Punjab & Sind Bank International Money Transfer: How-to, Fees, Alternatives
Guide to sending and receiving international transfers with Punjab & Sind Bank in India. Read on to understand fees and process, and alternatives.
Axis Bank International Transfer: Your full guide
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-
- Receive international funds with Axis Bank
- Send money abroad with Axis Bank
- A cheap, fast, and transparent alternative- Wise
Receive international funds with Axis Bank
You can receive international funds with Axis Bank through internet banking, demand drafts/ cheques, or wire/ telegraphic transfers.
Internet banking– Remit Money
You can use Axis Bank’s Remit 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.
Foreign currency demand draft (DD)/ cheque
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 transfer/ telegraphic transfer
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:
- Fill up the wire transfer form with all required details:
- Beneficiary name, account number, purpose of transfer
- Beneficiary bank name, branch, address, SWIFT or IFSC code
- Correspondent bank name, correspondent account number, SWIFT code
- Once the form is completed, take a print of the form and submit at your nearest Axis bank bank branch
- To check the status of your transaction:
- NRI customers can send an email to nri.services@axisbank.com
- Resident beneficiaries can visit the nearest Axis bank branch and provide the details to the NRI-RM or the Operations Head
Charges and fees to receive international funds with Axis Bank
Remit Money fees and charges
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 or Reuters 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.
Foreign currency DD/ cheque fees and charges
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.
Wire/ telegraphic transfers fees and charges
| 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.
How much time it takes to receive money with Axis Bank
Time taken to receive money with Remit Only
| 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) |
Time taken to receive money with foreign currency DD/ cheque
| Scheme Type | Time Taken¹¹ |
|---|---|
| Final Credit Scheme | 30 Days |
| Cash Letter Scheme | 24 Days |
| Direct Collection Scheme | As per the drawee bank |
Time taken to receive money with wire/ telegraphic transfer
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.
Send money abroad with Axis Bank
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
Axis bank internet banking
To transfer funds through internet banking:
- Login to your Axis bank internet banking account
- Go to ‘Forex’ option and then ‘Register International Beneficiary’
- Provide all the details about your beneficiary like name, account number, address, etc.
- You are now ready to make your payment
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.
Axis Forex Online
To use Axis Forex Online¹², you need to-
- Register yourself on the Axis Forex Online website
- Submit your documents like PAN card, and address proof for verification at an Axis bank branch, or arrange a pickup
- Once documents are verified, you will receive a confirmation via SMS and email and your registration is complete
- You can now login to the website and select ‘Add beneficiary’ to start making transactions
Fund transfer through Axis bank branch
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)
Check the status of money transfer
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
A cheap, fast, and transparent alternative: Wise
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:
- https://www.remitmoney.com/remitmoney/transfer/jsp/help/transaction_limit.jsp
- https://www.remitmoney.com/remitmoney/transfer/jsp/help/purpose_of_money.jsp
- https://www.axisbank.com/nri/send-money-to-india/others/foreign-currency-cheques-dds
- https://www.axisbank.com/nri/send-money-to-india/others/wire-transfer/about-this-service
- https://www.axisbank.com/nri/send-money-to-india/others/wire-transfer/faqs#menuTab
- https://www.axisbank.com/docs/default-source/default-document-library/soc_wiretransfer.pdf?sfvrsn=57fdc955_0
- https://www.remitmoney.com/remitmoney/transfer/jsp/help/transaction_fee.jsp#tt
- https://www.axisbank.com/docs/default-source/default-document-library/feedback---send-money---fcc---henryprasad---fcy-instr-lodgement-for-collectione633b4b9be576bf08df9ff00000b8c1c.pdf
- https://www.axisbank.com/docs/default-source/default-document-library/soc_wiretransfer.pdf?sfvrsn=57fdc955_0
- https://www.remitmoney.com/remitmoney/transfer/jsp/help/time_taken_for_money_reciept.jsp#tt
- https://www.axisbank.com/docs/default-source/default-document-library/feedback---send-money---fcc---henryprasad---fcy-instr-lodgement-for-collectione633b4b9be576bf08df9ff00000b8c1c.pdf
- https://www.axisbank.com/retail/forex/international-fund-transfer/features-and-benefits
- https://www.axisforexonline.com/index.php/site/faqs
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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