Key Services for Money Transfer from Australia
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Telegraphic/Wire Transfer
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Funds Transfer through Cheques
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Fees & Charges
Frequently Asked Questions
To send money from Australia to India through HDFC Bank, consider a wire transfer. Initiate a wire transfer via your local bank. Ensure you have HDFC Bank’s Nostro Account number and SWIFT Code, along with your beneficiary’s account details.
Fees to send money from India to Australia through HDFC Bank vary based on the amount:
- For transfers below $500, the fee is ₹500 plus exchange rate markup and correspondent bank charges.
- Transfers above $500 are subject to a fee of ₹1,000 plus exchange rate markup and correspondent bank charges.
- GST applies to these transactions.
It's important to note that the recipient's local bank in Australia may also impose additional charges. Consider these potential extra costs when planning your transfer.
Sending money from Australia to India is generally tax-exempt, as it's already taxed in Australia. India's Double Taxation Avoidance Agreements with various nations ensure no extra taxes are imposed. However, GST may be applicable on wire transfers. Additionally, if the transferred money is considered a gift, it may be taxed in India depending on the recipient and the purpose. Gifts from relatives are tax-exempt, while gifts exceeding ₹50,000 from non-relatives are taxable.
To transfer money to India through HDFC Bank, you'll require:
- HDFC Bank’s Nostro Account number.
- HDFC Bank’s SWIFT Code.
- Recipient’s name and account number with HDFC Bank.
- Recipient’s bank name and address.
- Disposal instructions, such as opening a new NRE Savings Account or booking an FCNR Deposit.