FAQs

What is Axis Forex Online?

Axis Forex Online is a comprehensive solution to all Forex requirements. Axis Forex Online enables you to send money abroad (outward remittance) to a foreign bank account, avail the facility of Forex card and Foreign currency cash to travel abroad, completely online. All you have to do is register and get yourself verified and avail all Forex facilities from the comfort of your own home or office without having to visit a bank branch.

Outward Remittance FAQs

What is an Outward Remittance?

An outward remittance is when money is sent abroad from resident country to any other country in the world. You can send money abroad to a beneficiary for various purposes including personal travel, education, medical treatment, employment abroad or maintenance of loved ones using Axis Forex Online.

  • What is Axis Forex Online? How do I start using the services of Axis Forex Online?
    • Axis Forex Online enables you to send money abroad (outward remittance) to a foreign bank account, completely online. All you have to do is register and get yourself verified and you can transfer money to your registered receivers from the comfort of your own home or office without having to visit a bank branch.
  • Am I eligible to send money through Axis Forex Online?
    • If you are a resident individual (a person resident in India and a Citizen of India), then Yes.
    • Persons of Indian Origin and Non Resident Indian are not eligible and are required to visit Axis Bank Branch for Outward Remittance or Forex Services.
  • For what purposes can I remit (send money abroad) through Axis Forex Online?
    • You can send money abroad for the purpose of Family Maintenance, Employment, Education / Tuition Fees and payment of Medical Treatment.
  • Are there any transactional limits in Axis Forex Online?
    • Per Transaction Limit: USD 25000 or its equivalent in any other currency
    • Annual Limit: USD 250,000 or its equivalent in any other currency, as along as the aggregate amount of all your retail outward remittances through any authorized dealer in a financial year is within USD 250,000!
  • What are the documents required for transactions through Axis Forex Online?
    • Transactional Documents: Not Required.
    • One time documents: a) PAN Card is Mandatory b) Any valid Address Proof.
  • Do I need to maintain A/c with Axis Bank to use the Services of Axis Forex Online?
    • No, you can avail the services of Axis Forex Online without maintaining an account with Axis Bank. All you need to do is complete the one time registration formalities and start sending money abroad through Axis Forex Online.
  • Can I send money abroad through Axis Forex Online if I hold a Resident Savings Account with Axis Bank?
    • Axis Bank account holders need not register on Axis Forex Online separately, instead please log in to Axis Bank Internet Banking and select the Forex Option, to transfer money online. To login, click here.
  • Do I need to submit/ upload documents every time I transact through Axis Forex Online?
    • No. Documents are required to be submitted only once for registration.
  • Is it safe to send money online?
    • Yes! Axis Forex Online is powered by Axis Bank and is as good as sending money from the bank branch but only faster and more convenient since you are doing it from the comfort of your own home. Axis Forex Online validates transactional data through One Time Password on registered mobile numbers and sends real time updates on mobile and email.
  • In which currencies can I send money abroad?
    • You can send money in over 100 currencies and across 150 countries. To view the list of currencies, please click here .

