Axis Bank, formerly known as UTI Bank, is the 3rd biggest bank in India. Founded in 1993, the company headquarters and corporate office are located in Mumbai. Axis Bank provides a wide range of private banking services which include international money transfers to customers with cross-border financial requirements. This bank review will take a closer look at the quality of their money transfer service and see how it compares to alternative specialist companies.
Axis Bank is regulated by the Reserve Bank of India, the country’s main regulatory body for banks. The investors of Axis bank are a mixture of mutual funds and promoter groups. They offer a wide range of products including private banking, equities trading, risk management, mortgage loans, asset management, and much more.
This review will focus on revealing the finer details of the bank’s international money transfers, in a bid to see how they compare to other providers. We will go into detail about their exchange rate, fees, mobile app, trust factor, and what other customers have to say about them. Where applicable, we will share alternative specialist companies that do a better job than Axis Bank. By the end of this review, you can decide if using Axis Bank or other services is the best choice for your requirements.
This section goes into detail about the exchange rate markup and fees that Axis Bank charges for money transfers. It will help you decide if sending money internationally with Axis Bank is competitive.
Axis Bank allows account holders to convert funds in 40 currencies when using wire transfers and the SWIFT payment network. Also, a currency exchange service is available for receiving cash, which is available in 14 currencies. The exchange rate is not displayed on the website but you can expect to see it before confirming a transaction.
Axis Bank is likely to charge a markup percentage for currency conversions of 1-3% like most banks. It means you are not getting the best deal for international money transfers. Consider using an alternative money transfer service that matches the mid-market rate. This includes companies like Wise and Xe.
The transfer fees depend on the transfer type you choose. Wire transfers fees depend on your account type:
Non resident priority accounts are charged 25 rupees (0.34 USD) per transfer.
Non resident accounts are charged 100 rupees (1.34 USD) per transfer.
Resident accounts are charged 250 rupees (3.36 USD) per transfer.
You can also send money using a foreign currency cheque and the fee is about $11-$17.5 per transfer. The bank you use to withdraw funds may have an additional charge.
Each Axis Bank branch may have additional charges for using international money transfer services. You may have to pay extra when sending or receiving funds. Please check with each bank branch individually to find out the applicable charges.
You should have an idea of what countries are included in the global coverage for international money transfers. This section outlines where you can send money with Axis Bank so you can determine if it matches your requirements.
Axis Bank is based in India, which means it is primarily aimed at customers that want to send money to India. Using Remit Money, which is the Axis Bank money transfer platform, you can send funds to India from Europe, Singapore, Australia, Canada, the United Kingdom, and the United States.Using wire transfers with the SWIFT payment network you can send money between 200 worldwide banks that have a relationship with Axis Bank.
Understanding the pros and cons of a bank allows you to decide if there is a good match for your requirements. It will help you have a balanced overview so that you can determine if the negatives are a deal-breaker.
Find out if your preferred transfer method is included in the Axis Bank money transfer services:
Wire Transfer: This money transfer method enables you to send money to 200 banks worldwide and use up to 40 currencies. It makes use of the SWIFT network and is a safe transfer method. The transfer time is 2-5 business days and fees are applied to transfers.
Bank Transfer: Axis Bank has a platform that enables you to send money to India from the US, UK, Europe, Singapore and Canada. Instant transfers are possible and there is no fee. However, the limited countries mean that it is a transfer method not applicable to many customers.
Cheque: It is possible to send a Foreign Currency cheque and receive money in Rupees. The recipient will need to visit an Axis Bank branch and fees are applied for the money transfer method.
Balance transfers are not available with Axis Bank, which is a convenient method of sending money internationally. That is because most balance transfers are instant and come attached with low fees. Consider using companies like WorldRemit, XE, TorFX and Wise for balance transfers that allow for cheap transfers to India and a large global network.
The transfer time can be an important factor if you are sending money to family who needs the funds fast. Therefore, in this section we share the transfer time that you can expect with Axis Bank
The transfer time depends on the method of transfer. For example, wire transfers offered with Axis Bank will take around 2-5 business days. The time taken for the recipient to receive funds using wire transfer depends on the banks and currencies involved.
