Product crack: Axis Forex Online
To use this facility, you don’t have to be the bank’s customer, and it can be used to remit money to any bank account in the world
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Last week, Axis Bank Ltd launched www.axisforexonline.com, an online outward remittance website. To use this facility, you don’t have to be the bank’s customer, and it can be used to remit money to any bank account in the world. Besides outward remittance, the website allows you to order forex cards and cash in a foreign currency.
What’s on offer?
You will be able to remit a maximum of $25,000 in a single transaction and $250,000 per annum. Through the bank’s facility, you can send money online if you are know-your-customer (KYC) compliant. You can send money in at least 100 currencies. The bank has tied up with other service providers such as Citibank and Deutsche Bank to enable foreign currency transaction that it cannot do directly. The duration of money transfer depends on how many banks are involved in a transaction and the location. For instance, if you are sending money to the UK and the initiating and corresponding banks are the same, the transfer takes minutes. But if you are sending money to, say, Zimbabwe, and the corresponding entities are not under the same bank, the transfer can take up to two days.
How does it work?
You will have to register on the website and fill details such as bank account number, mailing address where you want the KYC documents to be picked up from, email ID, mobile phone number, among others. Once the mobile phone number is verified using the one-time password (OTP) sent via SMS, you can login to complete the KYC process. You have to enter details of your KYC document and permanent account number. Since the Reserve Bank of India mandates a wet signature to complete the KYC process, you have to submit signed documents at an Axis Bank branch, or ask for them to be collected.
The website will also give you details of a bank pool account, such as its account number, Indian Financial System Code (IFSC) code and branch name. The pool account is a payee account where the money you send is collected and then sent to the beneficiary. You have to add this pool account as a ‘beneficiary’ to your Internet banking.
Once your KYC documents are verified, you can start sending money by adding your beneficiary details on Axis Forex the same day.
There is a flat processing fee of Rs.500 (which has been waived off for three months as a promotional offer). You also have to pay a service tax of 15%. There is a conversion fee depending on the currency and amount, ranging between Rs.30 and Rs.7,500.
Mint Money take
This website has a do-it-yourself approach where you have to fill in all the details; there is minimal manual intervention. So, Internet savvy users can try this service. But do compare charges to send money abroad across banks. For instance, ICICI Bank Ltd’s Money2World, an online remittance service, charges a flat Rs.750 per transaction, while State Bank of India has Rs.250 as foreign currency conversion charge. Exchange rates also vary across banks.
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