Registration

  • What are the documents required for Registration?
    • a) PAN Card is Mandatory
    • b) Any valid Address Proof.
  • Do I need to register (create an account) in order to send money abroad through Axis Forex Online?
    • Yes, all you need to do is register yourself on www.axisforexonline.com in the following four steps: 1. Click on Register and fill in your personal details which include your existing bank and passport details. 2. Submit documents required for verification by arranging for a pick up by our Axis Forex Online executives from your home or office or you can even submit to any Axis Bank branch in India. 3. Once verified, you can add beneficiaries to your profile by clicking on “Add Beneficiary”. 4. After adding a beneficiary, you can send money abroad in 100 currencies across 150 countries!
  • What are the charges for door pickup of one-time documents?
    • The charges for door pick up is Rs. 100/-. (This charge may be avoided if the one time documents are submitted at any Axis Bank Branch).
  • What is the time taken for door delivery?
    • You can schedule your appointment with our representative by clicking on “Book Appointment” at the time of registration with the desired appointment time and the allotted representative will call you and meet you as per your convenience.
  • How do I cancel or reschedule my appointments?
    • You can cancel or place a request for rescheduling your appointments by logging in to Axis Forex Online’s website.
    • Alternatively, you can also call our Digital RMs on our phone banking numbers for cancelling/ rescheduling your appointments.
  • Are there any additional/ hidden charges for Cancellation/Reschedule?
    • No.
  • How do I know that my one-time registration is complete?
    • You will receive an intimation of your unique Cust ID at registered mobile number and email ID. This means, your registration process has successfully completed and you can login to the portal and execute payments.
    • Further, during the process, you can login to the portal and track your registration Status.
    • In case of a failed registration, you are requested to personally visit an Axis Bank Branch and re-submit the documents.

Fund Transfer

  • How do I send money to Axis Bank Account for my outward remittances/ fund transfer abroad?
    • Currently, we are accepting payments sent through RTGS/NEFT only.
    • You can send money via RTGS/ NEFT mode from your Bank’s mobile App, Internet Banking or Branch. Accordingly, you are requested to add our Account (A/c Name –Online Outward Remittance, A/c - 7410129101712, IFSC - UTIB0000741, Branch – Sakinaka Branch) as Beneficiary in your Bank’s Internet/ Mobile Banking Facility. Please note that addition of Beneficiary in your Bank’s Internet/ Mobile Banking Facility may take 24 Hours or more.
  • How do I ensure money sent through RTGS/ NEFT is received by Axis Bank on the same day?
    • Send RTGS/ NEFT only on a working day.
    • Ensure NEFT is done before 6 PM on that day or RTGS is done before 4 PM on that day.
  • Why is the amount credited in Axis Bank account less than the amount debited from my account?
    • Your Bank may levy charge (normally Rs 2 to Rs 50 + service tax) on your RTGS/NEFT transfer. Please check with your bank if the charges are debited from your transfer amount or debited separately. In the former case, you have to account for the charges in your transfer amount so as to ensure that the required amount of money is available for the remittance abroad.
  • What if the amount sent by me to Axis Bank for Remittance is less than what I have specified on Axis Forex Online?
    • Bank will return the funds within 2 working days in case the amount sent by you is less than the amount requested on portal. While returning the money, Bank will debit RTGS/ NEFT charges towards executing the return. To send the remittance again, you will be required to re-initiate the entire transaction.

Payment Processing

  • When will my request be processed?
    • All transactions requests where funds have been received by Axis Bank up to 04.00 pm on a working day Monday to Friday will be processed on the same day. Requests where funds have been received by Axis Bank after 04.00 pm on the same day will be processed on the next working day.
  • How do I know the break-up of charges?
    • Each and every charge (including Govt. Taxes) levied on the transaction will be displayed to you with reason on the website, during the process of your transaction.
  • How do I ensure my outward remittance request is processed on the same day by Axis Bank?
    • You should place the remittance request on Axis Forex Online's website before 4 PM on the same day.
    • You should send the money immediately and Axis Bank should receive the funds before 4 PM on the same day
    • (Both the above conditions should be met for Same Day Payment)
  • How do I know that my transfer is received by my beneficiary?
    • You will receive a confirmation SMS and Email on your registered mobile number and email address on the status of your request. Normally, if Bank has received both your online request and payment on the same day before 4 PM, then it will be sent to the correspondent Bank on the same day. However transfer of funds is dependent upon the number of Banks involved and the beneficiary details provided by you. If in case the confirmation is not received after two working days of the days of the remittance, you may call us at 022-33753263.
  • Till when is the rate valid and by when can I transfer the funds?

