TL;DR Summary: Axis Bank international transfers use the SWIFT network and process 40+ currencies to 200+ banks worldwide. Outward remittances involve stacked charges including a flat remittance fee, SWIFT fee, GST, and exchange rate markup. Online transfers via net banking or mobile are faster and cheaper than branch-initiated ones, with a daily online cap of USD 25,000 and an annual LRS ceiling of USD 250,000.
Overview of Axis Bank International Transfer Services
Axis Bank, India's third-largest private sector bank by assets, provides a full suite of cross-border payment solutions for resident individuals, non-resident Indians (NRIs), and corporate clients. Its international money transfer architecture rests on the SWIFT messaging network, which connects it to over 200 correspondent and partner banks across more than 40 currencies worldwide.
The bank offers three primary methods for sending and receiving funds internationally: wire or telegraphic transfers via SWIFT, the Remit Money platform for inward remittances from select countries, and demand drafts or foreign currency cheques. Understanding which channel is appropriate for your transaction type, and what each costs, is the foundation of responsible cross-border financial management.
Inward Remittances: Receiving Money from Abroad
Axis Bank facilitates inward remittances through multiple channels, each carrying different fee implications for the beneficiary.
The Remit Money platform supports inbound transfers from the United States, United Kingdom, Canada, Australia, Singapore, and the Euro Zone directly to Indian bank accounts. Importantly, the sender or recipient does not need to hold an Axis Bank account to use Remit Money, and there is no transaction ceiling on this platform. It is restricted to individual accounts and cannot process business payments. Eligible purposes include self-savings, NRI deposits, loans, gifts, and charitable donations.
For wire or telegraphic transfers received over the SWIFT network, Axis Bank levies a flat charge of Rs. 300 per inward remittance when foreign currency is credited directly to your account. Where funds are received in Indian Rupees (INR) from another bank via the correspondent network, a commission of 0.125% of the transaction value applies, with a minimum charge of Rs. 1,000. An exchange rate markup is further embedded into the conversion rate applied to the credited amount, reducing the final INR value received versus the prevailing mid-market rate.
Foreign currency demand drafts and cheques are also accepted at any Axis Bank branch. The instrument is presented for collection, and the beneficiary account is credited after the cheque clears the issuing overseas bank.
Outward Remittances: Sending Money Abroad
For individuals and businesses sending money from India to overseas accounts, Axis Bank offers outward remittances through digital channels (net banking and mobile app) and through branch-based initiation. Outward remittances are governed by the Reserve Bank of India's Liberalised Remittance Scheme (LRS) for individual residents, which sets an annual ceiling on how much any one person can remit abroad.
Three transfer sub-types are available: standard wire transfers to international bank accounts using SWIFT, bank-to-bank transfers to popular destinations including the USA, UK, Europe, Canada, and Singapore, and foreign currency cheque dispatch. Balance transfers between accounts are not available under the international transfer product.
Axis Bank supports over 100 currencies for outward remittances, making it one of the more comprehensive private bank offerings in the Indian remittance space. However, the actual currency coverage at branch level is limited to 16 major currencies including USD, GBP, EUR, AUD, CAD, HKD, CHF, SGD, SAR, AED, JPY, SEK, NZD, DKK, THB, and ZAR.
Full Fee Breakdown for Wire Transfers
Axis Bank's outward remittance fee structure involves five distinct cost components stacked together. Failure to account for all five leads to significant underestimation of total transfer cost.
Component 1: Currency Conversion Charges
Axis Bank applies its prevailing TT Sell rate for the foreign currency at the time of transaction execution. This rate includes an embedded markup over the mid-market benchmark. If the live mid-market rate is Rs. 87.80 per USD, Axis Bank may apply a TT Sell rate of Rs. 89.50 or higher, resulting in fewer foreign currency units delivered per rupee spent.
Component 2: Commission Charges
A flat remittance fee of Rs. 1,000 per transaction applies to non-import outward remittances processed through branch channels. Commission charges have been waived for transactions initiated through digital channels, making net banking or mobile app initiation significantly cheaper.
Component 3: SWIFT Charges
A fixed SWIFT network processing fee of Rs. 500 per transaction covers the cost of transmitting payment instructions through the interbank messaging system. This is applied regardless of whether the transfer is initiated online or at a branch.
Component 4: Correspondent Bank Charges
Depending on the destination country and receiving bank, one to three correspondent or intermediary banks may route the funds before they reach the final beneficiary institution. Each correspondent may deduct a handling fee from the principal amount in transit. Axis Bank offers the OUR option, where the remitter bears all correspondent charges upfront, and the BEN option, where charges are deducted from the recipient's proceeds. A SHA option is also available at branch level.
Component 5: GST on Foreign Currency Conversion
Goods and Services Tax is applicable on the foreign currency conversion component of the transaction. GST rates vary based on the INR value of foreign currency exchanged, following a slab structure prescribed by Indian tax regulations. Commission in Lieu of Exchange (CILE) at 0.125% of the INR transaction value applies to transfers from RFC accounts where no actual currency conversion takes place.
