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International Fund Transfer - Send money abroad

Sending money internationally has never been easier. Whether you are sending money internationally to your loved ones, or seeking to invest in foreign securities, or even funding education in foreign universities. Axis Bank has got you covered. Now you can ... Read More

Efficient Transfers

Remit 100+ Currencies

Competitive Rates

Special benefits just for you

Explore a variety of ways through which you can remit funds abroad.

Money transfers from India to abroad can also be made through our extensive network of branches. Just walk into any Axis Bank branch and fill in the requisite documentation and request for your International Fund transfer permitted under the various purposes defined by RBI. Visit any nearest Axis Bank branch between 9:30 a.m. to 4 p.m.

International Fund transfer through branch is available in 16 currencies - United States Dollars (USD), Great Britain Pounds (GBP), EURO (EUR), Australian Dollars (AUD), Canadian dollars (CAD), Hong Kong Dollars (HKD), Swiss Francs (CHF), Singapore Dollars (SGD), Saudi Riyal (SAR), UAE Dirham (AED), Japanese Yen (JPY), Swedish kroner (SEK), New Zealand Dollar (NZD), Danish Kroner (DKK ), Thai Baht (THB) & South African Rand (ZAR).

Axis Bank account holders can easily and quickly transfer funds abroad through internet banking to any bank abroad.

Here’s a walkthrough video on how to send money abroad via internet banking.

Axis Bank also allows you to initiate international fund transfers on-the-go with the Axis mobile app.

In our endeavour to provide value to our customers, we are collaborating with our partner banks to launch a new service called ‘Axis SWIFT GO’ for transactions in USD and EUR currencies, available at some of our select branches.

This service allows for quick and easy payments for values equal to or less than $10,000 and €10,000 to select beneficiary banks in geographies outside Europe and USA.

You can now book rates for fund transfers through Axis Bank branches on FX-Retail. For further details please Click Here.

Quick and safe money transfers

Send money across the globe instantly with our fast and easy outward remittance service.

Partner Banks

We have a number of tie-ups across various geographies in order to facilitate remittance of funds abroad. A list of correspondent banks for remittance is listed below:

Axis Bank SWIFT code is now AXISINBB002

List of NOSTRO Accounts

Forex Guidelines RBI guidelines for unused Outward Remittances What are the limits on Outward Remittance Procedural requirements for Outward Remittance

What is the Liberalised Remittance Scheme (“LRS”)?

The LRS is a policy introduced by the RBI in February 2004 to streamline and ease the international money transfer process. It is designed to help resident Indian Individuals transfer funds freely up to a certain limit for permissible purposes.

Under the LRS, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year for any permissible current or capital account transaction or a combination of both.

Overseas fund transfer can be done via various modes such as, Direct remittances, Foreign Currency Demand Drafts (FDD), Currency notes, Forex/Debit/Credit cards, etc.

Who is allowed under LRS, and who is not?

According to Section 5 of the FEMA Act, LRS is available for the following:

All Indian resident individuals
Minor Indian residents (However, for minor remitters, the LRS declaration form must be countersigned by the minor’s natural guardian).

The Scheme is not available to the following:

Corporates
Partnership firms
HUF or Trusts

Permissible purposes under LRS

Travel: Personal or business travel, including travel for education
Education: Remittances for studying abroad, including tuition fees and living expenses.
Maintenance of Close Relatives: Remittance to support family members living abroad.
Gifts and Donations: Sending gifts and donations to foreign entities or individuals.
Investments: Investment in foreign stocks, property, or other financial instruments.
Emigration and Employment: Remittances related to emigration/employment abroad.
Business: Payments for import of goods and services (incl. consultancy) and participation in trade fairs and exhibitions.
Medical Treatment: Remittances for medical treatment abroad.
Any other Current Account transaction which is not covered under the definition of Current Account in FEMA 1999.

