Axis Bank is one of India’s biggest private sector banks, offering a wide range of services to customers in respect of international money transfers and foreign exchange transactions. However, looking from a critical point of view about considering complete fees, there is a crucial need for effective management of your financial matters. This guide will give, in detail, the various charges that you may be confronted with while using Axis Bank for foreign remittances.
1. Receiving Money from Abroad
When receiving funds from abroad, Axis Bank generally imposes a minimal fee structure. Here’s a summary of the charges:
| Service | Charges |
| Foreign Currency Remittance (Inward) | ₹300 per remittance |
| Handling Charges for Return of Import Bills Unpaid | ₹1,250 per bill plus other bank charges, if any |
Processing Time:
Usually, credit of funds takes 1-5 business days, depending upon the mode of remittance and the banks concerned.
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2. Sending Money Abroad from India
Axis Bank provides several options for outward remittances, whether for personal or business purposes. Here are the applicable fees:
| Service | Charges |
| Outward Remittance (Non-import) | ₹1,000 per remittance |
| SWIFT Charges | ₹500 per remittance |
| Non-import Remittance with No Exchange Margin | ₹1,000 + 0.125% in lieu of exchange |
| Outward Remittance from FCNR(B)/NRE Accounts | ₹100 |
Processing Time:
Transfers typically take 2-4 business days, depending on the destination country and remittance method.
3. Additional Forex Service Charges
Axis Bank also charges a variety of other fees for other foreign exchange-related services, depending on the nature of the transaction.
| Service | Charges |
| Foreign Currency Demand Drafts – Issuance | 0.30% of draft value, subject to a minimum of ₹200 per draft |
| Foreign Currency Cheque Collection | 0.25% of the cheque amount (minimum ₹100) |
| Return Charges for Cheques/DDs | ₹100 per instrument |
| FIRC (Foreign Inward Remittance Certificate) | ₹200 per FIRC |
GST on Forex Transactions:
| Amount of Currency Exchanged (ACE) | GST Rates | Minimum GST | Maximum GST |
| Up to ₹1 lakh | 0.18% of ACE | ₹45 | ₹180 |
| Between ₹1 lakh and up to ₹10 lakh | ₹180 + 0.09% of ACE | ₹180 | ₹990 |
| Above ₹10 lakh | ₹990 + 0.018% of ACE | ₹990 | ₹10,800 |
4. The True Cost of Using Axis Bank for International Transactions
While Axis Bank offers reliable and comprehensive services for international transactions, the costs can be significant when considering the various fees and charges, including those for SWIFT transactions, GST on currency exchange, and additional handling fees.
5. A Cost-Effective Ally: moneyHOP
moneyHOP enables greater transparency and more economically viable means for people to transfer money internationally. moneyHOP offers competitive fees coupled with lower exchange rate markups compared to traditional banks like Axis Bank, and most of the time, it has quicker processing times.
The comparison table:
| Description of Charges | Axis Bank Fees | moneyHOP Fees |
| Outward Remittance (Up to USD 500) | ₹1,000 + applicable taxes | Lower and Transparent |
| SWIFT Charges | ₹500 per transaction | Lower and Transparent |
| Receiving Money from Abroad | ₹300 per remittance | No Hidden Fees |
| Currency Conversion Fees | Varies | Lower and Transparent |
Why pay more for international money transfers when moneyHOP is here?
- NO hidden fees
- ZERO convenience fees
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Conclusion: Making the Right Choice for Your International Transactions
Axis Bank provides extensive services for international remittances and foreign exchange, but the fees can add up, making it important to consider alternative options. moneyHOP offers a more transparent and cost-effective solution, allowing you to save money on international transactions.
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