If you live in Brisbane, and you need to send money to Bangalore, it’s simple today. It was not too many years ago when transferring money from one corner of the world to the other was risky and expensive. The sender usually had to pay high fees, poor exchange rates and then worry that the money would never reach home, especially if home was in a rural community in India. This is no longer the case; online money transfers to India from Australia are now commonplace.
So, how does it work?
- The first thing is to log into the Internet and visit the web site of a recognized online money transfer agent. There are a number of them, and like everything else, some are better than other. There are some agencies that do not charge a fee and offer very good exchange rates.
- Register an account. You will need to give your name, your current address and your phone contact numbers. You will be asked to provide some form of identification that only you know, perhaps your passport number or drivers license. Read the details closely, ensure the site is safe and uses multiple layer security, and if you are satisfied, continue with the registration.
- The next step is to enter your bank details into the site. It is highly recommended that you have a bank account, without one the service company will have to verify your identity using an agency; this will cost you more money.
- Once this step is finished, you have created a safe portal for you to send money to family and friends in India or anywhere else in the world.
- When it comes time to make online money transfers to India from Australia, go to your account and add all the contact information of the recipient. This information will be the recipient’s name, address, phone number and bank account routing number if you have it. Once this information is in the site data-base, you can retrieve it quickly for subsequent transfers. If the recipient does not have a bank account, or you do not have full data on the person, arrange to have the money sent to a bank branch where it can be collected personally.
- Before you actually send the money, contact the recipient and confirm all the details and make sure he is ready to receive the money. At this time, you can decide what currency the transfer will be made in as it determines who accepts the exchange rate.
- Transfer the funds. Simply enter the amount to be sent from your bank account. Your bank will take the A$ from your account; the transfer will proceed, and the beneficiary will receive the money as per your instructions.
Online money transfer makes sending money back home to India virtually painless. From the comfort of your home, with no trips to the bank or transfer agent, you can make the transfer.