Axis Bank Fx-Retail
Introduced by the Reserve Bank of India and developed by the Clearing Corporation of India Ltd. (CCIL), FX-Retail is an electronic trading platform for retail banking customers to buy and sell foreign exchange.
This platform has been launched on August 05, 2019 and is available at https://www.fxretail.co.in. The Bank’s account holders can also use FX-Retail for which customer needs to register on the platform as a one-time measure. Subsequently, to execute any buy or sell transaction customer can approach their bank which will have the appropriate amount limit and mark-up defined in the FX-Retail platform for that transaction.
Transaction Process - Axis Bank Fx-Retail
Prior to buying or selling foreign exchange on FX-Retail, the Bank needs to set limits and mark-up for customer on the platform.
- Submit the completed transaction-related forms (for e.g. Application cum Form - A2 for outward remittance) along with the FX-Retail Limit Request form.
- Axis Bank sets the requested limit for the customer and the Bank’s mark-up on the platform
- Customer can then proceed to place an order on the FX platform up to the limit defined by the Bank within the limit validity period.
- FX-Retail shall send order confirmation mail to the customer on the registered email address upon successful completion of the order.
- The customer needs to contact the branch immediately with this order confirmation along with any other documents required for execution of the transaction