Mr Sharma’s son Deepak studies in a renowned university in Australia. He’s studying an MBA and doing a part-time job in a restaurant to manage his personal expenses. However, last month Deepak suffered from a serious bout of flu. As a result he had to leave his job at the restaurant. Yesterday Mr Sharma received a call from Deepak asking whether he could send him money to Australia. Mr Sharma is now in a fix over how to transfer money to his son in Australia.
Sounds familiar? You also want to send money to Australia don’t know to go about it? If yes, read on –
Talk to your bank
The popular solutions that bank offer in terms of transferring money to Australia are wire transfer and online banking. These are safe, secure and hassle-free processes. Wire transfer or Telegraphic transfer is an electronic way of sending foreign currency to the recipient’s bank account abroad. IndusInd bank is a member of Society for Worldwide Interbank Financial Telecommunication or SWIFT which ensures complete security of the foreign currency transaction between banks and financial institutions.
IndusInd bank offers a fast and secure transfer of funds to overseas accounts. Through wire transfer, the transaction takes about two to four business days to complete. The benefits of using wire service are that you will get amazing foreign exchange rates and it’s fast.
Transferring money online is another convenient way to send money to Australia and other international locations. You just need to activate your net banking service from your branch. Log into the account using the password and username provided and look for outward remittance options. You have to provide the bank account details of the recipient and also submit a self declaration regarding the purpose of your transaction.
There are many 3rd party money transfer services that wire transfer money through banks. However, since they route the transaction through banks, which increases the processing fee.
For transferring money to international locations you need to provide your KYC details (address proof, PAN card details) to the banks. You also have to provide bank account details of the recipient along with the address.