If you need to send money to a recipient in India – perhaps to family or friend, or for business investment – then the easiest and best way to do so is via international money transfer.
An international money transfer works by moving an amount of money electronically from the sender’s bank account to a bank account overseas.
In 2016, India was the seventh most popular place Australians transferred money to.
The exact details you’ll need in order to send money to India will depend on your provider and your transfer method. Typically, you’ll need to provide your name, address, phone number and banking details. Some money transfer services may even require a government-issued ID as part of the identification process. You’ll also need to provide details of your recipient.
Transferring money to a recipient in India who doesn’t have a bank account may be possible through a cash transfer, however, availability of this service will depend on your provider. Check your provider’s international money transfer requirements to see if you are able to transfer money without your recipient needing to have a bank account.
Exchange rates can fluctuate at any time as they’re influenced by international factors, like trade and tourism. It’s important that the sender checks the exchange rate at the time of completing their transaction.
If you need to receive a transfer from overseas, you may be a little lost in all the policies and procedures. we can help you navigate it all at Compare the Market