Prohibited purposes under LRS

Illegal Winnings: Remittances from lottery winnings, gambling & related transactions involving banned items (e.g., purchase of lottery tickets, banned magazines).
Margin Forex Trading: Trading in foreign exchange & remittances for margin calls to overseas exchanges.
Dividend Remittance: Remittance of dividends by any company to which the requirement of dividend balancing is applicable. These restrictions require that FX outflow via dividends not exceed the company’s export earnings.
Payment of export commission:
- For State Credit except for commission up to 10% of the invoice value of exports of tea/tobacco.
- For equity investment in JVs/WoS abroad of Indian companies.
Interest Remittance: Interest remittance on funds in NR Special Rupee A/c & payments for “call back services” of phones.
FCCB Purchase: Remittances for the purchase of Foreign Currency Convertible Bonds (FCCBs) issued by Indian companies in the overseas secondary market.
Remittances to FATF countries: Capital account remittances to countries identified by the Financial Action Task Force (FATF) as non-co-operative countries & territories.
Gift Remittance in FCY: Gift by a resident to another resident in FCY for the credit of the latter’s FCY A/c held abroad or in offshore areas under LRS.
Remittance to high-risk individuals: Remittances to those individuals or entities, which are identified as posing a significant risk of terrorism, as suggested by the RBI.

RBI guidelines for unused Outward Remittances

Guidelines	Details
Return of Funds	If funds remitted abroad are not used for their intended purpose within 180 days from the date of remittance, they must be repatriated and credited back to the remitter’s account in India.
Penalties & Charges
	Non-compliance Penalties: In case of non-compliance, the remitter may face penalties under the Foreign Exchange Management Act (“FEMA”), 1999.
	Currency Conversion Losses: In case the funds are still unused, any currency conversion losses incurred due to exchange rate fluctuations will be borne by the remitter.
	Repatriation Charges: The remitter may also incur charges or fees for repatriation, increasing the potential monetary loss.

What are the limits on Outward Remittance

Categories	Description
Liberalised Remittance Scheme (LRS)	Individuals can remit up to USD 250,000 per financial year for permissible current or capital account transactions.
Travel	No specific limit but must be within the overall LRS limit.
Education and Medical Treatment	Can exceed the limits for medical treatment (based on estimates received from Indian or foreign doctor/hospital) and for education (based on estimates from foreign university).
Maintenance of Relatives	No specific limit but must be within the overall LRS limit.
Business & Other Purposes	Specific limits may apply based on the purpose of remittance.
Clubbing of Remittances	Allowed for family members subject to compliance with the Scheme’s T&Cs, but not allowed for capital account transactions (e.g. opening bank accounts or investments) unless they are co-owners/co-partners).

Procedural requirements for Outward Remittance

Banking requirements

You must choose a specific branch of Axis Bank (Authorised Dealer “AD” Bank) through which all remittances under LRS will be made.
For capital account transactions, the banking relationship with us should be at least one year old.
For current account transactions, we ensure due diligence in opening, operation, and maintenance of the account for existing as well as new customers.

Mandatory documents

Form A2 for all foreign exchange transactions.
Documents evidencing proof of Purpose (some examples are listed below);
- Admission letters from educational universities
- Medical bills
- Invoices for goods/services
Ensuring full compliance with Know Your Customer (KYC) norms.
PAN card
Utilization Certificate: In some cases, proof of fund use might be needed later.

How are such remittances monitored and reported by Axis Bank?

Your Form A2 will help us understand your purpose of remittance. We will then confirm its compliance with the RBI guidelines and proceed with it.
However, it is your ultimate responsibility to ensure compliance with the FEMA rules and regulations.

Key points to remember

This Scheme applies to all resident individuals, including minors.
All resident individuals must register their PAN with the bank for successful outward remittance transactions.
Remittances under the Scheme can be combined with respect to family members, subject to individual family members understanding and following its T&Cs.
Remittances under the Scheme are allowed only with respect to permissible current or capital accounts or a combination of both.
Under this scheme, a resident individual can also invest in mutual funds, Bonds, unrated debt securities, promissory notes, etc., and other financial instruments.
This scheme is not available for capital account remittances to countries found by the Financial Action Task Force (FATF) as non-co-operative and having risk of terrorism.

Click here for detailed FAQs on the Liberalised Remittance Scheme.

Do's and Don’ts about International Fund Transfer

Do’s

Understand the total cost: Know all fees involved in your transfer, including hidden fees and exchange rate margins, to avoid unexpected costs.
Consider the transfer speed: Choose the transfer method based on how quickly you want the money to reach the recipient. Some options are faster but may be more expensive.
Know the recipient’s currency: Ensure that the recipient's bank can receive funds in the currency you are sending, or understand the conversion rates and fees involved.
Use scheduled transfers for regular payments: If you need to make regular transfers, set up scheduled payments to ensure consistency and avoid late fees.
Check for promotions or discounts: Some services offer special promotions or lower fees for first-time users or specific transfer amounts.

