Axis Bank is a retail bank that offers accounts, loans and credit to individuals and businesses in India. Non-resident Indians (NRI) can find the bank’s money transfer or remittance services to India convenient, especially with RemitMoney. Learn more about remittances with Axis Bank and other options to consider when sending money from abroad.
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To remit or transfer money to India is simple with Axis Bank. You can use a traditional wire transfer, an online money transfer like Wise, or AxisBank’s RemitMONEY service- more on this service in the next section.
Remittances are sent to India for several reasons. Here are a few:¹
Taxation on money received by a remittance depends on the amount received and its use. Check with the Reserve Bank of India website to understand what qualifies as a remittance and how it is taxed locally.
Axis Bank’s RemitMoney is an online service available to NRIs to send money to India. Transfers with RemitMoney can be sent the same day or within two days, depending on your location. You or your recipient are not required to have an Axis Bank account to use this service.²
To use RemitMoney, you must meet the following requirements:
There are no fees with Axis Bank RemitMoney, but the bank sets its own exchange rate. You will see the exchange rate on the screen, within the ‘You Send’ box, when you input your transfer details. ⁴
Since the bank sets its exchange rate, it can set it higher than the mid-market exchange rate, which is what you see on Google and what banks use within themselves. Adding a markup on the exchange rate makes currency conversion more expensive.
Here are the steps to send a transfer with RemitMoney:
You will be notified when the transfer has been completed.
An international wire transfer is the traditional way to send money overseas. If you are abroad, you can send money to an Axis Bank account with a wire transfer through the SWIFT network.
The SWIFT network is a bank-to-bank system that allows transfers from one account to another. You should be able to complete a wire/SWIFT transfer through your online banking or at a bank branch. Recipients may face a fee for the inward remittance in India, depending on their banking relationship with Axis Bank.
A wire transfer can be more expensive than more modern options, as they typically come with a transfer fee and an exchange rate markup. Transfers can take up to 5 business days. ⁵
Axis Bank allows for Foreign Currency Cheques or demand drafts issued by a foreign bank. You can get a foreign currency cheque and exchange it for Indian rupees in India. You will need to go to a physical Axis Bank branch to cash the cheque.
Foreign currency cheques can only be in US dollars, Canadian dollars, Australian dollars, British pounds or Euros (from France and Germany only). This can be an expensive option where the fees can be ₹750 or more. ⁶
To provide services to customers in the US and other countries, Axis Bank offers RemitMoney through third-party tie-ups. So, while you will complete the transfer through the Axis Bank interface, the transfer will be completed by a partner.
For example, American NRIs will find that ViaAmerica completes the transfer for RemitMoney in the States. You will still have to log in or sign up through RemitMoney and complete the transfer on the site. However, the transfer service will be executed by ViaAmerica. ⁷
RemitMoney USA has different exchange rates depending on if you are a new or existing user. There are also transaction limits if an NRI sends money to a Non-Resident External or Non-Resident Ordinary Account. Read the fine print carefully before you send a transfer so you know what to expect from a third-party tie-up transfer. ⁸
Meet Wise: a convenient alternative for international remittance
Want a fast, easy and convenient way to send money to India? Meet Wise.
Wise uses the mid-market exchange rate on every transfer, so you get the same rate as you see on Google without any markup. And with just one upfront transfer fee, your money is ready to go directly to a bank account in India.
Whether you are funding your NRI accounts, sending money for a wedding gift or considering buying a flat in India, you can send money the low-cost way. Plus, the money can be in the local Indian account in minutes on popular Wise transfer routes.
Send money to India with Wise 👉
And if you're living abroad, check out the Wise multi-currency account available for residents living in supported countries. Enjoy an account as worldly as you are and spend just like a local when you travel abroad with a linked debit card, while also paying less in fees.
Resident Indians who need to send money abroad - whether for tuition costs, family maintenance or medical needs - can consider Axis Bank’s International Fund Transfer](https://www.axisbank.com/retail/forex/international-fund-transfer/features-and-benefits#menuTab). It is available for Axis Bank customers through Internet Banking, the mobile app or at an Axis Bank branch.
You can remit or send in over 100 currencies from India with an Axis Bank wire transfer to a bank account abroad. Axis Bank will use its own exchange rate, which may carry an exchange rate fee, and a transfer and SWIFT total fee of ₹1,500.
Resident Indians must follow the rules of the Reserve Bank of India Liberalised Remittance Scheme, which says that the total amount sent abroad can’t be more than the currency equivalent of $2,50,000 USD in one year. ⁹
Here is how NRIs can contact Axis Bank RemitMoney with any questions:¹⁰
| Location | Method | Contact |
|---|---|---|
| From the U.S. | By phone | +1 844 441 7440 |
| From the UK | By phone | +44 8000 903 244 |
| From Australia | By phone | +61 1800 875 380 |
| In India | By phone | +91 22 4881 6600 |
| Global | remitmoney@remit.in |
Axis Bank also has a customer service website to help connect with an agent, chat or navigate customer support articles.
Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.
Sources used for this article:
Sources verified on 20 November 2023.
Cover photo by Julie Ricard on Unsplash.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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