Axis Bank is a private bank established in 1994. It has a strong standing in the banking sector as it was jointly promoted by well-known businesses in area of insurance like The Oriental Insurance Corporation, UTI, LIC, National Insurance Company Ltd, and United India Insurance Company. Axis Bank is powered by Times of Money.
Launched in 2008, the online money transfer service of Axis bank is called AxisRemit. The exchange rate offered by Axis Bank is the indicative exchange rate. Through Axis Remit you can transfer money through Automated Clearing House (ACH). There is no transfer fee associated with this service but the Government of India may initiate a service tax. Many banks and money transfer companies provide ACH facility but ACH transfer through Axis Remit stands out because of the high transaction limit. The sender can make 3 transactions in a day and each transaction can be up to $10,000.
Another service available under Axis Remit is Smart Wire which takes 2-3 days. Axis bank charges a minimal amount for transaction below $10,000 and the service taxes levied by Government of India might be applicable. Again, the Smart Wire service stands out because of the high upper limit of $99, 00,000.
AxisRemit is a good option for intra-bank transfer i.e. for those who have an NRE/ NRI account with Axis bank in India or the beneficiaries who have an account with Axis bank. For such beneficiaries money can be transferred through Wire Transfer. Through this electronic mode of fund transfer Axis Bank can transfer money to over 200 banks all over the globe via SWIFT. Although money sent through other Axis Remit services stand out because of high upper limit, Wire Transfer service operates on no holds barred policy. There are no upper limits to send money through Wire Transfer.
The receiving option is simple. The money sent through Axis Remit can be sent directly to the beneficiary’s account (over 100 banks via NEFT) or a demand draft can be submitted directly to the beneficiary’s doorstep. The money sent through Axis bank's money transfer services can be easily tracked online through Axis Remit’s special tool called Status Tracker.
The flip side of AxisRemit is that having a registered bank account (not necessarily with Axis Bank) is a must because there are no options like check transfer or sending money via debit or credit cards. Axis Remit may not be the best option if you want to send money fast. But as planning ahead is always recommended for money transfer, Axis Remit will meet your expectations as it does not take more than 5 days. The transfer fees are not too high and the service is reliable and convenient.
If you have any doubts about how to send money through AxisRemit, watch the detailed series of demo videos on their website. Ultimately, the feature in which AxisRemit beats its competitors is the high upper limit of transaction. If you want to send large amounts of money in a reliable and safe manner to India, Axis Remit is your best choice.