    Cut off Time Successful Transfer of Money on the same Day (T)
    Booking of Transaction by customer at the Portal Cut off for Receipt of Money in Axis Forex Online A/c
    From To From To
    Batch 1 9:30 AM on Day T 4:00 PM on Day T 9:30 AM on Day T 4 PM on Day T


    Cut off Time Successful Transfer of Money by Next Working Day (T+1)
    Booking of Transaction by customer at the Portal Cut off for Receipt of Money in Axis Forex Online A/c
    Batch 1 9:30 AM on Day T 4:00 PM on Day T 4 PM on Day T 9:30 AM on Day T +1
    Batch 2 4:00 PM on Day T 9:30 AM on Day T +1 4:00 PM on Day T 4:00 PM on Day T + 1
    • Booking of rates for sending money abroad is available 24X7 however your money transfer depends on the time of receipt of funds by Axis Bank. Ideally, you should book the rates between 9:30 AM and 4:00 PM on a given day and your funds should be received by Axis Bank before 4 PM on the same day.
    • If you have booked rates between 09.30 am to 04.00 pm on a given working day and your funds are received by Axis Bank before 04.00 pm on the same day then your transactions will be processed on the same day.
    • If you have booked rates between 09.30 am to 04.00 pm on a working day and your funds are received by Axis Bank after 04:00 pm on the same day or before 09.30 pm on the next working day, then your transactions will be processed next day at the discretion of Axis Bank. If your transaction is not processed, then funds will be returned to your account before 2 working days.
    • If you have booked rates after 04.00 pm on a working day or before 9.30 pm on the next working day and your funds are received by Axis Bank before 04.00 pm on the next working day then your transactions will be processed on the next working day at the discretion of Axis Bank. If your transaction is not processed, then funds will be returned to your account before 2 working days.
    • If you have booked rates between 09.30 am to 04.00 pm on a given working day and your funds are received by Axis Bank after 9:30 PM on the next day then your then funds will be returned to your account before 2 working days.
    • If you have booked rates after 04.00 pm on a working day or before 9.30 pm on the next working day and your funds are received by Axis Bank between after 04.00 pm on the next working day then funds will be returned to your account before 2 working days.
  • I have requested for money transfer and sent the money through NEFT/ RTGS. What happens next?
    • If you do not receive any confirmation, you are requested to do the following: First, check if your account has been debited for the designated amount. Contact our Helpdesk and speak to any of our Digital RMs if Axis Bank has received credit of your money.
  • What is your cancellation policy?
    • Cancellation of payments authorized and sent to Axis Bank will be solely on discretionary basis and the decision will solely rest with Axis Bank. However, you can always request for recall of funds which may require you to pay recall charges.
    • For cancellation/ recall of a transaction that has been initiated by you, please send a mail to axisforex@axisbank.com from your registered email address and we shall process the same as soon as possible.
  • I had inadvertently provided incorrect payment details on Axis Forex Online. Now I want to amend the same. What do I do?
    • For amendment of a transaction that has been initiated by you, please send a mail to axisforex@axisbank.com from your registered email address and we shall process the same as soon as possible.
  • How much is the service tax on Foreign Currency Conversion?
    • As stipulated by the Government of India (with effect from 1st April 2012), any conversion from one currency to another - sale, encashment & remittance will be charged a service tax on the gross amount of currency exchanged as per the following slabs: 0.15% of the gross amount of currency exchanged for an amount upto Rs. 100,000/- subject to the minimum amount of Rs. 37.5/- Rs. 150/- plus 0.075% of the gross amount of currency exchanged for an amount of rupees exceeding Rs. 100,000/- and upto Rs. 10,00,000/-and Rs. 825/- plus 0.015% of the gross amount of currency exchanged for an amount of rupees exceeding Rs. 10,00,000/-, subject to maximum amount of Rs. 7,500/-

