Axis Bank Online Money Transfer to India

Axis Bank – the third largest private sector bank in India. The bank has a great trail of more than 1947 domestic branches in 34 states and few overseas branches. The official website of Axis bank is www.axisbank.com and the internet banking site is www.axisbank.co.in  which provides the authentic information of the bank and the services provided. Speed Banking, Premium Banking are some specialised sectors that adds value to the axis banking service.

Glance at Money transfer methods to India:

Money transfers are of different types. Within India the cash deposits at bank counters, money order through post office and International cash transfers via Western Union Money Transfer, Money Gram. These are predominant with users who do not have a prominent bank account.

But nowadays, almost 8 in 10 citizens have bank accounts and most of them prefer online banking for the transaction, as this method is hassle free and saves time. For huge transactions, it is advisable to opt for online transfer.

Apart from the offline money transfers to India through Western Union Money Transfer and Money Gram, the online Money transfers from foreign countries to India are possible for an Axis bank account holder via AxisRemit and Wire Transfer.

Wire Transfers:

It is an Electronic Mode of Fund Transfer and one of the quickest ways to transfer from the local overseas account to the Axis bank account/ or any account in India. For wire transfer, Bank Identifier Code or the SWIFT key is required, which ensures safe and secure remittance. Axis bank supports wire transfers in 40 currencies including USD, EUR, GBP, AUD, CAD, SGD and others. The option to receive in local currency is also applicable with an additional currency conversion fee. These are operated in secured channels with competitive exchange rates and are directly credited to the account in less than 48 hours.

Wire Transfer Process:

To initiate a wire transfer process, the following details are required:

–         Sender’s Bank Name, Account Number, SWIFT code of the overseas bank.

–         Beneficiary/ receiver’s Bank Name, Account Number, SWIFT code of the receiving Bank and the purpose of the transaction.

With this information, the primary wire transfer details are completed to add the bank. This will take a few days (for the first time), once the bank gets included, the receiver’s details, the amount, the SWIFT key is entered. After the deduction of wire transfer charges, the money is credited into the beneficiary’s account.

AxisRemit:

AxisRemit is the online Money transfer facility offered by Axis Bank for its NRI customers from 14 different countries such as USA, UK, Hong Kong, Singapore, UAE and Euro Zone to send money to India. AxisRemit allows the NRI to send money to any beneficiary account or to his/her own account in India.

AxisRemit Process:

To initiate the process, the user needs to register for AxisRemit by filling the registration form with the necessary details such as Name, Account Number, Age, Gender, Login ID, etc. Then the beneficiary’s account details have to be filled along with the country details. Lastly, the details like social security number needs to be entered for confirmation. Once all relevant information is confirmed, a transaction reference number is generated.

With this, now login to your Net banking account and enter the amount to be sent and submit the transaction in the AxisRemit site along with the transaction reference number.

For users from USA, ACH a convenient transfer is available. This uses the Automated Clearing House (ACH) network in the USA where the amount is debited from the sender’s account and credited to the beneficiary’s account. To use this method, the user needs to click “Add New Bank”, which will redirect to the local US bank account where bank name, bank’s ABA routing number, account details are filled and submitted for further transaction where the account validation takes 3-4 business days.

The minimum limit per transaction is $100 and the maximum limit is $10, 000.

The AxisRemit is a simple and user friendly process that is self explanatory. AxisRemit Online can be used only for personal/ individual transfers and not applicable for business. The transfer limit per transaction via AxisRemit is as follows:

There is another money transfer which is a semi-online type, where the maximum limit is immense. It is known as SmartWire where transfer from USA, UK, UAE, Canada, Euro Land Singapore and Hong Kong to India is possible. The method to send money is almost similar to wire transfer, which is done through AxisRemit and the receiver’s bank is informed to enable the wire transfer procedure. The money that can be sent through SmartWire per transfer is as given below:

Hence within few days money is sent to loved ones; with the various online transfer methods, thus making fund transfer from foreign countries easy and hassle-free.