Are you about to send money abroad using Axis Bank’s outward remittance? Hold on! Before you start, let’s ensure you understand the process, fees, and hidden costs to keep an eye on. This guide will take you step-by-step through Axis Bank’s outward remittance service to help you make the best choice. Let’s dive in!
Steps for Online Axis Bank International Fund Transfer
1 Login to your Axis Mobile Banking App
2 Select the ‘Payments’ tab and click on ‘Send Money Abroad’
3 Add an existing payee
OR
3 Add a new payee by entering details such as name, account number, address, and SWIFT code. (After your request, technically, 30 minutes are taken to add a new payee)
4 Once added, an ‘Active’ indication appears next to the name. Further, click on the ‘Pay’ button beside it
5 Enter the required information and select the appropriate option under the ‘Payment Details’ section
6 A page that indicates exchange rates and charges is displayed. Accept the ‘Terms and Conditions’ and click ‘Confirm’
7 Finally, Enter your MPIN to authenticate the transaction.
How to Send Money Abroad from Axis Bank Branch
Both Axis Bank account holders and non-account holders can send money abroad through Axis Bank at the nearest bank branch. Non-account holder customers can send funds in 16 foreign currencies.
To request an international transfer, visit the Axis Bank branch between 9:30 AM and 4:30 PM and submit the filled-in Axis Bank Outward Remittance Form and the documents to support the money transfer purpose.
Transfer Time for Axis Bank International Remittance
Approximately, internationally transferred funds take 3-5 working days to reach the beneficiary. Also, note that transaction requests sent before 4 PM IST shall be processed on the same day. However, requests after 4 PM IST or on international holidays shall only be processed on the next working day.
Exchange Rates and Charges for Axis Bank International Money Transfer
| Charges | Amount Charged |
| Outward remittance charges (Indian Residents) | INR 1000 |
| Outward remittance charges (NRE/ FCNR(B) account holders) | INR 100 |
| SWIFT charges | INR 500 |
| Forex markup (profit added to mid-market rate) | 1%-3% |
Transfer Limit for Axis Bank International Remittance
- Online outward remittance processed through Axis Net Banking or mobile app has a transaction limit of USD 25000 or its equivalent per day. This limit applies to purposes such as education, family maintenance, self-transfer, gifts, health services, and NRI repatriation.2
- Under the RBI’s LRS Scheme, you can send up to USD 250,000 (or equivalent) abroad per financial year through Axis Bank Internet Banking.
- NRE account holders can repatriate their account balances freely without any limit.
- For NRO accounts, repatriation is limited to USD 1,000,000 per financial year. However, no limit is exercised over the international transfer of current income.
Documents and Information Required for Axis Outward Remittance
- Supporting documents to justify the purpose of money transfer (for money transfers at bank branches)
- Payee account number
- Receiver’s residential address
- Beneficiary bank address
- SWIFT code
- IBAN
Source3
How to Track My International Transaction in Axis Bank?
To track the transaction, NRI clients must contact nri.services@axisbank.com via email, while resident beneficiaries in India have to visit the closest Axis Bank Branch to request status updates.
When doing so, they must provide the following details to the NRI Relationship Manager or Operations Head at the Branch:
- Beneficiary name
- Beneficiary account number
- Selected currency
- Amount remitted
- Date of transaction
- Unique Transaction Reference (UTR) number
Benefits of Sending Money Abroad with Axis Bank
- Send international remittances in 100 different foreign currencies
- Send money to over 200 banks around the world
- Trusted banking company in India
- Non-Axis account holders can send money overseas from Axis bank branches in 16 foreign currencies
- Zero documentation for online fund transfer
Drawbacks of Sending Money Abroad with Axis Bank
- Longer processing time
- High forex markup fee
- Additional transaction charges
Tips for Avoiding Drawbacks of Axis Bank Outward Remittance
- Checking Real-time Exchange Rates:
Foreign exchange rate displayed on Google Search is the mid-market rate also known as the real rate. Often, banks and forex companies add a small profit called the forex markup. So, keep updated on the mid-market rate to verify whether you are charged excessively.
- Understanding the Fine Print
Fine print is the content added in advertisements and webpages of banks like Axis Bank, which mentions terms and conditions. Usually, consumers fail to notice them due to their reduced font size. Therefore, remember to read them carefully to avoid unexpected charges and steps.
- Exploring Alternative Options
Numerous forex service providers in India offer better services and exchange rates for international money transfers. Among them, ExTravelMoney is a top-notch forex platform in terms of dedicated customer assistance, competitive exchange rates and zero additional fees.
How to Avoid Axis Hidden Costs and Long Procedures: Choose ExTravelMoney
For instance, if you are sending USD 10,000 to your close relative or friend in the USA, this shall be the comparison of charges for your money transfer.
| Axis Bank | ExTravelMoney |
Exchange rate4 – INR 85.56 Amount to be transferred – INR 8,55,600 Outward remittance charges – INR 1000 SWIFT charges – INR 500 | Exchange rate5– INR 84.49 Amount to be transferred- INR 8,44,900 |
| AMOUNT PAYABLE= INR 8,57,100 (excluding GST and TCS) | AMOUNT PAYABLE= INR 8,44,900 (excluding GST and TCS) |
Long story short; you can save INR 12,200 while sending money with ExTravelMoney!
ExTravelMoney sends your well-earned money at affordable rates within 48 hours, no matter which bank account holder you are.
Ready to make a smart choice?
- Axis Bank schedule of forex charges ↩︎
- Axis Bank online fund transfer ↩︎
- Axis Bank documentation requirements ↩︎
- Axis Bank foreign exchange table ↩︎
- ExTravelMoney foreign exchange rates ↩︎
Ann Mariya Job is the Associate Content Writer at ExTravelMoney.com. Holding a Bachelor’s in Journalism, she excels in creating deeply researched, engaging, and crisp content. Her work helps readers understand the complexities of foreign exchange, overseas money transfers, and international travel.