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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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