AXA Banque International Transfers & Exchange Rates

This review will look specifically at the French banking arm of the global financial services group, AXA. Headquartered in Fontenay-sous-Bois, a suburb of Paris, AXA Banque reported total assets of €15,541.89 in 2019. The bank's diverse range of financial services include current accounts, credit card and mortgage loans, and various insurance coverage; we will be focusing on how their international bank transfers compare to other alternatives.

About AXA Banque

AXA started out as a small “mutual insurer” - an insurance company owned by its members and policyholders - in Normandy, France. AXA did extremely well during the 20th century, dominating European markets and gaining a reputation as specialists in non-life insurance before going on to break into the US market in the 1990’s. This breakthrough saw the company firmly establish itself as a leading international insurance group.

The banking arm of AXA was set up in 2007, with headquarters in Belgium, where it began offering retail banking services to individual and small business customers alongside its pre-existing range of insurance, investment management and other financial services.

AXA Banque Exchange Rates and Fees

In order to get a better understanding of the value of an AXA Banque international transfer, we will be dissecting the various costs associated with the service.

Exchange Rate

Although there is not a great deal of information online about the exchange rates offered by AXA Banque, the bank does state all international bank transfers will incur foreign exchange commission fees. AXA Banque advises customers to “consult your account agreement” before arranging payment: we would recommend reading the agreement in full and reach out to a customer service agent before initiating your first transfer.

Transfer Fees

Fees for overseas payments differ depending on the type of transfer you are arranging: SEPA or non-SEPA.

AXA Banque performs SEPA transfers free of charge and these can be set up through the online banking portal: Web Client Space. This being said, the bank asks customers to be wary of intermediary and receiving bank fees that may apply; typically in the region of €2 - 3 per transfer.

Transfers sent to contacts outside of the SEPA zone will incur fees amounting to the following percentage of the amount of the transfer:

• For Euro transfers: 0.10% of the transfer amount, with a minimum of 16 euros;on the AXA website, the bank states: "charges incurred vary depending on the recipient bank, ranging from 5-20 Euros per transaction"

• For all other foreign currency transfers: 0.10% of its amount, for a minimum of 16 euros

How Do AXA Banque Transfer Fees Compare to Using a Money Transfer Provider?

When it comes to international bank transfers, AXA Banque fees equate to a small percentage (0.10%) of the transfer amount. This is a very low percentage, especially compared to other banks. However, the lack of transparency regarding AXA Banque’s exchange rates does not meet the same standards as specialist money transfer providers, most of whom clearly display the foreign exchange spread (if any) that customers can expect to apply.

For example, Wise - a leading money transfer operator - provides total transparency from start to finish during the process of setting up a global payment. Individuals or businesses arranging an international money transfer through Wise can review the details (transfer fees, rate of exchange and estimated arrival time) ahead of submitting payment. Compare AXA Banque to the top money transfer providers by using our comparison engine.

AXA Banque Pros and Cons

AXA Banque SWIFT Codes

Banks all around the world partake in the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which identifies different financial institutions through a system of unique bank codes. Here we provide a list of SWIFT codes for X Bank, organised by geographical locations.

How to open an account and transfer money with AXA Banque

Only tax-contributing French nationals will be able to open an account with AXA Banque; prospective customers will be asked to bring a valid form of photo I.D. along with proof of address and current income.

Opening an Account

The process of opening an account with AXA Banque can be achieved entirely online by visiting the Open an AXA Bank Account page of the company website. Customers will be asked to select an Individual or Joint Account, before entering the following details:

• Full name

• Date of birth

• Phone number

• Email address

During the application process, customers will be asked to submit 1 proof of address, 1 proof of income and 2 pieces of government issued photo ID; this can be submitted via scanning, photographing or sending copies of the required documents.

Sending Money Via SEPA Transfer

• Step 1: Open the AXA Banque app and log into your account: the online transfer will be processed in euros.

• Step 2: Click on Transfers in the Transactions tab on the left of the screen, select SEPA Transfers

• Step 3: Enter the recipient’s details - full name, address, bank account information, the transfer amount and reason for payment - and select which account you wish the funds to be transferred from

• Step 4: Once submitted your funds should be deposited to your recipient’s account within 1 working day

Sending Money Via Non-SEPA Transfer

• Step 1: Follow the same initial instructions outlined above: opening the app and logging into your account

• Step 2: Then, click on Transfers in the Transactions tab, this time selecting Transfer Abroad from the Accounts section

• Step 3: Enter the recipient’s details - full name, address, bank account information and the transfer amount - and select which account you wish the funds to be transferred from and in which currency

• Step 4: You can choose to include a message - up to 140 characters - to accompany your international transfer, before submitting the transfer request

Additional Information

International bank transfers are referred to as an " irrevocable " transaction due to the fact they cannot be cancelled or retrieved once the request is submitted. AXA Banque advises customers to contact the recipient directly if the transfer needs to be returned or amended.

What Customer Support Options Are Available?

When researching this section we discovered that AXA’s online presence is difficult to navigate around and the available resources are somewhat limited but the customer service agents are very helpful: please note these services are predominantly French-speaking only. The full list of support options available to AXA customers include:

• Live chat accessible via the Customer Area

• Customer service contact numbers for each area of banking: account management, loans, credit cards etc.

• In-person appointments at a local branch

• Send a message via online Bank Contact Request form

The above services are available during weekday office hours only: Monday - Friday, 8.30 - 5pm CET.

Summary

AXA Banque is a popular French bank that offers a great range of products and services to those living in the country. As a participant of the Fonds de Garantie des Dépôts et de Résolution (FGDR) AXA Banque is covered by an airtight deposit guarantee scheme, making it a safe and trustworthy option for French customers.

In addition to this, SEPA transfers can be quickly and efficiently arranged, with no risk of loss or theft, making this a very secure method of transfer for both the sending and receiving parties.However, this bank is only suitable for French nationals so we cannot recommend their services to anyone outside of France. If you do not live in France but are based in Europe, after reading our reviews of other popular banks - such as HSBC, Deutsche Bank and Banco Santander - you will find other banks are in a better position to provide bank transfer services to European customers with international finances. Weigh up all your options by using the MoneyTransfers comparison engine.

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