How to Transfer Money from India to Australia| North Loop Official Blog
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02 Mar 2020

How to Transfer Money from India to Australia

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How to transfer money from India to Australia

Are you looking to send money from India to Australia? Before starting, here’s some information on how to transfer money from India to Australia at best rates.

How to send money abroad from India

The Reserve Bank of India lets you send up to $250,000 a year abroad under the Liberalized Remittance Scheme (LRS). There are many reasons under LRS that you can send money abroad, including:
  • Studying Abroad
  • Medical Trips
  • Business Trips
  • Emigration
  • Helping maintenance of a close relative

Enjoy unlimited no fee ATM withdrawals with a student account

Send money to Australia from India

If you’re looking to send money from India to Australia, there are a few ways you can do this:
Wire Transfer- You can send funds via the SWIFT wire network with your bank. When sending money abroad with a bank transfer, make sure you see what you’re being charged - banks will charge both a wire fee as well as FX markup (the percentage over the real exchange rate that they make a profit on).

Forex Houses
Currency exchange companies, commonly known as forex houses, are companies that are licensed to buy and sell different foreign currencies. Many will also do international transfers for you. Be aware that, similar to banks, these companies will charge you both a sending fee as well as heavy FX markups.

North Loop
If you’re looking to send money to Australia from India to pay for university fees, North Loop offers the lowest FX rates and no transfer fees - it’s an easy, 5 minute process that will save you hundreds of dollars.! Sign up here

Best bank for international transfers

If you’re looking to send an international transfer, you can either send via a forex currency exchange company or a bank. The best bank for international transfers has a few important features:
  • Easy to sign up for an account
  • Hassle-free transfers
  • Low FX rates and fees

Unfortunately, most banks will be expensive as there doesn’t exist anything as banks with no fees! If you’re looking to pay university fees in Australia from India, you can use North Loop (trusted by over 100,000 students). North Loop offers the lowest FX rates possible with the highest levels of security.

Best bank for immigrants

Are you emigrating to Australia? Congratulations! While you start setting up your new life, it is important to set up a bank account as an immigrant. When looking for the best bank for immigrants, make sure it is easy to access credit (credit cards, loans) from this bank, as you will need that to start building your life and many banks avoid giving loans to new immigrants. Another important aspect is that you will need to transfer money from India to Australia as an immigrant, so make your account receives transfers quickly and for free.

Best banks for college students

If you’re going to study in Australia, you will be on the lookout for the best banks for college students, and more importantly, the best bank for international students. When looking for a bank as a college student, it is important to look for a bank with no fees, no account minimums and good customer service. Since you’ll be receiving money from abroad, make sure it's easy to send money to this account, as well as the fact that you aren’t being charged any incoming wire fees.

North Loop Checking Accounts

Going to the US? North Loop offers no fee checking accounts with no account minimums- you could save over $300 a year with a North Loop account vs. other bank accounts. Signing up takes 5 minutes, and all incoming wire transfers are free! Sign up here

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.