Send Money To India Via The Axis Bank Money Transfer Service
Monday, Feb 07, 2011
You can use AxisRemit to send money to India
from USA, Europe (Euro Zone), the United Kingdom,
Australia, Canada, Singapore, Hong Kong and UAE.
This service is brought to you by Axis Bank, one
of India’s leading banks, with its alliance
partner Times of Money (TOML).
AxisRemit transfers money through secure channels
like online money transfer, wire transfer,
exchange houses, and money transfer operators.
Funds can be credited to any bank account in
India. You can also have a demand draft sent to
your beneficiary through courier.
Options for sending money to India
You can register with AxisRemit and transfer money
in U.S Dollars, Euro, Pound Sterling, Singapore
Dollars, Canadian Dollars, Australian Dollars,
Hong Kong Dollars and UAE Dirhams. However, the
money will be paid to your beneficiary in India in
Indian Rupees only.
AxisRemit does not accept remittances in cash or
through check, credit / debit cards. If you are
based in the United States and have a US bank
account, you can transfer money to India through
the Automated Clearing House (ACH) network.
You can use your bank’s Internet Banking
Service to send money to India. You can use this
service from UK, Canada, Australia, Singapore,
Hong Kong, UAE and Euroland.
You can also visit your local bank branch in the
US or any other country to wire money to any Axis
Bank account in India. If you are in UAE, you can
transfer money to India through Xpress Money or
through Partner Exchange Houses.
Options for receiving money in
India
Funds can be credited directly into the accounts
of beneficiaries who have AXIS Bank accounts. If
your beneficiary has an account with another bank,
the money can be credited through NEFT (National
Electronic Funds Transfer). A demand draft can
also be sent to your beneficiary through courier
or registered post.
You will not need an AXIS Bank account to use
AxisRemit and neither will your beneficiary.
However, if your beneficiary has an AXIS Bank
account, it will help to speed up the overseas
money transfer process.
At present, you can send money to some 1,864
locations in India through AxisRemit. You can ask
the company to e-mail the list of destinations.
International money transfer rates and
limits
There is no fee for transferring money to India,
but a flat currency conversion charge of INR 25
will be payable on all cross border remittances.
For Euro transactions from the Single Euro Payment
Area (SEPA), you will have to pay the charges of
the correspondent bank.
The minimum and maximum limits per transaction for
different countries are mentioned here: USA USD
100 - 10,000, UK GBP 100 - 5,000, Australia AUD
100 - 10,000, Canada CAD 100 - 10,000, Singapore
SGD 100 - 12,000, Hong Kong HKD 1000 - 75,000, UAE
AED 500 - 40,000, and Euroland EURO 100 -
6,000.
Exchange rates
You can view indicative exchange rates on the
AxisRemit website when you book the transaction.
The exchange rates are shown for different slabs,
with more attractive rates being offered for
larger amounts. The actual rate will be based on
the prevailing rate on the day when your funds are
converted into Indian Rupees.
For more information, please visit the AxisRemit
website.
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