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With Axis Bank’s SWIFT now on offer to NRIs, transfer money to India safely. Below we have listed few wire transfer FAQs which will help you to understand the process in more detail. If you are based in Australia, check the FAQs for wire transfer from Australia for answers on how to transfer money to India.
We facilitate wire transfer of funds in 40 currencies that includes USD, EURO, GBP, AUD, CAD, SGD, JPY and others. A consolidated list of Axis Bank accounts in these currencies is available at Nostro Account Details.
NRI customers can send an email to nri.services@axisbank.com and resident beneficiaries in India can approach nearest Axis Bank Branch and seek status by providing the following details to the NRI-RM or Operations-Head at the Branch.
Beneficiary name, beneficiary account number, currency, amount remitted, date of transaction and transaction reference number.
Funds are credited in beneficiary account in less than 48 working hours after receiving funds in Axis Bank Foreign currency account.
Please click here to find the schedule of charges in the ‘charges’ section.
There are no intermediary bank charges levied for NRI account credits. To avail this benefit, NRI customer must inform the remitting bank to include the term 'NRI' or ‘FCNR’ (If applicable) in field 59 of MT 103.
No, Remitter may remit any amount of funds to India.
Beneficiary Name, Account Number, Amount, Currency and Reason for remittance. Reason/purpose of remittance should be included in field 70 of the SWIFT MT103 message.
It is mandatory to mention the reason for which funds are being remitted.
Yes, the process remains the same, however, in case of commercial transactions; Beneficiary has to provide a declaration (Disposal Instruction) in a specific format at its Axis Bank Branch. This DI has to be provided at Axis Bank Branch with-in 48 hours to get the transaction processed at earliest.
No, funds have to be converted in INR if are to be credited in the INR account in India.
No, the client has the option to submit one time instructions at their Axis Bank Branch to retain funds in foreign currency.
Customer must approach the remitting Bank informing them of the wrong information communicated and must arrange to send revised information to Axis Bank through them.
Online fund transfers in Europe to our correspondent bank account are construed as “International Transfers” considering that the ultimate beneficiary is based outside Eurozone. On selecting ‘domestic transfer’ or through ‘Single Euro Payment Area – SEPA mechanism’ only domestic payments can be initiated wherein the beneficiary is based in Eurozone, thus payments made via this route are being returned. Customers should credit Axis Bank account only by selecting “International Wire Transfer”.
Mahesh is a Non Resident Indian (NRI) living in the UK. He is doing well in the business that he set up there....
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