RBI & FEMA related guidelines

  • What is the regulatory compliance requirement for the applicant?
    • The remitter/ applicant shall be the responsible for full compliance with the extant regulatory requirements of FEMA / RBI, etc. The submitted application shall be deemed to be complete in all respects and that the application is being made after having full knowledge on the extant Rules and Regulations relating to Foreign Exchange Outward Remittances Regulatory requirements, as applicable for Indian residents.
  • What are my limits for Family Maintenance/Medical Treatment/Education etc.?
    • From this Financial Year i.e 2015-16, all transactions/purposes are subsumed under the Liberalised Remittance Scheme for a total limit of USD 250,000 per Financial Year. This includes remittances for the purpose of Education, Medical Treatment, Visa Fees and Family Maintenance etcHowever, at a time, you can remit upto USD 25000 or equivalent per transaction.
  • Are there any restrictions on the frequency of the remittance?
    • No.
  • What is the definition of close relative?
    • Sending money abroad for the purpose of Family Maintenance is permitted for send money to close relatives abroad as follows: Members of your Hindu Undivided Family Your spouse You are related to the beneficiaries in the manner indicated as follows:

      Father (Including step-father)

      Mother (Including step-mother)

      Son (Including step son)

      Son’s wife

      Daughter

      Daughter’s husband

      Brother (including step brother

      Sister (including step-sister)

  • What are the different RBI purposes under which one can remit money abroad?
    • Through Axis Forex Online one can send money abroad for the following purposes as directed by RBI. Medical Treatment Education Family Maintenance Employment
  • What documents do I need for Travel for Education, Family Maintenance etc.?
    • Since this is an online request, A2 form and declaration is obtained digitally and there is no need for submitting physical documents for the same.
  • Can I transfer the money to a wallet instead of an account?
    • No, Currently this is for account to account transfers only.
  • What is BEN, OUR Charges?
    • When payments are made locally and overseas, charges are imposed by various banks, such as the remitting bank, the beneficiary bank, the intermediary bank etc. These charges can be settled in one of the following ways: BEN : Charges borne by the beneficiaryThe beneficiary bears all charges of the banks engaged in the transfer of the payment. You only pay the remittance amount. All charges – AFO's, intermediary bank’s and beneficiary bank’s charges will be deducted from the remittance amount and the beneficiary will receive the remaining balance. OUR: Charges borne by remitterYou bear all charges of the payment which includes the remittance amount, Axis Bank’s charges as well as the other bank’s fees (Correspondent bank, intermediary bank, beneficiary bank etc.) so the beneficiary receives the complete payment. Axis Bank will levy the charges up-front at the time of requesting the transaction.
  • Is there a fee for home pick up?
    • Yes. We charge a fee of INR 100 per visit, unless there is an offer of free pick-up services on special occasions.

Forex Card FAQs

  • What is Forex Card ?
    • It is a prepaid card which can be loaded with multiple currencies on a single card.
  • What currencies can be loaded on Forex Card?
    • Currently the following currencies are available on Multi-Currency Forex Card : USD, EUR, GBP, SGD, AUD, CAD, SEK, JPY, CHF, AED, SAR, THB, HKD, NZD, ZAR & DKK.
  • What documents do I need to submit when I purchase Forex Card?
    • Forex card application form
    • Self-attested passport copy
    • Visa copy
    • Ticket copy
  • Do I need to apply for the card well in advance?
    • This card is an 'across the shelf' product and can be bought even on the day of travel, subject to the funds being provided the same day if the request is sent before 1 p.m.
  • When can I start using the card?
    • You are advised to commence the usage of the card only after a couple of hours. You are also advised to ensure that you receive the PIN and sign on the signature panel at the back of the card. It is also advisable to change the PIN and check the Balance on the card at any Axis Bank ATM before your departure from the country.
  • How can I confirm if my card has been loaded/reloaded?
    • You would receive an SMS confirmation as soon as your card is loaded/reloaded. It is advisable to check the Balance on the card at any Axis Bank ATM before your departure from the country. You can also check your balance on our website using the login id and password provided for internet banking.
  • How can I use this Card to withdraw Cash?
    • To withdraw cash, you would need to insert your card into any Visa /Visa Plus ATM machine overseas and follow the instructions on screen. Enter your PIN and indicate the amount you want to withdraw in the local currency. The requisitioned cash will be dispensed in the local currency of the country you are in.
  • How can I get a refund of unspent balances?
    • The Card can be encashed only after your return to India. Furthermore, the last transaction done on the card should be more than 10 days prior to the date of encashment. For refund of the residual or unutilized balances you can approach any of the branch of the Bank irrespective of where the card was issued. You need to complete the refund form and submit a copy of your passport along with the form.
  • How much time will be taken for Forex card delivery?
    • Delivery of Forex card would take 4-5 hours after placing the request for Forex card
  • How do I cancel/reschedule my Forex card delivery?
    • You will be informed before the delivery of Forex card. For reschedule/cancellation of forex card delivery, you may call our representative.
  • Are there any additional charges for Cancellation/Reschedule?
    • No

