Send money to India

By Mozo ·

In 2011-2012, Indians were one of the largest groups of permanent migrants to Australia. With Indian citizens flocking to Australia, there are many personal reasons why people would need to transfer money to India. These reasons would include: Sending money as a gift to friends and family, help out a relative in a medical emergency, supporting family by paying bills, school fees etc.

The need for trade between Australia and India has also increased in recent years. So for businesses, there are also plenty of reasons to send money to India such as, to pay for goods and services, wages and royalties. There is clearly a demand to make international money transfers to India and for this there are many options that are all safe, secure and reliable. If you’re actually planning on going on an adventure holiday to India or need to make a business trip, this guide isn’t for you - head over to our travel money section where you can compare everything from prepaid travel cards, exchange rates, holiday insurance to overseas debit card fees and travel credit cards.

Options for transferring money to India

With the growth in trade between India and Australia and with an increase in Indians living here, there are many options when it comes to transferring money to one of the world’s most populous countries. Be it personal or business reasons, you can send money to India via a bank, foreign exchange specialist or with a wire transfer. Have a read of the pros and cons for each to help you decide which option suits your needs best.


  • If you need to send money in a hurry your bank can be a good option
  • For a one off small amount a bank can be convenient and reliable
  • The bank’s exchange rate is often a lot more expensive than a foreign exchange provider
  • There’s no shortage of fees, banks charge a high conversion fee as well as a sending and receiving fee

Foreign Exchange Specialist:

  • Usually the cheapest option for making an international money transfer
  • They offer the best value for money, with attractive exchange rates
  • Fees are a lot more modest compared to the banks
  • Some providers have a minimum and maximum transfer limit which may not work in your favour
  • Technical problems could slow down the transfer speed

Standard Wire Transfer:


  • Convenience of bank to bank transfers
  • Recipient can access funds within minutes of the transfer being processed
  • The recipient can pick up the funds in cash from a branch


  • The exchange rate is generally pretty poor compared to a bank or foreign exchange specialist
  • For larger amounts greater than around $5000 you may have to visit a branch to make the transfer

Before booking your transaction to India make sure you’ve compared the day’s best exchange rates on our international money transfers page!

6 steps to making money transfers to India

After reading the pros and cons of the different options of sending money to India, you’ve decided to use a foreign exchange specialist. It’s by far the best value for money and you’ll receive a lot more Rupees for your Australian dollars than what a bank would offer. Now here’s how the money transfer works:

  • Step 1: Register (online or by phone) and set up an account with a foreign exchange provider
  • Step 2: The provider may contact you to confirm your details and to discuss the transfer
  • Step 3: Confirm and make sure you are happy with the costs and exchange rate of the transfer
  • Step 4: Book the transaction and give the personal and account details of the recipient
  • Step 5: Pay the agreed amount for the transfer; this is usually done by electronic transfer
  • Step 6: Once the provider has received the funds, they will send the money electronically to your recipient.

Regular or one off international transfers to India

For any regular transfers to India you will save yourself money and time by establishing a long-term relationship with a foreign exchange specialist. For example, if your wife and children live in India and every month you need to pay school fees then an international money transfer provider is your best option. You will lose out in fees and a poor exchange rate if you continually transfer money with a bank. Becoming a regular customer of a foreign exchange specialist and transferring over a certain amount has its benefits including;

  • Lower commission fees
  • Ability to negotiate a transfer limit
  • Some providers may give you the option of locking in an exchange rate if your transfers remain fixed
  • Quick and efficient transfers
With a one off transfer, exactly how much money you need to send will depend on what type of provider you choose. If it’s a large amount of money say to pay for your daughter’s extravagant wedding then you are better off going with an international money transfer provider. The slightly better exchange rate you’ll receive from an IMT specialist will save you thousands on a large one off transfer to India.
For small, one off transfers around $200 or less, PayPal is a safe, trusted and affordable method for sending money overseas. The transfer is simple, can be done electronically and only takes a couple of minutes. Remember though, that both you and the recipient will need a PayPal account. For convenience, you may want to go with your your local bank to transfer a small amount of money but don’t forget, banks don’t offer a very attractive exchange rate.

Comparing IMT providers: what to look for

With the international money transfer industry growing, the market is now a lot more competitive. So when you shop around and compare providers there are plenty of features to consider.

  • Transfer limits: Some international money transfer providers have a maximum and minimum transfer amount. The minimum limit could be as much as 000, so you’ll have to hunt around to find one that suits the amount you need to transfer.
  • Exchange rates: The current exchange rate is one of the most important factors to consider. A few cents difference in the rate could make a huge variance as to just how many Rupees your recipient receives. Banks and agencies will offer different rates on the Rupee so take the time to compare and calculate how much you will receive for your Aussie dollar. Remember, the higher the exchange rate, the more money you will get!
  • Transfer time: This is the speed it takes from the moment the transaction has been processed to the time the recipient receives it. Gone are the days of waiting weeks to get a transaction cleared, these days the transfer speed can range from 1 to 5 days.
  • Fees: You might find your funds may shrink en route to India! Banks and agencies will charge a fee for converting your money; you may also be hit with a sending and receiving fee. Some providers may waive these fees if you transfer over a minimum amount.
  • Transfer Options: You can make your international money transfer online, on the phone or in person. Different providers may offer different financial benefits for each option.

Information you need to set up an international money transfer

Setting up an international money transfer to India couldn’t be easier and the whole process can be done in just minutes from the comfort of your own home. Here’s a list of the details you’ll need to provide:

  1. 1. Personal details including: name, address, date of birth, country of birth, phone number
  2. 2. You’ll have to set up a username, password and security question
  3. 3. Details of the account where the transfer money will be deposited from
  4. 4. Full name and address of the recipient’s bank
  1. 5. Recipient’s name, address and account number
  2. 6. SWIFT/BIC Code (see below)
  3. 7. The amount and currency you wish to send

IMT must know terminology

Spot deal: This refers to an arrangement where you lock in the current exchange rate immediately with a legal binding of converting one currency for the other within 24 hours of booking the deal.
Limit order: A limit order lets you set the exchange rate that you would like your money transfer to happen in. The provider will lock in the deal for you when the rate hits your goal.
SWIFT or BIC code: The Society for Worldwide Interbank Financial Telecommunications (SWIFT) or a Bank Identifier Code (BIC) is an 8 or 11 digit code that identifies banks around the world. This code is used to transfer money between banks via international wire transfers.