AXISREMIT can be used by any person wanting to send money from his/her bank account in the United States, Europe (Euro Zone), United Kingdom, Australia, Canada, Singapore, Hong Kong and UAE to a beneficiary in India. The remitter can also have the money sent to his/her own NRE account in India.
You can now send your remittance in U.S Dollars, Euro, Pound Sterling, Singapore Dollars, Canadian Dollars, Australian Dollars, Hong Kong Dollars and UAE Dirhams. The remittance will be made to your beneficiary in India in Indian Rupees only.
AXISREMIT is brought to you by AXIS Bank - one of India's leading and well respected private sector banks. Axis Bank has been rated as the BEST BANK IN INDIA* and has a rich tradition of providing state-of-the-art banking services to customers with high degree of reliability and commitment.
When you pay through AXISREMIT, the money is transferred through the Automated Clearing Mechanism/Electronic Clearing System in your country to the designated Account held and operated by Axis Bank. Thus the money always moves within the banking system and final credit happens to an account in the name of Axis Bank held with a well reputed bank in your country. All transactions and information exchanges happen on fully secure encrypted lines, and your data is stored on servers that are protected by advanced firewalls, and have gone through extensive security tests.
Times of Money (TOML) is AXIS Bank's alliance partner for the AXISREMIT service. TOML is part of the Times of India Group, India's largest media group. TOML has a long and admirable record in managing international remittances. TOML provides the technology platform and back office support to AxisRemit that facilitate smooth & speedy transmission of funds.
Online ACH is the completely online way to send money through AXISREMIT from USA. It uses the Automated Clearing House (ACH) network in USA to raise a direct debit to your account, and transfer the funds to Axis Bank's specially designated account in US. The funds are then converted by AxisRemit and credited to the beneficiary in India.
ACH stands for Automated Clearing House. The ACH Network is a highly reliable and efficient nationwide electronic funds transfer system governed by the NACHA (National Automated Clearing House Association) operating rules, which authorize inter-bank clearing of electronic payments.
You have to be a user based in USA with a US Bank account to use Online ACH.
As a First-time user, you need to complete a one-time Registration process where you are required to add your bank account details.
Your details are verified through a one-time verification process, which takes 3 working days. In the verification process, bank originates a sub-dollar transaction (low value debit and credit below US$1.00) in your account and you are requested to key in the exact amount of such transaction in AxisRemit. If the amount keyed in by you matches with the amount of debit/credit raised by us, then your Registration gets activated.
You can make a remittance immediately but the transaction will be completed subject to verification of your account.
AXISREMIT notifies you by email once your account is activated. The same notification is also available on AxisRemit website, should you want to check the status of your verification online.
In order to process your transaction faster, it is advisable to book your remittance by 3:30 p.m. EST.
4. How do I get my bank account verified by AXISREMIT?
The Online ACH facility is intended to give you a truly online experience with unmatched convenience and security. Getting started is easy:
Click on "Bank Accounts" and choose "Add".
Provide basic Bank Account details such as your Account Name and Number as well as your Routing (ABA) Number for the bank account you wish to use for the purpose.
We initiate a verification transaction into the bank account mentioned by you, which takes 3 days. Once these transactions are successful, we send you an email to visit the AXISREMIT site to verify your account.
Check your bank account statement and enter the details of the transactions passed by AXIS Bank on the website.
If the details match the actual transactions passed by us, you are ready to start using your account to transact!
6. How long will it take for my remittance sent through Online ACH to reach my family?
Depending on the Bank in which the beneficiary account is maintained in India, Your funds could reach your family within 5 working days from the time you book a remittance. Normally there will be no additional charges from your bank for crediting such amounts. For really fast and seamless credit of funds, it will be advantageous to have the beneficiary account with Axis Bank, but this is not mandatory.
The ABA (American Bankers Association) Number or Routing number is also called a "Routing Transit" number. It is an identification number assigned to each financial institution and each branch office of that financial institution. It was developed by the American Bankers Association in 1910 to help route payments among banks. Perhaps the most important thing to keep in mind about the ABA/Routing number is that without it transmitting funds is not possible.
United Kingdom, Australia, Euro land, Canada, Singapore, Hong Kong and UAE
1. What is Online Bank Transfers??
Online Bank Transfer is a completely online mode of sending money from your bank account in the United Kingdom, Canada, Australia, Singapore, Hong Kong, UAE and Euro land by using your bank's Internet Banking service.
