AN INSIGHT OF INDIAN DIASPORA & ITS BIGGEST CHALLENGE IN AUSTRALIA
Yes! Indian diaspora in Australia has been a widely discussed topic in the immigration landscape in recent months, and rightly so because it has impacted Australia positively by being the leading driving force for economic growth. Furthermore, this massive Indian diaspora also contributes to the country’s multicultural population, promoting peace and harmony among different languages, cultures and religions, making Australia the best country for a safe and progressive country.
True, India and Australia benefit from established state and masses-level relationships. Interestingly, in recent times, Indian skilled migrants, along with students, have played a vital part in making Indians the second largest ex-pats in Australia.
THE INSIGHTFUL DETAILS OF GROWING INDIAN DIASPORA
While gauging precisely, you explore that this community has increased fivefold over 20 years. Interestingly, the landmark of being the second-largest immigrant group in Australia was achieved in 2020 with over 721,000. Moreover, the forecasts made pre-pandemic revealed that this particular immigrant group would likely expand to 1.07 million by 2035.
ITS PARTICIPATION IN THE COUNTRY’S OVERALL GROWTH
Undoubtedly, the Indian community has significantly contributed to the growth of every sector in Australia, be it business, judiciary, government, politics, civil society, science, academia, sport and art. Amid challenging times, this community has manifested a great responsibility; for instance, it assisted people in need during Australia’s bushfire crisis, and similarly, it was also ahead in all the humanitarian activities amid COVID-19.
ECONOMIC TIES BETWEEN AUSTRALIA AND INDIA
India has emerged as one of Australia’s leading strategic and financial partners, massively expanding two-way business and investment between 2014 and 2019. Furthermore, in 2020, Prime Ministers Morrison and Modi took the ties to the next high level, with two-way trade estimated at $24.3 billion. All these details reveal India’s importance in Australia's economic growth, and interestingly, that lays down a foundation for more massive immigration to Australia from India.
TRUE, ENSURING A SEAMLESS REMITTANCE TO INDIA IS THE BIGGEST CHALLENGE
Though the difficulties are much for Indian expats in Australia, the major one is sending money to India hassle-free. Despite the state’s impressive steps to make this money transfer seamless, there are still hurdles; hence, being a newbie Indian expat, pointing them out and finding solutions is a must for hassle-free money transfers every month back home.
CHALLENGES OF SENDING MONEY TO INDIA FROM AUSTRALIA:
• High Transaction Costs:
Solution: Explore alternative remittance platforms, compare fees across different providers, and advocate for more transparent and competitive pricing in the remittance market.
• Unfavorable Exchange Rates:
Solution: Monitor exchange rates, use reputable currency converters, and consider using hedging tools to minimise the impact of currency fluctuations.
• LIMITED ACCESS TO BANKING SERVICES:
Solution: Encourage banks to expand their services for non-resident Indians (NRIs), promote online banking solutions, and explore partnerships between Australian and Indian banks to facilitate smoother transactions.
• STRINGENT REGULATORY COMPLIANCE:
Solution: Stay informed about regulatory requirements, work closely with authorised money transfer providers, and advocate for simplified compliance procedures for small remittance amounts.
• Transaction Delays:
Solution: Choose remittance providers with efficient processing times, utilise technology to track transactions, and explore real-time payment options for faster transfers.
• Lack of Financial Literacy:
Solution: Conduct awareness campaigns on financial literacy, educate individuals on the importance of comparing remittance options, and provide resources to help them make informed decisions.
• Security Concerns:
Solution: Prioritize secure and reputable remittance channels, use encryption technologies for online transactions, and stay vigilant against potential fraud or phishing attempts.
• Limited Options for Rural Recipients:
Solution: Promote financial inclusion initiatives, explore mobile banking solutions, and collaborate with local financial institutions to extend remittance services to rural areas.
• Inadequate Customer Support:
Solution: Advocate for improved customer service in remittance providers, seek platforms with responsive support teams, and provide feedback to help enhance customer support systems.
• Currency Conversion Challenges:
Solution: Choose providers that offer competitive exchange rates, consider multi-currency accounts, and explore fintech solutions that optimise currency conversion for remittances.
Tackling these challenges involves individual awareness, industry collaboration, and regulatory reforms to create a more efficient and cost-effective environment for Indians sending money from Australia to India.
HOW CAN SPEED REMIT MAKE MONEY TRANSFERS SIMPLE?
Speed Remit has stood out as a firm example of reliability and efficiency for Indian expatriates in Australia, offering a seamless and hassle-free avenue for transferring money. With an unwavering commitment to excellence, Speed Remit has established itself as a trusted platform that prioritises the needs of the Indian diaspora. Leveraging cutting-edge technology, the platform ensures swift and secure transactions, providing a convenient solution for individuals seeking to send money back home to India. The user-friendly interface and transparent processes contribute to a stress-free experience, allowing customers to navigate the intricacies of international money transfers easily. Speed Remit's dedication to quality service is underscored by its competitive exchange rates and low fees, ensuring that customers receive optimal value for their transactions.
Speed Remit Ensures a Highly Encrypted Money Transfer Mechanism
The platform's robust security measures safeguard sensitive financial information, instilling confidence in users about the safety of their funds. Whether it's for supporting family members, covering expenses, or making investments, Speed Remit emerges as a reliable financial companion for Indian expats in Australia, fostering a sense of trust and dependability in every transaction. With Speed Remit, the distance between loved ones is bridged effortlessly, making it the preferred choice for those seeking a fast, secure, and efficient means of transferring money to India.
Wind Up
Indeed, having gone through the valuable insight of the Indian Diaspora in Australia, you are now confident that as a fresh Indian expat, you can make a progressive impact on the developed landscape of Australia. Furthermore, you have also been served with a solution for tackling the money transfer game for your loved ones in India.
