Transfers typically take
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Axis Forex Online international money transfers review
Find out how to send money in 100+ currencies to 150 countries with Axis Forex Online.
- Good if you are looking for an online money transfer service.
- Not so great if you’re looking to transfer large amounts.
Axis Bank is India’s third largest private sector bank, which offers a variety of financial services including foreign exchange. Axis Forex Online is its online outward remittance service, which can be used to make international transfers in more than 100 currencies to 150 countries around the globe. You don’t have to be a customer of the bank to use the service, and the whole process can be carried out online. However, it is worth keeping in mind that you need to be an Indian resident to use Axis Forex Online and that transfer limits do apply.
Why should I consider Axis Forex Online?
- Online provider. You can complete your entire wire transfer online, making it a convenient option.
- 100+ transfer destinations. Axis Forex Online allows you to send funds to 150 countries around the world in over 100 currencies.
- Simple and convenient. You don’t have to hold a bank account with Axis Bank in order to use Axis Forex Online’s services.
What to be aware of
- Transfer limits. The maximum amount you can transfer in a single transaction is USD25,000.
- Exchange rates. Axis Bank only updates the exchange rates on its website once a day.
How much are Axis Forex Online’s international transfer fees?
Axis Forex Online charges a flat transfer fee of INR500 per transaction, but this is currently waived under a promotional offer. This is when a provider offers a deal for a set time period that typically makes your transfer cheaper.
However, you will be liable to pay Goods and Services Tax (GST) as per Indian tax laws and beneficiary bank charges if applicable.
How are Axis Forex Online’s exchange rates?
There is a section on Axis Forex Online’s website where you can select a foreign currency from a drop-down list that shows all possible currencies for its international money transfers and the conversion rate in Indian rupees. These are updates every working day, on a daily basis. To lock in the displayed rates, you will need to make your remittance request between 9.30am and 4.00pm (IST) on a working day and ensure the funds are transferred by 4.00pm (IST) on the same day.
Keep in mind that banks and money transfer providers usually add a margin on top of the mid-market exchange rate on international transfers. It is best to compare the displayed rate on Axis Forex Online with the current interbank rate to work out the size of this margin.
Axis Forex Online supports international transfers in a wide range of major currencies, including:
- AUD Australian dollar
- AED Emirati dirham
- GBP British pound
- EGP Egyptian pound
- EUR Euro
- HKD Hong Kong Dollar
- CAD Canadian dollar
- USD US dollar
What are the ways I can send money abroad with Axis Forex Online?
You can make wire transfers (TT/SWIFT transfers) to bank accounts in 150 countries using Axis Forex Online.
What payment methods does Axis Forex Online accept?
You will need to pay using either National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement (RTGS) through your bank account.
Axis Forex Online doesn’t allow you to pay via cash, cheque or by demand draft.
How long does an international transfer with Axis Forex Online take?
Transfer processing times depend on when you make your remittance request. If you place a request before 4pm IST (on a working day) on the Axis Forex Online website, then it will be processed the same day. However, you will need to ensure the payment from your bank account reaches Axis Forex Online before 4pm IST.
How to make your first international transfer with Axis Forex Online
In order to make an international transfer with Axis Forex Online, you first need to set up an account.
Registering an account
Making an international money transfer with Axis Forex Online
Once your account has been set up, you can make your first international money transfer.
- Log into your Axis Forex Online account.
- Register your recipient’s details, including their bank’s SWIFT code.
- Create a remittance request by selecting the currency and entering the amount you’d like to transfer overseas.
- You’ll receive details of a bank pool account number, the Indian Financial System Code (IFSC) code and bank branch name. Add this particular pool account as a ‘beneficiary’ in your bank’s internet banking section, as this is the payee account in which the money you will send in INR is collected. After the money is collected, it’s converted to the currency you have selected in your remittance request and transferred to your overseas recipient.
- Fund your transfer by sending money from your bank to the pool account. It is a good idea to add the pool account as a beneficiary well in advance before you submit a remittance request.
Is Axis Forex Online safe to use?
- Security and regulation: Government regulated.
- Established 2016
Axis Forex Online is part of Axis Bank, the third largest private sector bank in India. The bank began its private sector operations in 1994, but the international money transfer service was established in 2016. The service complies with international remittance regulations set by the Reserve Bank of India (RBI).
How does Axis Forex Online compare to other money transfer services?
If you want to see how Axis Forex Online compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.
Frequently asked questions
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