Axis International Transfer

If you need to send money overseas you might be considering making an Axis Bank international money transfer. Before you do, check out this guide to understand the options and process to make an Axis Bank international bank transfer, how much it costs, the exchange rate and limits.

Axis Bank is very popular - and the second largest bank in India - but it might not be the best choice if you’re sending an overseas transfer. Specialist services like Wise and Western Union may be able to offer a faster and more convenient option.

Axis Bank international money transfer comparison

When you transfer money abroad with Axis Bank there are a few different costs to consider:

• Transfer fee - upfront fee, paid to Axis Bank

• Exchange rate markup - a percentage rolled up in the exchange rate

• SWIFT fees - Axis Bank charges a SWIFT fee, but your beneficiary’s bank may also deduct their own charge before the money is deposited

To give an idea of how Axis Bank compares with other payment services, let’s look at an example. Here’s what you’d pay if you were sending a standard online transfer of 100,000 INR to a GBP denominated account, with Axis Bank and a few specialist services.

Axis Bank international money transfers have a relatively low upfront fee, but also come with SWIFT charges and an exchange rate markup. That makes it tricky to work out exactly what you’re paying overall - or what your recipient will get in the end.

Specialist services like Wise and Western Union tend to have more transparent charges, and are also easy to use with an intuitive online and in-app service.

Axis Bank international transfer fees

Here’s what you need to know about Axis Bank international remittance fees:

Axis Bank exchange rate

You’ll be able to see the Axis Bank international transfer exchange rate online or by asking in a branch. Axis Bank exchange rates may include a markup on the mid-market exchange rate, and may vary from client to client and based on the transaction type.

Exchange rate markups are very common, but do push up costs. It’s common for this markup to be about 3% or more - that can mean it ends up being a far higher overall cost than the bank’s upfront transfer fee. Here’s how a 3% fee rolled into the exchange rate would add up up for different transfer amounts:

• Sending 50,000 INR - a 3% exchange rate markup adds 1,500 INR to the total

• Sending 100,000 INR - a 3% exchange rate markup adds 3,000 INR to the total

• Sending 500,000 INR - a 3%  exchange rate markup adds 15,000 INR to the total

Here’s a reminder of the total costs - including exchange rate markups - from the providers we looked at earlier. This is what you’ll pay with each if you set up your payment online and send 100,000 INR to a GBP denominated account:

• Axis Bank:  1,000 INR + exchange rate markup + 500 INR SWIFT charges
• Wise: 1,816.60 INR transfer fee and no markup on the mid-market exchange rate. Learn more on Wise fees.
• Western Union: No transfer fee, but a markup is added to the mid-market exchange rate

Axis Bank additional fees

When you send a payment overseas with Axis Bank you may need to pay a 500 INR SWIFT fee. This covers some of the intermediary costs which creep in when international transfers are processed using the SWIFT network. However, it’s worth remembering that there may also be further intermediary fees, or charges from the beneficiary’s own bank which can reduce the amount received in the end.

How long does an Axis Bank international money transfer take

Axis Bank international transfers are processed using the SWIFT network. That means they may be passed between 1 - 3 intermediary banks before arriving at their destination. It’s reliable - but it’s not fast, and can take 3 to 5 working days for your transfer to arrive. Here’s how that compares with the other providers we looked at earlier:

• Axis Bank: 3 - 5 working days
• Wise: 80% of payments arrive in 24 hours
• Western Union: 0 - 1 business days

Pros and cons of transferring money abroad with Axis Bank

Pros:

• In branch and online payments

• Remit over 100 currencies

• Send up to RBI limits

Cons:

• Fees may not be the best available once SWIFT costs are taken into account

• Exchange rates are likely to include a markup

• Delivery times may be slow

Instead of using Axis Bank, take a look at specialist online services like Wise or Western Union, which may be able to offer an easier and faster online or in-app service.

How to make an international transfer with Axis Bank

You can transfer money overseas with Axis Bank online, via your mobile device, or in a branch. For an easy online service you can send your transfer by taking the following steps:

• Log in to Axis Bank internet banking

• Click on Forex

• Select Outward Remittances

• Follow the prompts to register your international payee

• After 30 minutes of registering payee you’ll be able to initiate your transfer

What information do you need to make an international transfer with Axis Bank?

The exact information you need to arrange your payment will depend a little on the currency and country you’re sending to. You can expect to need:

• Beneficiary full name

• Beneficiary bank account number or IBAN

• Beneficiary bank name and address

• Additional information based on the country - like a sort code for the UK or routing number for the US

• Reason for payment - additional documents may be needed depending on the purpose of the payment

Transfer limits and available countries

Axis Bank allows customers to send international transfers up to the equivalent of  250,000 USD/year.

You can send an Axis Bank international money transfer online in over 100 currencies, to a broad range of countries around the world. In branches you can send in 16 currencies.

Receiving money from abroad with Axis Bank

To receive an international payment into your Axis Bank account, give the sender:

• Your full name

• Your bank account number

• The Axis Bank SWIFT code

Axis Bank SWIFT code

SWIFT codes are unique codes assigned to banks all over the world, and used to guide international payments to the right place. You’ll need to give the sender the Axis Bank SWIFT code for your specific branch and for the specific transfer type, which you can get by calling into your branch or logging into your online banking service.

The general Axis Bank SWIFT/BIC code is: AXISINBBXXX.

Conclusion

Axis Bank international money transfers can be made to some 150+ countries, in over 100 currencies. However, depending on the specifics of your transfer, they may not offer the very best value, thanks to a marked up exchange rate and SWIFT fees.

If your payment destination is covered by a specialist online and in-app provider like Wise or Western Union, take a look at how the fees compare to make sure you get the very best deal.