Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Axis Forex Online international money transfers
Find out how to send money overseas through Axis Forex Online international money transfers.
Axis Bank is India’s third largest private sector bank with its head office in Mumbai, India. The bank offers their customers the entire gamut of banking services including foreign exchange services. Axis bank offers overseas money transfers to resident Indians through their Axis Forex Online product. You can make international money transfers in more than 100 currencies to 150 countries.
Axis Forex Online foreign exchange rates
Axis Bank has a section on its Axis Forex Online website where you can select a foreign currency from a drop-down list that shows all possible currencies for its international money transfers. You can also to see the conversion rate in Indian rupees. These rates are updated on a daily basis, every working day, Monday to Friday excluding bank holidays.
To access the displayed rates, you should make the remittance request between 9:30am and 4:00pm on a working day. Ensure you transfer the funds to cover the remittance request from your bank account so that it reaches Axis Bank by 4:00pm on the same day.Back to top
How much does it cost to transfer money with Axis Forex Online?
Axis Bank charges a flat transfer fee of INR500 per transaction, which is currently waived. You’ll also be liable to pay Goods and Services Tax (GST) as per Indian tax laws and beneficiary bank charges if applicable.
Transfer limits and available countries
There’s no clarity on Axis Bank’s website regarding the minimum transfer amount you can remit using Axis Forex Online. Contact Axis Bank customer support for more information. However, the maximum transfer amount you can remit through this product is US$25,000 or its equivalent, in a single transaction.
Before making any international money transfers, you should know that all international remittances from India need to abide by Reserve Bank of India (RBI) regulations. Under these regulations, the maximum amount of overseas remittances you are permitted to carry out every Indian financial year (April to March) is US$250,000.
You can transfer money to 150 countries across the world using Axis Forex Online. Axis Bank has a section on its website which displays the currencies you can remit overseas using this product.
|Currency code||Currency||Currency code||Currency||Currency code||Currency|
|AED||Emirati dirham||DZD||Algerian dinar||NAD||Namibian dollar|
|AUD||Australian dollar||EGP||Egyptian pound||NGN||Nigerian naira|
|CAD||Canadian dollar||ETB||Ethiopian birr||NIO||Nicaraguan cordoba|
|CHF||Swiss franc||FJD||Fijian dollar||NOK||Norwegian krone|
|DKK||Danish krone||GHS||Ghanaian cedi||OMR||Omani rial|
|EUR||Euro||GMD||Gambian dalasi||PEN||Peruvian sol|
|GBP||British pound||GTQ||Guatemalan quetzal||PGK||Papua New Guinean kina|
|HKD||Hong Kong dollar||GYD||Guyanese dollar||PHP||Philippine peso|
|NZD||New Zealand dollar||HNL||Honduran lempira||PKR||Pakistani rupee|
|SAR||Saudi Arabian riyal||HRK||Croatian kuna||PLN||Polish zloty|
|SEK||Swedish krona||HTG||Haitian gourde||QAR||Qatari riyal|
|SGD||Singapore dollar||HUF||Hungarian forint||RON||Romanian leu|
|THB||Thai baht||IDR||Indonesian rupiah||RUB||Russian rouble|
|USD||US dollar||ILS||Israeli shekel||RWF||Rwandan franc|
|ZAR||South African rand||JMD||Jamaican dollar||SBD||Solomon Islander dollar|
|ALL||Albanian lek||JOD||Jordanian dinar||SCR||Seychellois rupee|
|ANG||Dutch guilder||KES||Kenyan shilling||SLL||Sierra Leonean leone|
|AZN||Azerbaijani manat||KHR||Cambodian riel||SRD||Surinamese dollar|
|BBD||Barbadian dollar||KRW||South Korean won||SZL||Swazi lilangeni|
|BDT||Bangladeshi taka||KWD||Kuwaiti dinar||TND||Tunisian dinar|
|BGN||Bulgarian lev||KYD||Caymanian dollar||TOP||Tongan pa’anga|
|BHD||Bahraini dinar||LAK||Lao kip||TRY||Turkish lira|
|BMD||Bermudian dollar||LBP||Lebanese pound||TTD||Trinidadian/ Tobago dollar|
|BND||Bruneian dollar||LKR||Sri Lankan rupee||TWD||Taiwan new dollar|
|BOB||Bolivian boliviano||LSL||Lesotho/Basotho loti||TZS||Tanzanian shilling|
|BWP||Botswana pula||LTL||Lithuanian litas (Euro now used)||UYU||Uruguayan peso|
|BZD||Belizean dollar||MAD||Moroccan dirham||VND||Vietnamese dong|
|CRC||Costa Rican colon||MOP||Macau pataca||WST||Samoan tala|
|CVE||Cape Verdean escudo||MUR||Mauritian rupee||XAF||CFA franc (BEAC)|
|CZK||Czech koruna||MVR||Maldivian rufiyaa||XCD||East Caribbean dollar|
|DJF||Djiboutian franc||MWK||Malawian kwacha||XOF||CFA franc (BCEAO)|
|DOP||Dominican peso||MXN||Mexican peso||XPF||CFP franc|
What types of transfers can you carry out with Axis Forex Online?
- Wire Transfers.
You can make wire transfers (TT/Swift Transfers) to bank accounts in 150 countries across the world using Axis Forex Online.
