# Online Money Transfer - from India to Australia



## Vijay_Aus (Sep 22, 2012)

Hi Friends,

I've opened my account in NAB and wanted to transfer money from India (ICICI & Axis Bank).
I tried with ICICI bank 'Transfer Fund Abroad' but they have rejected my request. Might be because beneficary and remitter were same .

Anyone have recently online transfer to there accounts in Australia from India.
Please share your inputs.


Regards
Vijay


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## Vijay_Aus (Sep 22, 2012)

Hi friends

Please share ur valuable inputs.

Regards
Vijay

ACS : 12Nov2012| ACS Feedback : 10Jan2013| IELTS : 14Feb2013| EOI : 02Mar2013| Invitation (189) : 04Mar2013 |CO :17Apr2013|Meds :06May2013|PCC :17Jun2013| Grant : 18Jun2013


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## Vijay_Aus (Sep 22, 2012)

Share ur inputs friends

ACS : 12Nov2012| ACS Feedback : 10Jan2013| IELTS : 14Feb2013| EOI : 02Mar2013| Invitation (189) : 04Mar2013 |CO :17Apr2013|Meds :06May2013|PCC :17Jun2013| Grant : 18Jun2013


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## Sama0310 (Jul 9, 2012)

Vijay_Aus said:


> Share ur inputs friends
> 
> I did this thru Axis last month without any issues...not sure about ICICI.


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## Sama0310 (Jul 9, 2012)

Sama0310 said:


> Vijay_Aus said:
> 
> 
> > Share ur inputs friends
> ...


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## jyotikhtr (Nov 24, 2012)

Vijay_Aus said:


> Share ur inputs friends
> 
> ACS : 12Nov2012| ACS Feedback : 10Jan2013| IELTS : 14Feb2013| EOI : 02Mar2013| Invitation (189) : 04Mar2013 |CO :17Apr2013|Meds :06May2013|PCC :17Jun2013| Grant : 18Jun2013


Hello Vijay,

I would suggest not to use local banks to transfer your money. I too have an account in NAB and I am seriously considering https://www.bookmyforex.com/ or https://www.moneygram.com

Do read this too - 5 Mistakes To Avoid When Transferring Money - Sydney Moving Guide

Still, if you want to go with a bank go with SBI, I have heard that it has cheapest rates among banks.

PS: I have not transferred money thru these options yet, just in processing of opening a NRE/NRO account. This is all what my research says.

Regards.


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## Vijay_Aus (Sep 22, 2012)

Thanks Jyoti for ur valuable input.
I'm also in process to open nre/nro account.

ACS : 12Nov2012| ACS Feedback : 10Jan2013| IELTS : 14Feb2013| EOI : 02Mar2013| Invitation (189) : 04Mar2013 |CO :17Apr2013|Meds :06May2013|PCC :17Jun2013| Grant : 18Jun2013


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## jayptl (Dec 13, 2012)

wts benefit of NRE sbi account?


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## jyotikhtr (Nov 24, 2012)

jayptl said:


> wts benefit of NRE sbi account?


In NRE Account
- the money you put in NOT taxable in India
- only foreign currency can be deposited
- withdrawal would be in INR


In NRO Account
- the money you put in is taxable
- exactly same as normal Indian savings account

As per Indian law, a NRI person cannot hold a normal savings account, he has to get it converted it into a NRO account.

Regards.


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## jre05 (Feb 16, 2013)

Vijay_Aus said:


> Hi friends
> 
> Please share ur valuable inputs.
> 
> ...



They will not reject your request based on remitter and beneficiary same. The very purpose of that account is for you to perform transaction from here to there when needed too.

I have done vice versa, but not sure what's the problem at your end to send from here to Australia.


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## Vijay_Aus (Sep 22, 2012)

jre05 said:


> They will not reject your request based on remitter and beneficiary same. The very purpose of that account is for you to perform transaction from here to there when needed too.
> 
> I have done vice versa, but not sure what's the problem at your end to send from here to Australia.



Hi Jre05,

I was told by ICICI bank that as per RBI guidelines no Indian can transfer his money abroad on his account.
Although he told me that u can transfer money to ur relative or friends and then again transfer to ur account .

And the charges till one Lakh is flat 500+12.36%(service tax)+0.12%(currency conversion charges) so approx Rs. 700 per Lakh they will take.

Regards
Vijay


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## jre05 (Feb 16, 2013)

Vijay_Aus said:


> Hi Jre05,
> 
> I was told by ICICI bank that as per RBI guidelines no Indian can transfer his money abroad on his account.
> Although he told me that u can transfer money to ur relative or friends and then again transfer to ur account .
> ...


Better you transfer to your relative's Indian account your INR and take equivalent from them on that day's exchange onto your NAB by them, so that you both don't lose any money. (I know your relatives old parents or someone might be in India or at least living for sometime in India, thus they might require INR, influence them about this exchange and favor, its only one time right, don't worry. But I will not prefer that unless the relative is soo open minded and have good rapport. Else, we can use friends, even from this forum itself  )

Else, it is very costly. When I do ICICI Money2India, it only costed me Rs 150 approximately irrespective of the amount of AUD I transfer to my Indian ICICI and HDFC accounts (That too on a floating currency rate on the day of credit to our Indian account, most time it will be little higher). No exchange charges or service charges at all. However, it is blocked now for Australia, not only in ICICI, but also by remitindia guys. SBI used to be costly (10AUD) they charge but people have this mentality that its safer, but we never used that. I do not know if SBI still has this AUD to INR (I do not think it still has). I do not know the reason why it is blocked for few countries since last 1.5 years.

