Axis Forex Online international money transfers review

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

• Step 1: Visit the Axis Forex Online website

  You will need to register online by filling in your details such as name, date of birth, gender, nationality status etc.

• Step 2: Provide contact details

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  Next you will need to add your mailing address where you’d like your Know Your Customer (KYC) documents to be picked up. In addition to this the site will ask for your email ID and mobile phone number.

• Step 3: Verify your account

  Verify your mobile number using the one-time password (OTP) sent to you. You will need to log into your account to complete the KYC verification process. This will entail entering details of your KYC document and permanent account number (PAN).

  Keep in mind, you are required to submit signed copies of your KYC documents at an Axis Bank branch. Alternatively, you can have them collected by Axis Bank at a charge of INR100.

Making an international money transfer with Axis Forex Online

Once your account has been set up, you can make your first international money transfer.

1. Log into your Axis Forex Online account.
2. Register your recipient’s details, including their bank’s SWIFT code.
3. Create a remittance request by selecting the currency and entering the amount you’d like to transfer overseas.
4. 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.
5. 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?

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).

• Where is Axis Forex Online regulated?

  Country	Regulated by
  India	Reserve Bank of India

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.

Sort by:

Name	Product	Minimum Transfer	Transfer Time	Transfer Fee
Wise (TransferWise)		USD 1	1-2 days	Varies	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to site More Info		loading Fetching your data...
Skrill		INR 80	1 day	None	Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees.	Go to site		loading Fetching your data...
Instarem		USD 1	Within minutes	1%	Instarem offers zero transfer fees on all transfers.	Go to site More Info		loading Fetching your data...

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Frequently asked questions

• Can a non-Axis Bank account holder use this product?

  Yes. However, you should be a resident in India to use Axis Forex Online.

• For which purposes can money be transferred using Axis Forex Online?

  The services can used to send money overseas for specific purposes, including:

  • Employment overseas
  • Family maintenance
  • Education or tuition fees
  • Payment for medical treatment

• What are the charges of outward remittance for Axis Bank?

  Axis Bank charges a flat transfer fee of INR500 per transaction, which is currently waived when using Axis Forex Online.

• How do I do a wire transfer with Axis Bank?

  You can use SWIFT to transfer funds in 40 currencies from a local overseas bank to your Axis Bank account in India. However, if you want to make an international money transfer, Axis Forex Online allows you to send money in more than 100 currencies to 150 countries around the globe.