1. How much money can be transferred to Australia from India?
A resident Indian can transfer maximum US $2,50,000 (its equivalent in Australian dollars) per financial year. This is the current limit set by RBI and is subject to changes in the future.
2. How can I send Indian rupees to Australia?
It’s not possible to send money to Australia as Indian rupees. Instead, we can convert Indian rupee to Australian dollars and then send that to Australia. Check out today’s Australian dollar rate in India.
3. How long does it take to transfer money from India to Australia
Money transfer from India to Australia is done as a “Wire Transfer/Telegraphic Transfer”. Wire Transfer can take up to 48 working hours for the funds to be credited to the beneficiary account in Australia.
Sometimes, the transaction gets completed much before this time limit, usually within 24 hours of doing the transaction.
4. What are the different purposes of sending money to Australia from India?
- Leisure Travel to Australia
For Leisure/private travel to Australia RBI allows resident Indians to take up to US$ 2,50,000 (its equivalent in Australian dollars) in a financial year. This can be taken all at once or combining multiple visits to Australia in a year. In a single trip, up to US $3,000 equivalent can be taken to Australia as cash (Currency). The remaining amount can be carried in Forex card or traveller’s cheques.
- Study Abroad in an Australian university
Foreign exchange up to US$ 2,50,000 is permitted by RBI for the purposes of studying in Australia.
- Medical treatment in Australia
A maximum of US$ 2,50,000 equivalent can be utilized by a person going to Australia for medical treatment in a financial year. This is the general LRS limit and your other foreign exchange transactions also fall within this limit. For amount exceeding the above limit, Authorised Dealers may release foreign exchange under general permission based on the estimate from the doctor in India or hospital/ doctor in Australia.
A person going to work in Australia is also allowed to take foreign exchange up to USD 2,50,000 per FY from an Authorised Dealer in India.
A person wanting to emigrate to Australia can draw foreign exchange from AD Category I bank and AD Category II money changers up to USD 2,50,000 equivalent. This scheme cannot be used for the purpose of earning points or credits to become eligible for immigration by way of overseas investments in government bonds; land; commercial enterprise; etc.
- Maintenance of close relatives living in Austral
A resident Indian can send money to Australia for the maintenance expense of their close relatives up to up-to USD 2,50,000 per Financial Year (April - March) [‘relative’ as defined in Section 2(77) of the Companies Act, 2013] abroad.
- Gift Remittance / Donation to Australia
Any resident individual may remit up to USD 2,50,000 in a Financial Year as a gift to a person residing in Australia including NRIs and Overseas Citizen of India (OCI) or as a donation to an organization in Australia.
5. What is Form A2, Form 15 CA and Form 15 CB?
Form A2 is a declaration pertaining to money transfer abroad transaction, which has to be filled with the complete and correct details.
Details of the applicant such as account number, their bank address and details of the beneficiary would be required to be filled in the form.
- Form 15 CA and Form 15 CB For Outward Remittance
Form 15CA and 15CB will be NOT be required to be furnished by an individual for remittance, which does not require RBI approval.
Form No. 15CB will only be required for payments made to non-residents, which are taxable and if the payment exceeds Rs. 5 lakhs. Part B and C of Form 15CA has to be filled. Certificate in Form 15 CB required from an accountant.
For Payments made below 5 lakhs, Part A of Form 15 CA has to be filled.