Avoid unnecessary deductions when sending money overseas

5 MinsJan 27, 2022

When Manas Patel’s son, Siddharth got admission into his dream course at a prestigious institute in the US, Manas like most parents had prepared to remit the required course fees. However, he remembered the plight of his friend Vivek. During admissions for his daughter’s education overseas, Vivek had remitted funds using a global online payment system. To his horror, his beneficiary informed him that there was a shortfall in the funds received. This caused an unnecessary delay in confirmation of her admission and the entire family was under a lot of stress till the issue was finally resolved. For Siddharth’s admission process, Manas wants to ensure that there is no such loss of funds and more importantly, no mental stress. And upon reaching out to his Axis Bank Relationship Manager (RM) for advice he was told of an ideal solution for his need i.e., Assured Pay.

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What is Assured Pay?

Banks often need to use multiple intermediaries while making overseas remittances, all of whom charge a fee. Sometimes, despite customers choosing to bear these costs, intermediary banks might deduct an additional charge. This gets deducted from the amount sent, and, as a result, the receiver gets a substantially lower amount. Assured Pay addresses this problem.

  • Axis Bank's "Assured Pay" option guarantees that the beneficiary will receive whatever amount is remitted in full.
  • Customers can make these remittances by visiting an Axis Bank branch and choosing the Assured Pay Option on the Form.
  • The Assured Pay option is currently only available in US dollars, and only Category B branches of Axis Bank are offering the service.
  • You can remit money overseas using this option, not just for education but for any other purpose, as permitted by the Reserve Bank.
  • This is a value-added service, and your branch will inform you of the charges involved.

Manas surmised that opting for this facility would ensure the security of his funds and peace of mind, being assured that there would be no deductions. However, his relationship manager asked him to check for one additional detail.

While Assured Pay ensures that the amount sent is remitted in full, the beneficiary’s bank may have a policy of deducting handling fees for international payments. Having clarified the same with the institute and being informed of no further charges being levied, Siddharth’s admission was secured, and things were in place for him to make the most of his career.

[Also Read: How online remittance services score over other modes]

Advantage of Assured Pay

Assured Pay is particularly useful for official or commercial payments such as education, tax-related payments, payments for services availed, etc. where even a minor deduction can cause delays in the entire process. What’s more, this service is available to account holders as well and non-account holders of Axis Bank. To know more about Axis Bank Assured Pay, just reach out to your nearest branch or your Relationship Manager.

Learn more about other overseas remittance services offered by Axis Bank online.

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.