Fact checked
When you’re wanting to send money to family or friends in India, it’s important to be on the lookout for cheap exchange rates, low fees and a simple transfer process. Compare a range of international money transfer providers here with Savvy to help you find the best exchange rates and lowest fees available. Consider a range of options with us before getting your international money transfer underway today.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
There are many ways to send money to India from Australia. The best way to send your transfer may depend on how much money you wish to send and how quickly you need your funds to arrive. A business transfer involving tens of thousands of dollars being sent to a company in New Delhi is a different proposition from an individual wanting to send $300 home to family in Hyderabad, for example. The options you have available for your transfer include:
Out of all of these options, the cheapest, fastest and most reliable way to send money to India is using an international money transfer company. Savvy has partnered with a range of reputable transfer companies so you can start your transfer today with peace of mind. All of our providers have the necessary permits and licences to provide safe and reliable transfer services, so they’re trusted partners when it comes to sending money overseas.
Setting up an account with an international transfer provider is a quick and easy process. It should take you no more than five minutes to set up an account and get your transfer on its way. Some companies have both online platforms and mobile sites, so you can arrange your transfer on the run or from the comfort of your office.
If you’re a private individual wanting to send money overseas to family or friends in India, a remittance provider such as Remitly will get your money to its destination in India with very few details required. You may need to provide proof of your ID by scanning or photographing your driver’s licence or passport before sending your money overseas. You’ll then be sent a confirmation notification informing you the transfer has been completed.
If you’re a company wanting to set up regular transfers to India, you may need to provide details of your company structure, plus ID for all the company directors when you set up your account for the first time. A business account manager, which is offered by companies such as TorFX and Xe, can assist you in setting up your business transfer account.
AUSTRAC compliance
If you intend to send more than $10,000 to India, your transfer will be reported to AUSTRAC, which is the Australian Transaction Reports and Analysis Centre. You may be asked for further information to ensure AUSTRAC compliance. For example, if you’re a company paying for goods or services ordered from India, you may be asked for proof of the sales or engagement contract. Such AUSTRAC compliance is the responsibility of the international money transfer companies; it isn’t up to individuals or businesses to make separate reports about their larger transfers.
Before making an international transfer to India, you’ll need the precise details of who you wish to send the money to, and where they or their bank account is located.
You may also need to verify your own identity when making a transfer, as mentioned, so make sure you have your passport or driver’s licence handy before you start, particularly if this is the first transfer you’ve made with that particular company. Note that not all international transfer service providers will be able to send money to all countries.
There are several things to think about before you send money to India. The main factors to consider when comparing different transfer providers are:
Transfer fees
There are different methods and ways to charge for making international money transfers. Some companies charge a flat fee ranging from $6 to $15, whilst others charge a percentage of the transfer amount. The percentage charged will vary from country to country, but since India is such a high-traffic country for transfers from Australia, the fees charged will often be at the lower end of the scale, ranging from 0.4% up to around 0.65% of the transfer value.
Exchange rates
Another charging method that transfer companies use is to add a margin to the exchange rate. This means you won’t receive the best rate possible for your transfer (which is known as the ‘mid-market rate’) but will receive a slightly lower rate, often in place of being charged a transfer fee. It’s worth noting that traditional banks can often add a substantial margin to the exchange rate, making them one of the most expensive options to send money to India. The higher the exchange rate, the more money will arrive in India.
How is the money to be received?
Think about how you want your money to be received in India – will it be transferred directly into a bank account, collected in cash or paid into a digital wallet or to a phone app? Not all providers offer all these options, so check the company you choose offers the transfer method you prefer.
Is India one of the countries serviced?
Not all international transfer companies deal in all currencies or offer a service to all countries, and some specialise in different parts of the globe. Make sure the company you choose deals in Indian rupees and supports transfers to India, which shouldn’t be an issue given the popularity of India as a money transfer destination.
Your payment method
Decide how you wish to pay for the transfer. Options include paying by direct debit from your bank account, using a digital wallet such as Apple Pay or Google Pay, using a credit card, a debit card with EFTPOS or in cash. As mentioned, not all companies will accept cash, credit cards or digital wallets, so check which payment method your preferred company will accept.
Payment limits
Minimum and maximum limits for transfers are set by most transfer companies. Make sure the one you choose has limits that fit in with your transfer needs. For example, some implement a minimum transfer limit of $200 to $250, but others set this at $1. Maximum transfer amounts also vary markedly, with some having a $5,000 a day limit while others offer much higher limits up to $500,000 or more in some cases (primarily for businesses).
There's no need to pay a dollar to compare money transfer services with Savvy, as you can do so for free at any time.
You can compare offers with competitive exchange rates, fees and transfer speeds in minutes with us.
We're partnered with trusted and licensed money transfer companies to bring more quality to your comparisons.
The cheapest way to send money to India will depend largely on how much you’re looking to transfer. For some lower-value transfers, a company using a percentage of the transfer amount as a fee may be your cheapest option. Larger transfers may be cheaper using a company which has a set fee.
For example, a provider charging a fee of 0.5% of the transfer sum would cost you $1.50 if you were transferring $300, but $25 if you were transferring $5,000. A set fee provider who charges a standard $15 fee would be cheaper if you were transferring a larger amount of $5,000 or more. Therefore, it’s important to compare providers with Savvy to find the cheapest one for your circumstances.
As well as comparing fees, look at the exchange rates being offered and choose one as close as possible to the mid-market rate. Some companies offer to match a competitor’s exchange rate, so that’s worth bearing in mind too.
It’s a good idea to start looking at the Australian dollar to Indian rupee exchange rate in advance of when you want to make your transfer so you’re familiar with what the mid-market rate is and in what direction the currency pair is heading. Exchange rates can change quickly, so it’s worthwhile being aware of what the current rate is so you can spot a good deal when you find one through Savvy.
Another way to make sure your transfer to India is as cheap as possible is to look out for special offers and free transfer deals for new customers. Several companies offer free transfers to entice new customers. Some waive fees for amounts over $10,000, so this may be your best way to send money to India and the cheapest option if you have a large transfer in mind.
If you’ve been watching the dollar to rupee exchange rate carefully, you may have a set rate in mind that you wish to use for your transfer of dollars to rupees. Some international money transfer providers offer useful currency tools on their websites or mobile app which can send you an alert when a certain exchange rate is achieved. Limit orders are also very handy, as they enable your transfer to automatically go through once your preferred exchange rate is met.
Another way of ensuring you get the best exchange rate is to use an international account to store rupees that you’ve exchanged previously when the exchange rate was very favourable. For example, in early January 2022, the exchange rate plummeted to a low of 53.38 rupees to the dollar, but by March it had climbed to a high of 57.39. If you had an international account, you could have exchanged dollars for rupees in March, achieved a strong exchange rate and stored those rupees in your international account to make your transfer later in 2022, when the exchange rate may have fallen again.
A bank transfer will take between three and five days. International transfer companies will get your money to India much faster, often either instantly, on the same day or within two. If you know that you’re going to have to pay for goods at a set time in the month or wish to send money to India in time for a certain important date, save money by planning in advance so you don’t have to pay top dollar for a rapid service. Plan your transfer several days in advance of your payment deadline so you have the choice to wait and make your transfer to India when the exchange rate is at its most advantageous.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
