Modes of Transferring Australian Dollar
Foreign Currency Demand Draft – Mostly used while going abroad on immigration visa. Beneficiary has to deposit the demand draft with their overseas bank within three months of issue date. It’s cheaper than other traditional options like cash, debit/credit card or even forex card but it takes sometime to get the credit in your bank account.
Wire Transfers - Wire transfers are often regarded as a safe and secure method of sending money across international borders. The transfer typically takes 1-2 days to take effect. As a consequence, it's a great option for last-minute relocations. However, as compared to the demand draft, it might sometimes be more expensive.
Difference Between Wire Transfer and Foreign
Currency DD
There are some noticeable differences between these two methods of money transfer. We will look into the prominent ones. The first one is the speed of transfer. Wire transfer is much quicker since everything is followed up digitally. But that’s not with the demand draft. In case if you lose the draft midway, you need to wait to get another one. You also have to wait for the draft to reach the receiver to collect funds.
The second is the price you pay for it. Though demand drafts are slower they are cheaper. Whereas in wire transfer you may attract service charges with some forex service providers.
The third one is comfort. You can book the wire transfer online at any time and from anywhere. And it will happen without the need for your physical appearance there except for KYC verification.
Take these differences into account when you Transfer Money to Australia the next time.
Benefits of Choosing Online Wire Transfer service from
Orient Exchange
We are in the market for nearly a century, and to remain in this competitive market requires some sheer determination. Determination to give the customers a seamless experience of currency exchange.
We make sure the transfer happens in time and is processed at the earliest. Even if it requires verification of documents physically you need not have to travel to us. Our agents will travel up to you to get everything done.
You will get the best rates in the market if you choose us. Unlike banks who keep a fixed forex rate for a day, we keep it live, so that you can take the advantage of that fluctuating forex rates. Hence transfer money at the best available rates.
Going by above, wire transfer is the best way as compared to Demand Draft because it is secured, less costly and also quickWe are 100% trustworthy and are authorized by the RBI to perform forex deals. We provide our services at no hidden cost or extra cost.
What are the required beneficiary details to send AUD?
The beneficiary details required by the sender to send money are described below so that you can contact him/her to collect it before you initiate a forex deal.
* You need to have his full name as per his government-issued Identity cards. His address and his bank address, also its name.
* You will also need the account details of the beneficiary not his pin by the way.
* You will, at last, be asked to enter his swift code and BSB code to make sure the funds reach the correct person.
* With these details, you will be able to complete your Wire Transfer to Australia smoothly.
Write about the steps to process the online wire transfer
To process an online transfer, you need to first know who are all are providing you with online wire transfer services. Once known, shortlist the forex dealers based on customer review and authenticity.
Now go through their fees and exchange rates. Finalize the best deal you can get. Make sure that the service provider does not charge you with hidden fees or high servicing fees.
Gather all the documents required for the wire transfer to happen so that you can submit it when prompted.
Now navigate to the web portal, login into your account a then select your service and enter the amount you need to transfer. You may be asked to submit a soft copy of the documents. Submit it and proceed.
It is the same for medical purposes too.
The wire transfer will get completed in 24-48 hours.
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