Axis Bank claims to offer instant transfers using their banking platform, but those transactions are limited to specific countries and transfers to India. To enjoy instant transfers with the freedom to a large global network, consider choosing Cornerstone FX.
Understanding the available payment options is important so you can choose a bank that matches your preferred method. Having more than one payment method is ideal for saving money and decreasing transfer time.
Bank transfer is one of the accepted payment methods for sending money. Bank transfers come with costs and currency exchange rate markups percentages. Therefore, they are not competitive compared to alternative money transfer services. Also, bank transfers take 2-5 business days to process, which means faster options are available.
Axis Bank branches also accept cheques, but these incur charges that are not transparent. The fees depend on the specific bank branch and other details relating to the funding source.
This section details the various reasons why you may want to use Axis Bank compared to alternatives. Ideally, the best reasons to use Axis Bank match your preferred features.
Axis Bank is a good choice for customers that want to send money to India. That is because they allow for fast and free transfers to India from a limited number of countries. This list includes Canada, USA, UK, Europe and Singapore. Also, customers that rely on the SWIFT network can use Axis bank for wire transfers. Axis Bank has relationships with 200 banks worldwide.
International money transfer customers that wish to use a highly rated mobile app should considerAxis Bank. Their mobile apps have good ratings on the App Store and Google Play marketplaces. This shows that customers are satisfied with the features and app design. Also, you can expect no significant glitches that make the app unusable.
Axis Bank also offers a complete banking experience. You can apply for a debit card, get a mortgage, pay your bills and get a credit card. They provide a modern online banking platform that is an excellent choice for people living in India. That is because Axis Bank offers 4,594 domestic branches spread throughout the country. It means you can visit a branch for help or make transactions if you do not want to handle your transactions online.
You need to trust the bank that you decide to use for international money transfers. Depositing money with a financial institution that is untrustworthy may lead to scams or loss of funds. Therefore, we have examined Axis Bank to see if it can be trusted for sending money.
Axis Bank is the 3rd biggest bank in India, which means that it has a spotlight and track record for being a safe place to deposit funds. Axis Bank has over 78,300 employees and total assets in the region of $130 billion. They have a bank license under the Banking Regulation Act and are regulated by the Reserve Bank of India.
When logging into the online banking portal and mobile app account steps are taken to protect customers. For instance, the mobile app uses 2-factor authentication, PIN, and fingerprint scanning technology. The website makes use of encryption protocols so that personal details are kept safe.
We understand that you might be curious to learn about what other Axis Bank customers have to say about the bank. This section provides details of customer reviews and opinions to give you an idea of what to expect.
Axis Bank has a TrustPilot Score of 1.4 out of 5, which is a bad score. Common customer complaints include the lack of transparency with fees, poor quality customer service, and difficulty retrieving funds when a problem occurs. This means using Axis Bank could be problematic if you want smooth international transactions and help when you have issues. A trusted money transfer alternative is WorldRemit. It has a TrustPilot Score of 4.0 out of 5 and offers a global network of 150 countries.
We understand that it can be tricky to send and receive money with a new bank. Therefore, we have created a step-by-step process for using Axis Bank to transfer funds.
Step 1: Sign up for an Axis Bank account. You will need a government issued photo ID and proof of residence.
Step 2: Navigate to online banking and select send money.
Step 3: Fill out the recipient details by entering the requested information.
Step 4: Choose the currency you want to send and take note of the conversion rate.
Step 5: Before confirming the transaction, review all details to make sure they are correct.
Step 1: Open an Axis Bank account and provide your bank details to the sender.
Step 2: For wire transfers you will need to wait 2-5 business days to receive funds.
Step 3: You can track the transfer using the Axis Bank online tool.
Sending money with a mobile app is a convenient process that many customers look for when selecting an international money transfer service. Axis Bank offers an app called Axis Mobile. The app rating on Google Play is 4.4 and on the App Store, it is 4.6 out of 5. These user review scores are excellent and indicate a high-quality experience.
The app features include:
Savings account summary and card statements
International money transfers
Utility bill payment with over 200 registered companies
UPI transaction history