Foreign Currency Cash FAQs

  • What Currencies can be purchased through foreign currency cash?
    • Currently the following currencies are available – USD, EUR, GBP. AED, AUD, CAD, CNY, MYR, SGD, BHD, BDT, DKK, HKD, JPY, KWD, NZD, NOK, OMR, QAR, SAR, LKR, SEK, CHF, THB
  • Do I need to apply, for foreign currency cash, well in advance?
    • Other than USD, GBP & EURO all currencies are subjected to availability
  • What Documents do I need to submit for registration?
    • Application under LRS duly filled and signed
    • Form no A2
    • Self-attested copy of passport
    • Proof of Address (in case current address is different from passport)
    • Any other document as required by the representative
  • How much foreign currency can be carried in cash for travel abroad?
    • According to FEMA guidelines, the maximum amount of currency that can be availed of for any purpose of travel is equivalent to USD 3000 per visit. Balance amount can be carried in the form of travellers cheque or foreign currency demand draft. Exceptions to this are:-
      • Travellers proceeding to Iraq or Libya can draw foreign currency cash not more exceeding USD 5000 or equivalent
      • Travellers proceeding to Islamic Republic Iran, Russian Federation, other Republics of of Commonwealth of Independent states who can draw entire foreign exchange (upto USD 2,50,000) in the form of foreign currency cash
      • Travellers proceeding for Haj/Umrah pilgrimage, full amount (USD 2,50,000) in cash or upto the cash limit as specified by the Haj Committee of India
  • How much Indian currency can be brought in while coming into India?
    • A resident of India, who has gone out of India on a temporary visit may bring into India at the time of his return from any place outside India (other than Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000.
      A person may bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India notes, in denomination not exceeding Rs.100. Any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveller coming from and going to Pakistan and Bangladesh, and visiting India may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 while entering only through an airport.
      Any person resident in India, who had gone to Pakistan and/or Bangladesh on a temporary visit, may bring into India at the time of his return, currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 10,000 per person.
  • How many days in advance one can buy foreign exchange for travel abroad?
    • Permissible foreign exchange can be drawn 60 days in advance. In case it is not possible to use the foreign exchange within the period of 60 days, it should be immediately surrendered to an authorised person. However, residents are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.
  • Is there any time-frame for a traveller who has returned to India to surrender foreign exchange?
    • On return from a foreign trip, travellers are required to surrender unspent foreign exchange held in the form of currency notes and travellers cheques within 180 days of return. However, they are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.
  • How much time will be taken for Foreign currency cash delivery?
    • Delivery of Foreign currency cash would take 5 hours after placing the request for Foreign currency cash
  • How do I cancel/reschedule my Foreign currency cash delivery?
    • You will be informed before the delivery of Foreign currency cash. For reschedule/cancellation of foreign currency cash delivery, you may call our representative.
  • Are there any additional charges for Cancellation/Reschedule?
    • No
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