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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.


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Compliance

Speed Remit works diligently to prevent its systems from being used to perpetrate any unlawful activity. We protect our customers and prevent the use of our products or services by anyone for money laundering, terrorist financing, sanctions violations, scams, and fraudulent intentions. As necessitated, we work with law enforcement to apprehend and impeach offenders.

Speed Remit collect different types of personal information for legal and compliance purposes relating to you that may be Compliance information, including fraud prevention, identity verification, and sanction checks. This may further include using your personal information to validate and authenticate your identity, and utilising third parties to help us do so, using personal information needed to comply with legal and regulatory duties related to anti-money laundering and counter-terrorist financing; detection, prevention and prosecution of fraud and theft as well as preventing illegitimate or prohibited use of our services or other illegal or wrongful activity.

Onboarding customer Identity Verification

Speed Remit is a financially regulated company and required by laws to verify the information prior to onboarding customers. Below are the more information on our verification processes and policies for our onboarding customers.

1. Why does Speed Remit need to verify me?

1.1 Normally, we will only need to check/Screen your name, address date of birth and country of origin.
1.2 We may also do enhance due diligence (EDD) that will be depend on amount to comply with the sending country regulations.
1.3 We will contact you if we need anything from you, so please ensure you check your emails regularly after you’ve made your transfer. In very rare cases the funds remain undelivered in absence of any additional information required under the prevalent laws of the territories.

2. What ID is required for the country I’m registered in?

2.1As a financially regulated company we are required by laws to verify all of our customers. Part of this process is 'identity verification'. Usually this involves collecting a copy of Government issued Valid ID from you and you can upload your ID securely at any time for our screening / verification during registration process.
2.2 Please upload your ID front side and back side to complete your verification process.

3. .Is there anything I need to know before I upload my ID?

3.1 When submitting your ID, please make sure that it's a high quality photo or scan of a valid original government-issued ID card, and the image should be clearly displaying the below information:

- ID Number
- Your Photo
- Your Complete name
- Your Date of Birth
- ID’s expiry date
- The full machine readable zone (the two lines of letters and numbers at the bottom of the document) if present
- Resident Address

3.2 The complete name and date of birth must match with your details on your Speed Remit account.

3.2 If any details do not match, please contact the Speed Remit Customer Support team ([email protected]) to have your details amended. For more information on this click "My Account" option

4. What types of ID can I use?

4.1 In case the Government issued ID card is not available incidentally at the time of registration / transaction, we may alternatively accept below ID's in case it is allowed your local central bank / financial regulator. At the end of the day, you must be holder of a valid ID even if you are unable to present it at the time of transaction.

- Driving License
- National ID
- Passport - All four corners of the document must be visible and it should visibly display the vital information.

4.2 Always upload the front and back of the ID or any alternate document (if any). The document number must be visible and there should be no glare or defocused image.
* Must match the details in your Speed Remit account

5. What is address verification?

Address verification is part of our customer verification.

5.1 If we need to verify your resident address we will contact you by email. You’ll need to reply to the email with your address and any proof of Address document as an attachment e.g. Last Utility Bill etc.

5.2 When submitting your proof of address, please ensure that it is a high quality photo or scan of a valid document showing:

- Your full name
o This must match what appears on your Speed Remit account
- Your full Resident address
o This must match what appears on your Speed Remit account

5.3 The name and address on the document must match the details on your Speed Remit account.

5.4 If any detail does not match, you can update them on our app or website by visiting the My Account Option of the Speed Remit.

6. What types of document you required to accept for address verification?

6.1 ID documents we can usually accept include:

- Utility Bill
o This can be a gas, electricity, water or insurance bills.
o We can’t accept mobile phone bills
o The bill must be no older than 3 months
- Driving Licence
o This must show your address
o This must be in date – we cannot accept expired documents
- Bank / Credit card statement
o This must be no older than 3 months

6.2 If your document is not accepted, it could be for a number of reasons. Some of the reasons documents cannot be accepted are:

- The date on document
o If the document is older than 3 months, we cannot accept it
- The details on your document
o The details (including name and address) on the document are not matched with information on your Speed Remit account
o The details must be for your home residence, not a PO Box or workplace
- The document type
o The type of document may not be one we can accept (for example a mobile phone bill)

7. What happens to my personal information after I upload it?

7.1 We only use these when we are completing Know Your Customer (KYC) checks, which is an essential process.

7.2 You can read more about our privacy policy and how we use your information here.

8. Need to send us your documents?

8.1 TIf we've emailed you and asked you to send us some documents, use the link in our email to upload your photo ID or selfie, and provide your proof of address by attaching it and replying to our email.

- To provide your photo ID or selfie: use the shared link in the email, or upload them here:
o Photo ID
o Selfie
- To provide your proof of address or any other document, reply to our email with your document as an attachment

Be our Agent

Speed Remit is expanding and intend to widen our presence in order to provide our customers with remarkable services across the world. We offer a great opportunity for worldwide regulated money transfer companies/ Banks to join speed remit Network as send and receive agent, simply fill in the form below. We’ll get back to you as soon as possible.