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Axis Forex Online

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Axis Forex Online
250px
Type of site
Financial Services
HeadquartersMumbai, India
OwnerAxis Bank
ServicesForex
Websitewww.axisforexonline.com
Launched2016
Current statusActive

Axis Forex is an online money transfer service by the Axis Bank that provides outward remittance services.[1][2]

History[edit]

In 1993 the Bank was launched as UTI,[3] which was later rebranded as Axis Bank in 2007.[4] In August 2013, it became one of the early forex solution providers to issue a Forex prepaid card that can be loaded with multiple currencies. In 2016 they launched its Axis Forex Online platform as an independent service.[5][6]

In April 2018, the company entered into a partnership with Mastercard to launch Forex card for football fans.[7]

Products and services[edit]

Outward remittance[edit]

It allows money transfer in more than 150 countries in over 100 currencies with a limit of $25,000 in a single transaction and $250,000 yearly limit.[8][9]

Multi-currency Forex cards[edit]

Axis Bank offers contactless multi currency Forex cards to Indian travelers for making transactions while travelling abroad.[10][11]

Foreign currency cash[edit]

It also allows to order currency online and delivers directly at the doorstep.

Regulations[edit]

India[edit]

Axis Forex, under the Liberalised Remittance Scheme and Foreign Exchange Management Act, 1999 is allowed to do operations in the country and it is regulated by the Reserve Bank of India.[12]

References[edit]

  1. "Axis Bank launches India's first comprehensive online retail forex solution". India Infoline. 31 March 2016. Retrieved 30 May 2018.
  2. "Axis Bank launches online forex solution - Times of India". The Times of India. Retrieved 2018-05-30.
  3. Kotak, Uday (27 October 2014). "Uday Kotak: Now, wait for the next Big Thing". Business Standard India. Retrieved 2018-05-30.
  4. "UTI Bank is now Axis Bank - Livemint". www.livemint.com. Retrieved 2018-05-30.
  5. "Axis Bank offers online retail forex remittance - Times of India". The Times of India. Retrieved 2018-05-30.
  6. Vishwanathan, Vivina (2016-05-09). "Five ways to smoother banking". Livemint. Retrieved 2018-05-30.
  7. "Axis Bank, Mastercard to launch forex card for football fans". India.com. 2018-04-16. Retrieved 2018-05-30.
  8. "Axis Bank offers online retail forex remittance - Times of India". The Times of India. Retrieved 2018-05-30.
  9. Vishwanathan, Vivina (2016-04-04). "Product crack: Axis Forex Online". Livemint. Retrieved 2018-05-30.
  10. "Axis Bank promotes forex card for overseas travel". Indian Television Dot Com. 2018-03-30. Retrieved 2018-05-30.
  11. "Go cashless with Axis Bank Forex Cards on your next foreign trip". www.bestmediaifo.com. Retrieved 2018-05-30.
  12. "Imperva". www.axisforexonline.com. Retrieved 2018-05-30.


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