Axis Bank is one of the largest banks in India, which facilitates international fund transfers for both account holders and non-account holders. It offers many ways for receiving money from abroad in India, and also for sending money from Indian bank accounts internationally. If you are sending money abroad, it is worthwhile consider Wise, a revolutionary new way to send money across borders which saves you a lot of money, time and effort.
This article will take you through the processes, the charges involved, and the time taken for International money transfer with Axis Bank. In this article you will learn about-
You can receive international funds with Axis Bank through internet banking, demand drafts/ cheques, or wire/ telegraphic transfers.
You can use Axis Bank’sRemit Money platform to transfer funds from the United States, United Kingdom, Canada, Australia, Singapore and Euro Zone to India. There is no transaction limit on Remit Money¹. It is not necessary for the sender or the receiver of funds to hold an Axis Bank account for using Remit Money. However, you cannot make business payments with Remit Money, the funds can be sent only to individual accounts. You can use Remit Money to transfer funds for self savings, NRI deposits, loans, gifts, donations and more.² You can also check the status of your Remit Money transfer by giving the transaction reference number.
You can deposit any currency denominated DD or cheque issued by any bank and receive Indian rupees against it. To do this, simply visit any Axis bank branch and deposit the DD/ cheque. The beneficiary account as mentioned on the instrument will be credited with the money.³
Alternatively, you can post the DD/ cheque to your Axis bank branch in India with an instruction letter mentioning the details of the beneficiary account. The branch will deposit the money accordingly.
Wire or telegraphic transfers are an easy method to money transfer from anywhere in the world to India. Axis bank uses SWIFT payment network to transfer international funds⁴. Axis bank has tie-ups with over 200 major banks across the world, which help them convert over 40 currencies. There is no limit on the fund transfer amount⁵. To initiate a wire transfer with Axis bank:
There are no charges or fees levied by Axis bank on the transfer amount⁷. The amount displayed on the screen while booking the transfer will be the final payment that the beneficiary will receive. However, the exchange rate given for transfers may not necessarily be the real mid-market rate. Mid-market or the interbank rate is what you see when you check the exchange rates on Google at any time. There are no such thing as free transfers, and banks usually charge a hidden markup on the real exchange rate. To know if you are getting the best rates for your international transfers, always compare Wise vs leading banks before making your next transaction.
Axis bank charges 0.25% of INR Value, applicable tax subject to minimum of ₹114.50 (₹100 + Tax) and courier charges ₹56 (₹50+Tax). The correspondent may charge between $11-$17.5 depending on transfer amount. There may also be further charges levied by the drawee bank⁸.
| Account Type | Charges⁹ (excluding GST) |
|---|---|
| Non Resident Accounts - Priority/Privee/Wealth | ₹ 25 |
| Non Resident Accounts - Prime | ₹ 100 |
| Resident Accounts - Others | ₹ 250 |
The local bank through which the transfer is made can also levy extra charges for the fund transfer. There could be more hidden fees in exchange rate markups which can burn a hole in your pocket. To save money, you can use Wise which always transfers money at the real exchange rate, with a small upfront fee.
| Mode of Payment | Time Taken¹⁰ | Subject to |
|---|---|---|
| Push transfer via Internet Banking | 2 Working days | Receipt of funds by Axis Bank in the local country |
| Instant transfers (only US, Canada, UK, and Europe) | First payment in 1 hour, subsequent payments immediate | Successful KYC verification (takes 1 hour) and A/c verification (instant) |
| Scheme Type | Time Taken¹¹ |
|---|---|
| Final Credit Scheme | 30 Days |
| Cash Letter Scheme | 24 Days |
| Direct Collection Scheme | As per the drawee bank |
First the funds have to reach the Axis Bank Foreign currency account from your local bank account. Thereafter, the funds will be transferred to the beneficiary account within 48 hours.
You can send money abroad with Axis bank through internet banking for Axis bank account holders, Axis Forex Online for non-Axis bank account holders, or transfer funds at an Axis bank branch.¹²
To transfer funds through internet banking:
The exact amount that will be received by the beneficiary will be displayed on your screen when you initiate the transfer. The internet banking option is available in 100+ currencies. You can transfer funds through internet banking from Monday- Friday between 10.00 am and 4.00 pm.
To use Axis Forex Online¹², you need to-
You can visit your nearest Axis bank branch on working days between 9:30 a.m. to 4:00 p.m. and submit your fund transfer request. You need to provide verification documents like identity proof, address proof. Once verified, the branch will accept your foreign fund transfer request.
Only 16 currencies can be processed at Axis bank branches - United States Dollars (USD), Great Britain Pounds (GBP), Euro (EUR), Australian Dollars (AUD), Canadian dollars (CAD), Hong Kong Dollars (HKD), Swiss Francs (CHF), Singapore Dollars (SGD), Saudi Riyal (SAR), UAE Dirham (AED), Japanese Yen (JPY), Swedish Krona (SEK), New Zealand Dollar (NZD), Danish Kroner (DKK ), Thai Baht (THB), South African Rand (ZAR)
The money transfer depends not only on Axis bank processing time, but also the correspondent bank’s processing time. An SMS confirmation is sent to you once the transfer is complete. If it is not received within 2 working days, you can call Axis bank at 022-33753263 to know the status.¹³
For a hassle free experience of transferring funds to India, consider using Wise, a revolutionary new way of transferring money across borders. The money transfers are always at the real mid-market rate, with a small fee up front. The amount you see on your screen is the amount that the beneficiary receives in their account. There is no such thing as free transfers, but what you won’t see are unfair and hidden fees. Before making your next international transfer, compare Wise vs leading banks and service providers to make sure you are getting the best bang for your buck.
Sources used for this article:
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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