Exchange Rate Markup and Hidden Costs
The exchange rate margin is the single most underappreciated and potentially most expensive element of any international bank transfer. Every bank that converts currency as part of processing an international transfer applies a spread between the rate at which it trades foreign currency on the interbank market and the rate it offers to the customer.
On a remittance of USD 10,000 when the mid-market rate is Rs. 87.80, a TT Sell rate of Rs. 89.50 means the remitter pays Rs. 895,000 instead of Rs. 878,000 to deliver the same USD amount overseas — a difference of Rs. 17,000 attributable solely to the exchange rate markup. Add the SWIFT fee, commission, GST, and correspondent bank deductions, and the all-in cost of the transfer climbs materially above what the headline fee schedule implies.
For forex card transactions and ATM withdrawals abroad, Axis Bank charges a cross-currency markup of approximately 3.5% plus GST on the transaction value. ATM withdrawals outside India carry an additional per-transaction fee of Rs. 125 to Rs. 150 on top of the forex markup.
Transfer Limits and RBI Compliance
Online outward remittances processed through Axis Bank Net Banking or the Axis mobile application are subject to a daily transaction limit of USD 25,000, or its currency equivalent. This limit applies to purposes including education, family maintenance, self-transfer, gifts, medical treatment costs, and NRI repatriation.
Under the RBI's Liberalised Remittance Scheme, any individual resident in India may remit up to USD 250,000 per financial year across all purposes without seeking prior RBI approval. This LRS ceiling aggregates across all remittances, regardless of whether they are made through Axis Bank or another Indian bank in the same financial year.
Processing Time
Funds transferred via Axis Bank's outward wire transfer service typically reach the final beneficiary bank within two to four working days from the transaction date, with Axis Bank's internal processing completed within 24 to 48 working hours. The overall timeline depends on the correspondent banking chain, destination country cut-off times, and international holiday schedules.
Transaction requests submitted before 4:00 PM IST on a working day are processed on the same day. Requests received after 4:00 PM IST, on weekends, or on international holidays are carried forward to the next working business day. An SMS confirmation is sent to the remitter upon successful dispatch of the transfer.
How to Initiate a Transfer Online and at a Branch
For digital transfers through Axis Mobile or Net Banking, the remitter logs in and navigates to the international transfer section, then adds a new overseas payee by entering the beneficiary's name, account number, address, and SWIFT code. A cooling period of approximately 30 minutes applies before the payee becomes active. Once active, the remitter selects the payee, enters the transfer amount and currency, reviews the displayed exchange rate and total charges, and authenticates via MPIN.
For branch-initiated transfers, the remitter visits any Axis Bank branch between 9:30 AM and 4:30 PM, completes the Axis Bank Outward Remittance Form, and submits supporting documentation for the stated purpose of remittance. Purpose documentation requirements vary: education transfers require offer letters or fee invoices, medical transfers require hospital invoices, and gift remittances may require a declaration.
Tax Collected at Source on LRS Remittances
Tax Collected at Source is applicable on outward remittances under the LRS for individual residents when the aggregate LRS remittances during a financial year exceed Rs. 7 lakhs. From April 1, 2025, a higher TCS rate applies to individuals categorised as specified persons who have not filed income tax returns for the preceding year or whose aggregate TDS and TCS for the previous financial year exceeded Rs. 50,000.
TCS is not applicable to remittances made by non-residents, non-individual entities, or LRS remittances from RFC accounts. Remitters can claim credit for TCS deducted by the bank when filing their income tax returns, provided a valid PAN is linked to the account.
Frequently Asked Questions
What is the maximum amount I can remit internationally from Axis Bank in one year?
Under the RBI's Liberalised Remittance Scheme, resident individuals can remit up to USD 250,000 per financial year across all purposes combined. For online transactions through Axis Bank's net banking or mobile app, the daily limit is USD 25,000 or its currency equivalent.
Does Axis Bank charge for receiving international wire transfers?
Yes. A flat charge of Rs. 300 applies per inward wire remittance when foreign currency is credited to an Axis Bank account. If the transfer arrives in INR from another bank, a commission of 0.125% of the transaction value is levied, subject to a minimum of Rs. 1,000. The exchange rate margin also reduces the INR amount credited.
How long does an Axis Bank international wire transfer take?
Internal processing typically completes within 24 to 48 working hours. End-to-end delivery to the final beneficiary bank takes approximately two to four working days, depending on the number of correspondent banks involved and the destination country's banking infrastructure. Requests after 4 PM IST are processed the following business day.
What currencies does Axis Bank support for international transfers?
Axis Bank supports outward remittances in over 100 currencies through its wire transfer platform. At the branch level, conversions are processed in 16 major currencies including USD, GBP, EUR, AUD, CAD, HKD, CHF, SGD, SAR, AED, JPY, SEK, NZD, DKK, THB, and ZAR.
Is TCS deducted on every international transfer I make through Axis Bank?
TCS is applicable only when your aggregate LRS remittances in a financial year exceed Rs. 7 lakhs. Below this threshold, no TCS is collected. TCS paid can be claimed as a credit against your total income tax liability when filing your return.
