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Sending money online has replaced the traditional ways of sending money. Why? Because they are more expensive and time-consuming. The good news is that technology has changed the way in which money is transferred across and within borders by making it cheaper, faster, and safer. If you are an NRI in Australia, this blog is for you.
Australia census of 2018 recorded that out of 25.20 million population in Australia, 2.4% are Indians by the country of birth. It is no surprise that the number of people sending money online from Australia to India is significant. Remittances sent from Australia to India was 1.944 billion dollars in 2018 according to a report by the World Bank.
Source: World Bank, 2018
The number of money transfer companies has also increased exponentially to serve the market. The most important question is how do you select the best money transfer company that suits your requirement to send money to India from Australia?
The short answer is by comparing the top money transfer companies side-by-side to save money on every transfer. Of course! To conduct a comparison you need to know what are the factors to you must consider.
So, what are the factors you must consider before sending money online?
Exchange Rates
The heart and soul of money transfer is the proposed exchange rate. It can make a huge difference in the amount that you wish to send and the cost of the entire transaction. For example, if the exchange rate of 1 AUD to INR is 52, and you send 10 AUD to India, the recipient will receive INR 520. If the exchange rate 1 AUD to INR decreases to 45, the recipient will only receive INR 450.
As exchange rates determine the value of the amount received by the recipient, it is important that you compare the exchange rates offered by the top money transfer companies to determine the best rate that you would receive for the amount. Here is an example.
Transfer Fees
Every money transfer transaction involves a transfer fee. Some companies like Western Union and InstaRem charge a flat fee, others may take a certain percentage of the transaction to send money to India. The transfer fees depend on the type of transaction, the amount you are trying to send and the country to which you are sending the amount. Most companies periodically run promotions like waiving off the transfer fee on the first transfer or if you are transferring a large amount of money.
Transfer Speed
There are times when money needs to be transferred urgently, or within a day. Every platform has its own technology and differs in transfer speed. While companies like Western Union and WorldRemit can move your money within an hour, other companies may take 4-5 days to transfer the amount. It is more expensive to send money fast. However, make sure you compare the transfer speed if you are sending money for an emergency.
Transfer Limit
The Transfer limit is the highest amount of money you can send to a particular country using a money transfer service provider. The ceiling is often determined by government and company policies. Make sure that the limit falls within the volume of money that you would transact.
Security
Moving far away from the Hawala system, sending money to India has never been safer. All the top money transfer companies today follow stringent measures to ensure the security and privacy of the users.
Customer Support
Even though using these platforms are safe, straightforward and easy, there can be times where a problem occurs. Before you choose a platform to remit to India you must ensure that the customer support is available at the exact moment through email or chat support for a smooth money transfer.
Which is the best way to send money to Australia?
Here is our list of top money transfer companies for sending money online to India from Australia.
Wise (formerly known as TransferWise) : It allows you to transfer money strictly from one bank account to another with an average remittance time of 2-5 days for the amount to reach the recipient in India. Currently, for transfers above AUD 500, there are no transfer fees. Have a look at Wise reviews by our verified users here.
Remitly: Compared to Wise, Remitly has a faster remittance time of less than an hour. Furthermore, you can transfer money from your credit or debit card to the recipient's bank account in India. The flat transfer fee of AUD 3 will be waived for transfer above AUD 1000 with a bank account or a debit card.
Remit2India: It requires a bank account to transfer money from Australia to India. Similar to Wise, there is no flat transfer fee involved but it does have a slightly higher exchange margin rate resulting in a higher total transfer cost. Remit2India promo codes are the best way to avail discounts and save while sending money. Check out their latest offer here.
Rocket Remit: A more flexible option than the ones listed above, it has an option to transfer the amount from a credit or debit card to a mobile wallet. The transfer time is less than an hour making it a fast medium to transfer money from Australia to India. However, it does have a high exchange rate margin of 1.68%, summing up to a transfer cost of 3.36 AUD.
Western Union: Western Union is one of the oldest and the most popular money transfer company. It is still one of the best ways to send money in case of an emergency because they can transfer your money within an hour. It allows you to track your money by using the Western Union tracking number. However, Western Union money transfer charges a flat fee of 4.00 AUD and an exchange margin of 0.22% making the transfer cost to 4.44 AUD.
Flyworld: With Flyworld you can transfer money from your bank account with an alternative for the recipient to receive the amount in cash in less than an hour. There is a flat fee of 1.00 AUD and 1.29% exchange rate margin resulting in a transactional cost of 3.58 AUD.
WorldRemit: WorldRemit allows you to send money online to India via bank transfer, cash pickup, mobile money, airtime top-up, door-to-door, and WorldRemit wallet. You can send money to more than 145 countries. 90% of the transactions on WorldRemit are completed on the same banking day. WorldRemit has a flat transfer fee of 3.99 AUD.
InstaRem: InstaRem offers zero-margin FX rates and takes up to two days to send money online to India from Australia. It charges a 0.05% fee on the total amount and is one of the cheapest ways of sending money from Australia to India. When you transfer money through InstaRem, you can also earn redeemable loyalty points on every transaction. Redeem coupons exclusively for CompareRemit users here.
MoneyGram: With more than 80 years of experience transferring money from one place to another, MoneyGram has established itself as an authority in the industry. With MoneyGram, you can choose from wide range of ways to send and receive money. MoneyGram offers the safest and fastest way to send money online to India. MoneyGram's exchange rates are competitive along with lower transaction fees.
The best money transfer company will vary depending on your requirements. For the best experience in sending money online, CompareRemit is the optimum platform for all your remittance needs. You can compare top money transfer companies, filter using your requirements, read and write reviews, and find the best exchange rate. Happy sending!
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