norms, the threshold limit for sending money to Australia is 7 Lakh in a financial year, post which TCS will be charged. Above the threshold limit, a TCS of 0.5% will be charged for educational and medical expenses, and 5% will be charged for purposes other than educational and medical expenses.

The Cheapest Way To Transfer Money To Australia

An online money transfer via non-bank remittance providers is the cheapest way to transfer money to Australia. In comparison to banks, these businesses provide convenient online transfer platforms with competitive exchange rates and lower fees. These platforms also enable you to send, receive, and spend money in a variety of currencies with fees that are almost negligible or significantly lower than those charged by traditional banks. Hence, an online money transfer via non-bank remittance providers is the cheapest way to transfer money to Australia.

Transfer Money From India To Australia

The best way to transfer money to Australia from India is by choosing a non-bank remittance provider. However, selecting the right remittance platform can be confusing. While selecting any remittance provider, make sure that the remittance provider is trustworthy and authorised to perform money transfer activities. You should also compare the different remittance platforms in terms of various factors such as speed, convenience, money transfer rates, etc, and then opt for a remittance provider.

WSFx Global Pay is an authorised AD-II category remittance provider that enables you to transfer money from India to Australia easily and conveniently.

Benefits of Transferring Money From India To Australia With Wsfx Global Pay

WSFx Global Pay offers a fully digital platform for easy university fee remittance in just four clicks. With a PAN India presence of over 19 branches, it caters to both online and offline transactions. Renowned for its transparency and affordability, WSFx Global Pay provides quick wire transfers within 12 to 48 business hours at competitive rates. Customers can also enjoy the "Book Now and Pay Later" feature, locking rates for up to 48 hours before payment. With 24/7 access to transparent exchange rates on its website and WSFX global pay app, WSFx Global Pay prioritises convenience, enabling round-the-clock fund transfers.

Sending Money Overseas From Australia

When sending money overseas from Australia, you need to transfer money from your bank account directly into an overseas bank account. The most common method of sending money overseas from Australia is via telegraphic transfer (TT), also known as wire transfer or SWIFT transfer. Sending money overseas from Australia via banks can be very expensive. Hence, opting for money transfer service providers is the best option for sending money overseas from Australia. Although there is no limit for sending money overseas from Australia, however, money transfer service providers set some limits on transferring money from their platform. 

Transferring money to Australia involves careful consideration of various factors to ensure security and cost-effectiveness. Understanding transfer methods and regulatory requirements is essential for a smooth transfer process. By weighing these factors and planning ahead, you can confidently navigate the complexities of transferring money to Australia.