I tried searching for it but couldn't find out...
What is the best way to copy data from Amazon Redshift to MySQL/PSQL Database ?
Only solution I know of is to copy data from Redshift to my machine and then move it to MySQL/PSQL but that of course, is I/O intensive and not scalable.
Can anyone please suggest something better (may be something via S3) ?
There are many ways you can do that:
Use UNLOAD command of Redshift to export and upload table data into S3. Then import them into your psql/ MySQL tables using the AWS S3 SDK(maybe using Python/ Java)
Use AWS Data Pipeline to create dataflows to export Redshift data and import them into your choice of databases
Use AWS SDKs to programmatically export Redshift data using Python/ Java/ Ruby and import the data back into your databases.
This is exactly what AWS Data Pipeline is built for. Please have a look at our working sample for accomplishing what you want to do:
https://github.com/awslabs/data-pipeline-samples/tree/master/samples/RedshiftToRDS
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