FxConnect - Got a query?
The FAQS for FxConnect services offered by Axis Bank include information on queries related to the nature of FxConnect services, the transactions that can be covered through FxConnect and the permissible currency pairs on the system. It also contains other FxConnect FAQs like the steps in the application process, restrictions applicable while undertaking Forex transactions as well as the cost incurred in availing FxConnect. If you have a question that hasn’t been addresses in the FxConnect FAQs section, contact us and we will get your queries resolved.
FxConnect is an online forex deal booking platform offered to corporate customers having forex relationship with Axis Bank. It enables the user to track the live market rates and undertake a transaction in desired currency pair at ongoing market levels.
Customers can use FxConnect for covering all their trade related flows, inward and outward remittance transactions. Forward contracts can be booked and cancelled through FxConnect. Customers who are authorised to enter into long Term Forward Contract (LTFX) with Axis Bank can cover such transaction through FxConnect in allowed currency pairs. Money changers can use FxConnect to cover retail transactions.
Currency pairs in which transaction can be undertaken over FxConnect is decided by Axis Bank. Allowed currency pairs may change from time to time depending as per the Bank's discretion. Generally, all currency pairs in which the Bank publishes card rates and G7 currency pairs are available on the system.
FxConnect is available on handheld in the form of FxConnect Mobile App. At present FxConnect Mobile App can be downloaded from Google Play Store and Apple iOS.
Corporates and Money Changers having forex relationship with Axis Bank can avail FxConnect services. At present, retail customers cannot avail FxConnect services.
An application form with Terms and Conditions of availing FxConnect facility along with Board Resolution in format specified by the Bank and list of authorised signatories has to be submitted by the applicant. The documents have to be submitted to the Axis Bank branch where the customer is maintaining relationship.
Upper limit per transaction for each currency pair are defined in the system. These limits can be changed from time to time as per Bank’s discretion. There is no restriction on number of transactions that can be booked during a day within available limit of the customer.
Does FxConnect replaces forex dealing with Axis Bank through other modes like dealing through branch or Bank’s dealing room directly?
FxConnect is aimed at providing an additional means of dealing which is efficient and convenient. Once a deal is undertaken over FxConnect the customer has to only submit the requisite documents to branch. However, in case the FxConnect is not available due to some technical failure the customer can contact Bank’s officials at Branch or dealing room to undertake the transaction.
Customer on-boarded on FxConnect is linked to a particular branch which takes care of client servicing like, processing of documents and resolving client queries. Once a transaction is undertaken on the FxConnect, the customer has to submit the document to the branch he is linked to. Failure to submit the documents may lead to reversal of transaction and loss if any on such reversals would be borne by the customer.
There is no additional charges for availing FxConnect facility for customers, however the Bank reserves the rights to make the facility chargeable.