Send Money from India to Australia with Ease

Yes, taxes are imposed on every transaction between India and Australia. As of 1 October 2020, tax is collected at source on outward foreign remittances. There will be a 5% TCS charge if you send more than Rs.7 lakh in a financial year.

As per RBI guidelines, outward remittances are not permitted in high-risk countries indicated by FATF (Financial Action Task Force). The list gets updated from time to time. For more information please refer to the information available on Fatf-gafi.org

Under the Liberalised Remittance Scheme (LRS), Indian residents are allowed to remit up to USD 250,000 or equivalent per financial year. This is the scheme set by the Reserve Bank of India (RBI).

It usually takes 12-48 business hours for the transfer to get processed. In case you want to know the status of the transfer, you can simply call us or drop us an email.

For money transfers, every bank or financial institution will charge a fee. Here are the following charges involved in a money transfer to Australia from India via BookMyForex:
1) Bank fee - INR 225
2) Goods & Services Tax (GST) - The % varies depending on the amount you wish to remit.
3) Intermediating banks or beneficiary banks may charge customers additional fees

BookMyForex processes the remittances via trusted and authorized Banks in India. We track the orders and keep you posted with the progress until the remittance is sent from India to the beneficiary's account. Your online transaction on BookMyForex.com is processed over a secure HTTPS connection and secured with the highest levels of encryption available. All credit card and debit card payments on BookMyForex.com are processed through a secure and trusted payment gateway and your credit card/ debit card/ net-banking info is never stored on our servers.

In order to complete the remittance process for Australia, you will have to upload the minimal set of documents, namely:

1) The remitter's photo ID and address proof, which can be a valid passport, Aadhar card, or voter's ID along with the PAN card
2) The beneficiary's identification document, depending on the purpose of the remittance.

To wire money from India to Australia, you must provide the following information about the beneficiary:

1) Beneficiary Bank Name, Swift Code, Routing number & Correspondent Account No.
2) Beneficiary Name, Address (as given in bank)
3) Purpose of Transaction with KYC.

You can send money to Australia for the following 8 reasons:

1: Studies abroad

2: Business Trip

3: Medical Treatment Abroad

4: Maintenance of close relatives abroad

5: Emigration

6: Going Abroad on Employment

7: Gift or Donation

8: Private Visits abroad