People who reside and work outside of their home countries in emerging countries such as India are critical to the country's fiscal health because the earnings they send home help build the country's foreign currency hoard. Almost one million Indians have made Australia their stable home and are now worked in a diversity of professions to guarantee their own well-being and provide for their families back home.

Various channels to send money to India

It is difficult for Indians living overseas to choose between the numerous options available for making international transactions. People consider variables such as service costs, improved exchange rates, instantaneous handling, and a wide range of payment options when determining the best method to send money home. Here are some of the most viable options to help you decide.

Bank transfer:

Bank transfers are one of the more conventional methods of sending money overseas, but many expatriates still use them. You can use this method to send money directly from your Australian bank account to the receiver's account. Bank deposits are no longer the favoured way due to the availability of easier options.

Online Money Transfer Services:

This is the most latest option, which has gained favour among outsiders in recent years. Online money transfer companies in India, such as Remit Choice, Western Union, and Wise, offer the best exchange rates, quick transactions, and a wide range of payment options.

Cash Transfers:

You can send funds to your Indian recipient by attending a physical location of a money transfer company such as Western Union or MoneyGram. Although this method is fast, the expenses may be higher.

Conclusion:

Consider the costs and conversion rate when deciding how to transfer money from Australia to India. Additionally, to prevent theft and schemes in the money transfer business, make sure you are transferring money to a trustworthy receiver.