Axis Bank offers online retail forex remittance

MUMBAI: Axis Bank has launched an online retail forex service where it will allow any user to remit funds in over 100 currencies — the first such option extended by a bank.

The facility is open even for non-customers of the bank.

According to Siddharth Rath, president of Axis Bank, the unique feature of this service is in remittance in currencies that are not globally traded. Typically, banks first convert rupees into dollars and later do a second leg where they purchase regional currencies.

In the case of transactions done through axisforexonline.com, the customer will manage to do the remittance in a seamless manner.

Besides remittances, customers can book online foreign currency or a pre-paid forex card, which will be home-delivered. “Unlike conventional modes of remittances, this facility offers a greater degree of convenience to users, with transparent rates and higher transaction limits. And all this can be done by them from the comfort of their home or office,” said Rath.

Education, family maintenance, leisure & travel, medical and healthcare have been the segments for which outward currency remittance is most widely used. Axis Forex Online will allow users to remit up to $25,000 in a single transaction and limit the retail outward remittance to $2,50,000 per annum, Rath added.

Meanwhile, IDFC Bank has partnered with Uphold, a cloud-based remittance platform for inward remittances. Through partnership with IDFC Bank, Uphold members can create a secure one-time user code to email or text to anyone in India.

The recipient can then instantly redeem the full value by entering the secure code through IDFC Bank’s website and the funds will be transferable into any bank account in India.