Send Money to India from Australia

Consider which fee structure is best

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.

Get to know the exchange rate

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.

Look out for special offers

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.

Use currency tools to time your transfer

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.

Store rupees in an international account

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.

Plan in advance and allow time to transfer

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.