6 MinsJune 21, 2022
When 24-year old IT professional Piyush Khare decided to buy a flat in Pune, he found himself short of funds to make the down payment. He already had a pre-approved home loan offer, which he could avail of any time. But until he paid his share
of the money, he could not proceed with the booking of the flat.
Not wanting to give up on his dream house, Piyush spoke to his sister Rohini who is based in the United States and she offered to send money. But neither had no clue about how these funds could be transferred.
His next call was to the family’s Axis Bank Relationship Manager (RM) who said the process of inward remittances to India is fairly simple.
(1) Rohini can send money to Piyush digitally through Remit Money. It is not necessary for them to have bank accounts of the same bank to use this facility. This is an online money transfer website
of Axis Bank, which enables NRIs from USA to send money to India.
For this Rohini has to do the following steps:
- Log into remitmoney.com and register, which takes just 30 seconds.
- Add her Indian beneficiary account (in this case Piyush’s account) and enter the amount she wants to send
- Provide all the necessary details, click on ‘Confirm and Proceed for ‘Instant Account Verification
- Link her account with Remitmoney for automated fund transfer post booking a transaction
There are no correspondent bank fee or service charge. Other advantages that Rohini will enjoy include convenience of auto debit of funds and the 'FIRST20' extra paisa offer on first USD transaction. Besides, she need not worry about
the exchange rate, since she can lock into a fixed exchange rate while transferring the funds.
[Also Read: Transfer money to India from Dubai easily]
(2) Another option for Rohini is to transfer money through SWIFT, the world’s leading financial communication network that allows secure messaging related to money transfers between banks. Axis Bank is also a member of SWIFT and offers easy
solutions to transfer funds to India from around the world through its tie-ups with over 200 major banks across the globe
Here is how the process will work:
- Rohini will need to log in to her bank account and then request a wire transfer.
- She will be asked for the Correspondent Bank Name, SWIFT Code and Correspondent Account Details. These details are available on the Axis Bank website here.
- She will have to put Beneficiary Bank name as Axis Bank, India and SWIFT Code as AXISINBBXXXX.
- The next step is to input Piyush’s name as the Beneficiary, his Axis Bank account details and the purpose of the transfer.
- Once Rohini initiates the wire transfer, Piyush should receive the credit in two working days.
Explaining the process in simple terms, the RM told Piyush that essentially the process is a two-step one. First, the money gets transferred from the sender’s account to the Axis Bank account at the Correspondent Bank and from there it gets transferred to the final beneficiary in India, in this case, Piyush.
Before getting the final credit, Piyush is likely to get a call from Axis Bank inquiring about the reason for the transfer. This is a standard procedure required by law. Once he provides the answer the process will go through.
Visit us for more information on Axis Bank’s international wire transfer services and how to send money to India from USA.
Disclaimer: The Source, a content creation and curation firm has authored this article. Axis Bank does not influence the views of the author in any way. Axis Bank and The Source shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision. Names mentioned in this article are fictitious in nature and only for explanatory purposes