Dont’s

Don’t forget to check for recipient bank fees: Some banks charge a fee to receive international payments. Ensure the recipient is aware of any potential charges.
Don’t rely solely on online calculators: While helpful, these tools may not always reflect real-time rates or fees. Always confirm the final cost.
Don’t ignore potential tax implications: Large international transfers can have tax consequences. Be aware of any reporting requirements in your country.
Don’t assume all banks operate the same way: Transfer procedures and costs can vary widely between banks and countries. Research the specifics for your transfer.

Things to know about International Money Transfer

Identify transfer limits: Different providers have varying limits on how much you can send in one transaction. Make sure your transfer amount falls within these limits.
Be aware of exchange rate guarantees: Some providers lock in rates when you initiate the transfer, while others may apply the rate at the time of processing.
Know your options for cancellation: Understand the provider’s policy on cancelling or modifying a transfer in case you need to make changes after initiating it.

Tips to make the most of your International Money Transfer

Consider using a multi-currency account:

If you frequently send or receive money in different currencies, a multi-currency account can help you save on conversion fees and manage your funds more effectively.

Leverage loyalty programs:

Banks offer loyalty programs with reduced fees or better rates for frequent transfers. Check if you qualify for any such benefits.

Plan transfers during low-volatility periods:

Currency values can fluctuate due to economic events. Transfer money during stable periods to avoid losing value due to sudden exchange rate changes.

Important Links

Retail Outward Remittance Charges and FAQs

Retail Outward Remittances Document List

Portfolio Investment Declaration

TCS Declaration

Immoveable Property Declaration

General Insurance Declaration

International Fund Transfer FAQs

A person resident in India can remit up-to USD 250,000 per financial year towards maintenance of close relative (‘relative’ as defined in section 6 of the Companies Act, 2013) abroad. . This limit has been subsumed under the Liberalised Remittance Scheme w.e.f. May 26, 2015. If an individual remits any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted.

Travellers going to all countries other than (a) and (b) below are allowed to purchase foreign currency notes / coins only up to USD 3000 per visit. Balance amount can be carried in the form of travellers cheque or banker’s draft. Exceptions to this are (a) travellers proceeding to Iraq and Libya who can draw foreign exchange in the form of foreign currency notes and coins not exceeding USD 5000 or its equivalent per visit; (b) travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States who can draw entire foreign exchange (up-to USD 250, 000) in the form of foreign currency notes or coins. For travellers proceeding for Haj/ Umrah pilgrimage, full amount of BTQ entitlement.

A person going abroad on emigration can draw foreign exchange from AD Category I bank and AD Category II up to the amount prescribed by the country of emigration or USD 250,000. This amount is only to meet the incidental expenses in the country of emigration. Further, this remittance is not for undertaking any capital account transactions such as overseas investment in government bonds; land; commercial enterprise; etc. No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration.

Dance troupes, artistes, etc., who wish to undertake cultural tours abroad, should obtain prior approval from the Ministry of Human Resources Development (Department of Education and Culture), Government of India, New Delhi.

Permissible foreign exchange can be drawn 60 days in advance. In case it is not possible to use the foreign exchange within the period of 60 days, it should be immediately surrendered to an authorized person. However, residents are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.

On return from a foreign trip, travellers are required to surrender unspent foreign exchange held in the form of currency notes and travellers cheques within 180 days of return. However, they are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.

Yes, the Customer can add multiple Relationship Banks by using the Add Bank option. The Customer needs to fill only the Relationship Banks details such as Bank name, Trading branch, Home Branch, Account details etc. All other details of the Customer along with the Bank details will be sent to the added Relationship Bank for approval.

Yes, the Customer has to select any one Relationship Bank at the time of any order activity like placing and reaching order status.

The duration of the limits will be decided by the respective Relationship bank for any period ranging from 1 day to 1 year (366 days).

Yes. The Customer has the facility to cancel or modify the order placed by him till the time the order is pending or not executed.