The registration and transfer process
You must have an account at Axis Forex Online in order to use this service to transfer money overseas, following these steps:
- Step 1. Register on the Axis Forex Online website by filling in your details, such as name, date of birth, gender, nationality status, etc.
- Step 2. Add your mailing address where you’d like your Know Your Customer (KYC) documents to be picked up. Enter your email ID and mobile phone number.
- Step 3. Verify your mobile phone number using the one-time password (OTP) sent to you.
- Step 4. Log in to your account to complete the KYC verification process at your end. Enter details of your KYC document and permanent account number (PAN).
- Step 5. You need to submit signed copies of your KYC documents at an Axis Bank branch. Alternately, you can have them collected by Axis Bank at a charge of INR100.
- Step 6. After KYC verification, log in to your Axis Forex Online account, go to the wire transfer section and register your beneficiary details, including the beneficiary bank SWIFT code. You can add multiple beneficiaries if you’re looking to transfer money to more than a single beneficiary.
- Step 7. Create a remittance request by selecting the currency and entering the amount you’d like to transfer overseas. You’ll see the converted amount in INR which you have to remit to Axis Bank to fund the wire transfer. Choose the beneficiary you’d like to remit the money to and press “Submit”.
- Step 8. You’ll also get details of a bank pool account number, the Indian Financial System Code (IFSC) code and bank branch name. You need to add this particular pool account as a “beneficiary” in your bank’s Internet banking section. The pool account happens to be a payee account in which the money you will send in INR is collected. After the money is collected, it’s converted to the currency that you would have selected in your remittance request and transferred to your overseas beneficiary.
- Step 9. Fund your wire transfer by remitting the money from your bank to the pool account you should have added as a beneficiary earlier. It’s advisable to add the pool account as a beneficiary well in advance before you submit the remittance request.
- Step 10. The wire transfer is processed subsequently.
The wire transfer usually reaches the beneficiary bank account within 1 or 2 working days.Back to top
You can speak to an Axis Forex Online representative by ringing them. You can also go to an Axis Bank Branch and speak to a bank representative there.
Pros and cons of using Axis Forex Online
- You don’t need to be an Axis Bank account holder to use this product.
- You can make international remittances from India to 150 countries across the world.
- You can carry out overseas transfers in more than 100 currencies.
- The entire wire transfer process can be carried out online.
- Exchange rates are updated on the Axis Bank website only once a day.
- The maximum amount you can transfer in a single transaction is US$25,000.
- You must be an Indian resident to use this product.
What other products and services does Axis Bank offer?
- Banking Services. Axis Bank is India’s third largest private sector bank. It offers its customers various financial products and services. Some of these are bank accounts, insurance, loans, foreign exchange services and credit cards to name a few.
- Forex Travel cards. Axis Bank can issue prepaid forex travel cards (single currency and multi-currency) in major currencies.
- Foreign currency travellers cheques. Axis Bank can issue foreign currency travellers cheques in 6 currencies.
- Foreign currency demand drafts. Axis bank can issue foreign currency demand drafts in 9 currencies. You can send the foreign currency demand draft overseas by courier or post. The recipient of the demand draft can present it to his bank. The bank will subsequently credit the amount to his or her bank account.
- Buying and selling foreign exchange. Axis Bank buys and sells cash in 14 major currencies.
How does Axis Forex Online compare to other providers
Frequently asked questions about Axis Forex Online international money transfers
A final word
Axis Forex Online is a facility for Indian residents to make overseas remittances online without physically going to a bank or foreign exchange provider. If you want to send a sum of up to US$25,000 overseas in a single transaction, you can consider Axis Forex Online as a possible option. However, it’s a good idea to compare exchange rates and also transfer fees offered by competitors before you send money overseas using this product.
Image:Axis Forex Online
More guides on Finder
How to buy cryptocurrency with your bank account
Want to buy cryptocurrency using your bank account but don’t know how? Find out everything you need to know in this comprehensive guide.
How to buy cryptocurrency with a credit card
Want to know how to buy Bitcoin and other cryptocurrencies with a credit card in India? Find out in this step-by-step guide for beginners.
Review: eToro cryptocurrency trading and CFDs
If you’re thinking of trading cryptocurrency and CFDs on eToro, make sure you check out our comprehensive eToro review first.
Common Bitcoin scams (and how to avoid them)
A comprehensive guide to what you need to know to detect and avoid some of the most common cryptocurrency scams.
How to buy Robinhood stock from India
Robinhood is expected to go public, here’s what you need to know if you’re looking to buy in from India.
How to buy Roblox (RBLX) stock from India
Roblox is set to go public, here’s what you need to know if you’re looking to buy in from India.
How to sell XRP (XRP)
Your step-by-step guide on how to sell XRP (XRP) for both fiat currency and cryptocurrency, including detailed instructions for novice crypto traders.
How to buy and trade Ripple (XRP)
Step-by-step instructions on how to buy XRP, the cryptocurrency used in the Ripple payment network, with fiat currency or digital currency.
How to invest in silver in India
Like gold, silver is a safe haven for investors in India against currencies. Learn 4 ways to shine up your portfolio, including potential risks.
Mia by Tanishq online discount code and coupon April 2021 | 15% off diamonds on sale
Express yourself through beautifully crafted jewellery and save on elegant pieces when you use Mia By Tanshiq online discount codes.
Ask an Expert