Transfer / receive money from Overseas to Australia

Hi , My Indian colleague needs some help and I thought to check on OZB on his behalf.

They are looking to buy house and for deposit have sold some property in India and need suggestions how to transfer around 50-60K $AUD from India to Australia?

I checked transferwise and it has limit of 11K per transaction and also around $800 fee.

Comments

  •  

    $800 fee

    LOL. Bloody ripoff.

    Try and look for a trusted Hawala/Hundis in your Indian community in Perth.

    • +1 vote

      they're normally the best though. hawala's and other remittance companies will have lower fees but worse exchange rates. transferwise are more upfront.

  •  

    Banks can transfer internationally using SWIFT.

    Your friend should ask their local bank (AU) for this information they should be able to provide the details, so the bank in India can then transfer it to their AU bank.

    Assuming your friend does have (legit) bank account in both locations.

    • +1 vote

      This is the proper channel. Go to the bank they have account with, they'll usually do it for you.

  • -2 votes

    It should cost only AUD 10 to do international transfer to CBA Australia from any CBA branches overseas. Check your local Indian CBA, need to be existing customer, otherwise just do regular overseas TT from any bank.

  • -1 vote

    Someone in India had no trouble transferring $500 from my Macquarie debit card earlier this year just by using their local ATM. They didn't even need the actual card! Pretty sure they didn't pay any fees.

  • +1 vote

    itunes card

  • +3 votes

    Transferwise

  • -1 vote

    You can receive the amount using SWIFT quite easily in one transaction. Commission is hard to judge but $800 is too high. Shop around with different banks in India. Also you can call SBI to see if they do INR->AUD. They're quite quick too.

    https://www.sbisyd.com.au/

  • -2 votes

    Not smart to discuss money laundering schemes on OzBargain.

  •  

    Not sure if they have citibank in India but they generally do transfers from one Citibank account to another for free.

  •  

    Check out OFX or transferwise.

  •  

    Transferwise lol

    I use riamoneytransfer to transfer back and forth from other countries and it has the lowest fees (no hidden either) and above average exchange rates

  • +2 votes

    Bitcoin/Cryptocurrency

    •  

      Is there a tax while withdrawing here?

  •  

    Wear 24 carat gold jewellery on their flight here.

  •  

    Cheapest & easiest way I know. I used this to pay my daughter's Japanese tutor who lives in NZ.

    https://www.westernunion.com/au/en/home.html

    Can go to 50k at a time, so will have to do 2 transactions.

    Good luck!

  •  

    Thanks have shared this discussion link with my friend, hope it’s helpful for him.

  •  

    Continuing on above, How much would be tax on bitcoin withdrawal if 40K AUD value is gifted by someone overseas.
    actually its more or less like a money transfer via bitcoin

    •  

      You will have no certainty of value. Bitcoin can regularly drop or rise a large amount.
      To use your 60k for example it can move $10,000 up or down in any one day.

      Taxes may or may not apply, accountant may be required

      •  

        yeah, but was thinking a quick transfer and withdrawal should be fine

        •  

          Yea sure, let me know how you go with the 60k.

      •  

        it can move $10,000 up or down in any one day.

        That would be a major opportunity to accumulate more assets. Unfortunately, that isn't a probability in the current bull market. There simply aren't enough shorts on DEX to move the spot price by 42% in 24hr. The biggest dip this year thanks to COVID was 39% on Mar 12. The most accurate data right now shows that there are ~73% longs and ~26% shorts in total. This means that any dips are quickly cut down and bought up.

        •  

          his $60,000 can move down $10,000 from a circa 15% move.

          •  

            @cloudy: Yes, it could dip by $1000s in 24hr but it could also rip by $1000s in 24hr. There is no gain without risk.

            •  

              @whooah1979:

              it can move $10,000 up or down in any one day.

              •  

                @cloudy: A $10000 dip or rip isn't a probability in the current bull market. The 39% dip on Mar 12 was only ~$3092.