Transferring money to foreign countries is not a hassle anymore. Today, we have a lot of instant money transfer (IMT) providers, banks and other FX agencies that can transfer any amount to the target bank account within a matter of few minutes (could take hours or even several days in exceptional cases). Transferring money to Australia from another country is as simple as transferring money within the same state. Today, online remittance platforms can help you convert AUD to INR in a blink of an eye. Going for old methods such as bank drafts or money orders seems like going back to the time when dinosaurs existed. Today, we have more effective and faster ways at our disposal to transfer funds online.
In this article, we are going to list those super-fast and advanced ways to send money to Australia. So, let’s get started.
1: Banks
Banks provide the easiest and the most secure gateways to transfer funds to Australian bank accounts. Before transferring money to an Australian bank account, you need to have the following details ready:
- Recipient’s full name and address.
- Information about the bank or any financial institution the money is being sent to.
- SWIFT/IBAN of the recipient’s bank.
- The amount to be sent.
The only drawback of transferring funds through banks is that they are very expensive. International wire transfers cost around $45 (if in American dollars) or else it is just $35 for other currencies.
2: E-Transfers
Electronic fund transfers are very reliable. There are a lot of Foreign Exchange agencies or IMT providers that work for the same. You just need to deposit the amount in their local wallet, fill in the necessary details carefully and hit the “Send Money” button. Online transactions are faster and more secure except in some cases where faulty gateway security certificates might make you vulnerable to hackers.
3: PayPal
PayPal is a very economical method of transferring money to Australia. Sending money through PayPal is free except that it deducts its own charges when the money is transferred to other bank accounts for cash. The charge is 2.9% for transfers up to $3,000 plus $0.3 per transaction.
4: Personal Cheques
To send money to Australia, you can fill in a cheque and send it through the mail to the recipient. This takes a long time to encash. Sending a cheque overseas in American dollars compels banks to verify the deposits, with some banks directly rejecting foreign cheques in worst case scenarios. It is, however, easy to cancel cheques through the mail than sending money in cash.
5: E-mail Transfers
This mode of transfer works like an electronic cheque. The transactions are set up through emails and the recipient is informed that the funds are available. It does not need the target account number. A simple security question can provide access to the available funds and it can be easily converted into cash.
6: P2P Transfer (Peer to Peer)
This method finds people eager to buy and sell currencies online. There are dedicated companies that can aid you in your fund transfer. This match between buyers and sellers is based on the countries to which funds have to be transferred. This method is really cost-efficient and allows transactions anywhere between $1000 and $100,000.
7: Bitcoin
This is one of the easiest ways to transfer money overseas. It, however, needs you to be familiar with how digital currency works and is encashed. Just set up a wallet with companies like CoinJar, fill up your wallet (with Australian dollars), convert it into Bitcoin and send it to the recipient’s wallet. The recipient can thereafter convert it into the local currency. It is a comparatively lesser expensive method except for that fact that exchange rates might vary since you are converting currency twice.
So, these were some of the best ways to send money to an Australian bank account. Just pick one that suits you the best and you are good to go.