If you wish to buy a property in Australia or want to reduce your personal debt with the help of your parents in India; this blog may be useful.
Presently Govt of India allow upto 100,000 USD to send overseas by parents to their children. So if you have an inheritance parents wish to gift you; you can receive it within 48 hours.
Always try to do things legally and ethically correct. Make all transactions through Authorized financial organisations.
Please take care of the following three points when you make such a transaction.
1. Pre-Negotaite-to get a good conversion Rate
Keep www.xe.com as bench mark. Talk to the money transferring company what will be the money transfer margin they take before you do any transaction. 1 Rs is a reasonable margin and 1.30 could be practically available margin deal.
If we don’t pre negotiate it well; the money transfer agencies will make good profit margin upto 2.5 Rs. So keep good pre negotiation happen before the deal
2. Avoid Big Banks and Try to talk legal entities such a UAE Exchange/ Western Union etc
Conversion rate of Big banks are normally high
3. Transfer to a Respected Bank in Australia
Avoid credit Unions, Small Banks etc. This will save time and transaction cost
