18 Dec 2023
Living in squalid conditions is a norm rather than a rarity for most Indians due to many reasons, with the primary being poverty. They, therefore, travel to developed countries to earn a living. One of the most preferred destinations for Indians is Australia due to the country’s robust economy and expansive job market. They work in Australia, earn a living and send money to India online from Australia to offer financial aid to their families back home.
A report by the Ministry of External Affairs, Government of India, said that the Indian diaspora consists of over 32 million Indians. Out of these, 496,000 reside in Australia for work and education, the same report said.
Have you ever thought about the fact that had it not been for the dazzling technology, how would you deliver funds from faraway lands?
Imagine you are working in Australia and have to send money back home to India because an emergency has arisen requiring immediate financial attention. How long would it take minus technology? An entire age, perhaps? You guessed it right!
Let’s, therefore, understand how you can send money to India from Australia in an instant and with convenience of every type.
Do you not think that determining the speed of your money transfers stems from understanding the different methods of sending money across borders? Well, if you do not know how much time one method takes to deliver funds, how would you know what speed you want your funds delivered at in another method?
In other words, you should know about the time several methods take to deliver funds across borders to determine how to send funds swiftly. Knowing about different methods will make it easy for you to draw comparisons and make an informed decision. Take a look below.
Until the turn of the 21st century, it was the banks that monopolized online money transfers. Whether from Australia to India or elsewhere, the only reliable financial institution you could turn to was the banks. You, as an Indian migrant working in Australia, would essentially send money online to India from Australia through banks in the not-too-distant past.
But at the turn of the century, the mushroom growth of online remittance transfer companies diverted the traffic from banks. Because their services highlighted several challenges banks were grappling with, but their customers had little idea about.
Some of these challenges that the banks are still struggling to overcome are explained briefly below.
In the beginning, banks would take several days to deliver funds online across borders. This time is still in days, and the minimum time banks take nowadays is between 3 to 5 business days, which is too much compared to the time remittance transfer companies take, which is addressed in the next section.
Banks not only charge high fees, but they also charge you for the conversion of the currency. If you send Australian currency to a bank in India, the recipient will have access to it only after the bank converts it into the local Indian currency, which also incurs costs.
It depends on where you live or work and where your bank is located. A long distance between the bank and your place of residence or work will make commuting necessary, leading to costs remember that commuting itself is a big hazard when the best alternatives are easily available.
Now, let’s look at what it is like to transfer funds with online money transfer companies.
With the advent of several online money transfer companies, cross-border money transfers were taken to the next level. But with the passage of time and the integration of their services in dazzling technology, sending money online is now as easy as anything.
Now, you can send money from Australia to India without any hassles. Take a look below.
Although several service providers promise to deliver funds quickly, there are still companies that take about a day or two. On the other hand, there are certain service providers, such as ACE Money Transfer, whose delivery time is less than 24 hours.
Some of the reputable service providers charge you a small amount as fees without any other charges like currency conversion fees. In addition, you can get market-competitive currency exchange rates that are a rarity with the banks.
Several service providers have launched their smartphone apps, which make it convenient for you to send money without having to undergo commuting hazards and incurring costs. These companies allow you to initiate, track, and complete a transaction right from the middle of your comfort zone.
Apart from these two main methods, learn here the five ways to send money to India from abroad.
Although several service providers will offer you the best services and features, such as speed, safety, competitive rates, and so on, these features, at times, do not come cheap.
You are charged extra for these. But with ACE Money Transfer, the following features come free of cost. Cast a glance below.
The firm ensures the delivery of your funds from Australia to India within 24 hours, which means in less than 24 hours. This speed adds to the multiple security layers of the transaction, leaving no margin for scammers to penetrate it.
The firm not only offers you market-competitive rates but also allows you to place a request to ascertain the latest rates. This enables you to either initiate the transfer right away or wait until rates move in your favor.
If you are not satisfied with the given payment options, you can request the addition of a new payment option that subscribes to your needs. Similarly, on the list of countries, you can also request to add another country for sending funds.
The firm only charges a small percentage of the amount being sent as fees. The surprising fact is that you are charged fees only if your amount reaches a certain threshold below which your transfers will likely remain fee-free.
The unique fact about all of these and other features is that they come free of cost, unlike many other service providers and financial institutions.
If you look closely, you will realize that the primary reason for working in Australia is to earn a better living to support your family financially. Right? So, if you send money to India from Australia with ACE Money Transfer, your purpose is optimally fulfilled because the firm helps you save money on your international money transfers in multiple ways, some of which have been explained briefly above. The real catch is to nudge your India-bound money transfers towards ACE Money Transfer to realize how the firm makes this activity rather exciting, fun- and savings-oriented!
Around half a million Indians are living and working in Australia because the work-life balance is excellent, with superannuation benefits, compensation insurance, flexible working conditions, paid leaves, and relatively higher wages than other countries.
Initially, some banks monopolized online money transfers. With the advent of online money transfer companies, however, now you have two basic methods to transfer funds across borders. One is through banks, and the other is through remittance transfer companies.
Some of the basic challenges banks are still struggling with in their online money transfer services include the long time to deliver funds, charging high fees, charging extra for currency conversions, and commuting hazards that incur costs.
Several online money transfer companies make it easy to send funds online because their delivery speed is quick, their services are available 24/7, they ensure the safety of funds, and their services can be accessed from the middle of your comfort zone.
One of the leading remittance transfer service providers, ACE Money Transfer is the prized catch because it delivers funds in less than 24 hours, offers live and market-competitive exchange rates, safety, convenience, and much more without having you to pay extra and for all of these service features.
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