After filling the transaction details on our site, access your account via Internet Banking and transfer the remittance amount to us through the Internet Banking option provided by your bank . You will also need to provide the 'Internet Banking Trace Number of your transaction to AXISREMIT Money Transfers. You can enter this number either while booking your transaction or much later through the Online Tracker facility. The Internet Banking Trace Number is compulsory to process the transaction. Delivery Schedule. If you are from USA, this information is not relevant to you as you will be using ACH and not online bank transfer for moving money from your account.
1. What is the exchange rate applied on your remittance?
The exchange rate applicable to your remittance is based on the rate prevailing at 10 AM IST, on the day that your funds are converted to Indian Rupees. On the day that you book your remittance, the prevailing rate for that particular day is shown to you on the online calculator as an indication - so that you know how much your beneficiary in India can expect to receive in Indian rupees for the amount that you are sending in your local currency. This is only an indicative rate and the final rate may go up or down depending on the currency movement happening in the interim transit period. Click here for today's exchange rates.
1. If you don't have a printer to print the Remittance Confirmation Page, can you still use AXISREMIT?
If you plan to send money via Wire, you will need to print the remittance confirmation page containing relevant information to give to your bank abroad, so that they can transfer funds to the correct account with full particulars. But if you are using ACH/Internet transfer to move money from your account to the designated account of Axis Bank, then printer is not required
No, you cannot send cash or cheque / check for remittances. As of now, AxisRemit supports movement of funds through ACH (USA), Online Funds Transfers (non-USA) and Wire Transfers (all countries - both US and non-US)
3. What is the advantage of using the Online ACH facility at AXISREMIT?
When you send money from your Bank account in the U.S using Online ACH, we receive clear funds from your bank within 3-4 working days at no extra cost to you. This ensures that your remittance can be processed much sooner and in turn be delivered faster to your beneficiary. Also, you do not have to go any place to mail a check, saving you trouble and time. In short, using Online Money Transfer saves you valuable time and effort and reaches your remittance to your beneficiary much faster.
4. Why do I see 'Funds in Clearing' in my transaction history when my account has already been debited?
There is generally a gap between the time that your account is debited and the time that we receive the 'clear' credit hence the status would show as 'Funds in Clearing'.
1. How is the money delivered to my beneficiary in India?
Money can be delivered to the beneficiary in India by way of direct credit (for Axis Bank beneficiaries), NEFT credit (for non-Axis Bank account holders who are part of the NEFT Clearing in India or by Demand Draft (DD) for other type of beneficiaries. For delivery of DD's, we use reputed courier companies with strong local coverage to ensure the highest standards of safety and service.
We currently support over 1864 locations in India. You can find a list of these locations here. If you would like us to add a location, please send us an email at axisremit@axisbank.com and we will endeavor to do so at the earliest.
3. In what form will the beneficiary receive the money?
Your beneficiary will receive Indian Rupee funds in the form of an electronic credit to his bank account or in the form of a crossed DD in the name of the beneficiary payable at the location you have chosen while booking the remittance.
4. When do you update the delivery details against my Remittance Reference Number?
Typically, the status update is done 24-48 hours after delivery to your beneficiary. Until then your remittance will show 'In Process' although the funds have been delivered. If the Demand Draft was sent by Registered Post, which happens if your beneficiary's address is unreachable through courier, a delivery confirmation might not be reliable.
5. What happens if I enter an incorrect beneficiary address?
If the primary address of the beneficiary is wrong, the courier returns the Demand Draft to us. We send you an email and ask you what to do with your funds. You will then need to book a fresh remittance request and instruct us in the "Personal Message to Beneficiary" field to use the funds of your earlier remittance request number for the purpose of the new remittance booked by you.
6. Do I or the beneficiary need to have an account with AXIS Bank?
No. This is not necessary, though it will speed up the process tremendously if your beneficiary has an account with AXIS Bank. In this case, the funds will be deposited directly into your beneficiary's account, eliminating the time involved in courier delivery, and saving the beneficiary the bother of depositing the Demand Draft into their account.
2. What is the exchange rate applied on my remittance?
The exchange rate will be based on the prevailing rate at the time of converting your funds to Indian Rupees. The rate that is shown to you at the time of booking the remittance, on the online calculator, is only an indicative rate, which can help you arrive at the approximate US Dollar amount that you should send. However, the rate shown on the calculator on any day is the actual rate that has been used for all remittances for which funds have been dispatched on that day.
