Steps to take before converting Australian dollars to Indian

Posted by Shreya Jain on April 25th, 2019

Any individual who is planning to travel to Australia from India will need to convert aud to inr. Nowadays, there are a lot of financial institutions and banks that will help a customer for converting their money making the task easy. Customers can also use money transfer services for transferring money from Australia to India in days. But there are some basic steps a customer can take before converting aus dollar to Indian rupee. Some of the steps a customer should take are:

1. Bank account:

A customer who wishes to convert aus dollar to Indian rupee will need to have an Indian bank and the account must be in their name. Having a bank will help in avoiding foreign exchange fees and poor currency exchange rates. There are a lot of banks which are offering accounts today. A lot of them accept the application three months in advance of the customer arriving in India. All a customer needs to do is to fill in an online application form like passport number, approximate arrival time.

2. Money transfer provider:

In the process of converting Australian dollars to Indian, the next step will be to opt for the right money service provide. There are some options for a customer to choose from. Some of the provider options are:

-          Foreign exchange specialist:

Foreign exchange providers generally apply lower margins on exchange rates and fees is minimum. The biggest benefit of a foreign exchange specialist is they offer the cheapest way for sending money to and from Australia. Transfers are less risky, and they can authorize them online from the account.

-          Banks:

Bank in the home country will be able to offer the money transfer. Almost every financial institution in India offers this service. HDFC Bank’s remit now facility will require a customer to only add a recipient, select funds transfer, add the transfer amount and confirm details.

3. Money transfer features:

Some of the features that a customer must look out for during transferring cash are:

-          Quick transfers:

In a situation, where money is of dire necessities, thus in such situations money transfer services are beneficial.

-          Exchange rate:

A customer will need to shop around for receiving the best exchange rate and these rates are updated frequently. Banks and financial institutions offer a calculator for the same so a customer will have an idea of how the conversion of aus dollar to Indian rupee is done.

4. Sending money:

When it comes to converting aus dollar to Indian rupee, a customer will need all of their complete bank account information for completing the transaction.

Author bio:

Shreya Jain is a professional banker and been working in foreign exchange department for more than 12 years. In this article, she has given an overview of conversion between AUS dollar to Indian rupee