However you can do wire transfer, but it takes little more time.

As Jyoti suggested, and also as advised by one of my ICICI Manager, we can go for NRI account, however it has certain complexities which Jyoti has mentioned).


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## jyotikhtr (Nov 24, 2012)

Vijay_Aus said:


> Hi Jre05,
> 
> I was told by ICICI bank that as per RBI guidelines no Indian can transfer his money abroad on his account.
> Although he told me that u can transfer money to ur relative or friends and then again transfer to ur account .
> ...


This is correct because you might be having a normal savings account in India and not a NRO account.

So as per Indian law, you have to specify them that you are a NRI and thus your normal accounts get converted into NRO account.

From an NRO account, you would be able to transfer money from Indian to Australian account(s).

This is what different bank executives have told me. My application for NRO/NRE accounts is in progress.

Regards.


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## zooter80 (Jul 14, 2012)

Why don't you try using a forex card? That way your money will be converted into AUD and locked in at an exchange rate and you can use that money here?

I did that when I first came here, but there are certain rules around this:

1) The total amount should be less than AUD 10,000 otherwise you have to declare in customs and there could be additional questions. So you may have to reduce your amount a bit to about 5.5 lakhs

2) Everytime you withdraw money from ATM, you would be charged $2.5. But You can withdraw about $2000 or $1000 at one time (don't remember). But you can get it all out at a cost of about $25. You may need to do this a few days as the daily limit would be about $3000 on the forex card

3) Everwhere cards are accepted in Australia, so you may just keep using the card for your daily expenses (not that i'm suggesting that, but you don't need to withdraw and transfer the entire amount to bank)

Advantage of the card is that you don't worry about exchange rate fluctuations and the card is protected by PIN. So even if you lose the card, you'll be safe. The replacement card will be mailed to you at a cost. You should offcourse have some in cash and have some credit cards or debit cards for emergencies and not just depend on this card


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## psuresh0207 (Jul 9, 2013)

Hi Vijay,

It is better to open the account in SBI and transfer the money through that account. 

The process if I remember correct will be,

1. Open the account for the e-remit with SBI.
2. Once the account is opened, You have add the beneficiary(your indian account or any persons account)
3. Then you have to raise a request online to send the money to the added beneficiary.
4. Then they will provide one account details with the BPAY details.
5. You have to transfer the money to that BPAY account.
6. once they receive the money in that BPAY account, SBI will initiate the transfer and within that eod or the next day, you will have the money in Indian account.

Advantages with SBI transfer, I have seen over icici and other banks as well are

1. Less charges.
2. Exchange rate given will be at the time when you initiate the transfer. ICICI gives the rate at the time they actually transfer the money to indian account.

Let me know if you still have any queries.


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## Mroks (Nov 1, 2011)

jyotikhtr said:


> This is correct because you might be having a normal savings account in India and not a NRO account.
> 
> So as per Indian law, you have to specify them that you are a NRI and thus your normal accounts get converted into NRO account.
> 
> ...


For opening NRI account have you given any Oz address? I have visited few banks and all of them have asked me to get the Oz address with documentary proof.


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## mikstylo (Jul 21, 2012)

I got the best rates from Centrum and they seem to have offices all over india. I have used them twice uptil now.

CENTRUM


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## jyotikhtr (Nov 24, 2012)

mikstylo said:


> I got the best rates from Centrum and they seem to have offices all over india. I have used them twice uptil now.
> 
> CENTRUM


Hi mikstylo,

Which services have you availed from Centrum ?

Regards.


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## madrag (Mar 12, 2013)

I used centrum to convert 10k aud in the form of travel card. 0 charge when you get your card. but $1.5 per transaction with 2000 max limit per day if you withdraw using st.georges's atms here in sydney. you get two visa cards and they say if you use the cards for purchases at eftpos there wont be charges. but I had trouble with using the card at woolworths.


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## mikstylo (Jul 21, 2012)

jyotikhtr said:


> Hi mikstylo,
> 
> Which services have you availed from Centrum ?
> 
> Regards.


The Forex service. I got them to transfer AUD 8k to my account with Commonwealth bank + some cash in hand.

If you contact them, they can send a rep home who will collect the required docs from your door step + sign the required forms for the transfer.


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## samir440 (Jul 31, 2013)

*Australia bank account*

Hello everybody

Which bank is good in australia to open bank account, either NAB or commonwelth bank of australia. I want to open account in australia bank from india online.

Regards

Samir


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## jre05 (Feb 16, 2013)

samir440 said:


> Hello everybody
> 
> Which bank is good in australia to open bank account, either NAB or commonwelth bank of australia. I want to open account in australia bank from india online.
> 
> ...


CBA as it has many ATMs everywhere. Having said, NAB is not any bad.

NAB offers online opening from India.

ANZ is also good.


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## samir440 (Jul 31, 2013)

jre05 said:


> CBA as it has many ATMs everywhere. Having said, NAB is not any bad.
> 
> NAB offers online opening from India.
> 
> ANZ is also good.


Thank for quick response.

Initially how to bring money from india. I may need to bring about 12-13K AUD initially. 

regards
samir


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## jre05 (Feb 16, 2013)

samir440 said:


> Thank for quick response.
> 
> Initially how to bring money from india. I may need to bring about 12-13K AUD initially.
> 
> ...


Open NAB and transfer it.

Take some 2K in Forex Card. You can not take more than 5 or 10K in hand AUD.

Better just take 2K in forex card and 1K as cash in AUD through exchanges and rest money put in NAB you can open online and check with them how to transfer.


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## oliveaustralia (Feb 14, 2018)

Please brief..


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