AXIS Bank Exchange Rate Today: How Much Does a AXIS Bank International Transfer Cost?

It is useful for frequent travellers seeking a convenient and secure way to carry money abroad. Now that you have read about both the cards, you can decide which card is better suited for you. The Niyo Global, compared to the Axis Bank forex card, maybe more cost-effective if that is what you are looking for. One of their primary benefits is that they have no cross-currency charges, which may help you save more money on your international transactions. A significant challenge for every global traveller is figuring out how to make purchases in a foreign currency in the most convenient, stress-free, and economical manner possible. You may choose from various payment methods, such as cash, an international debit or credit card, a Forex card, a traveller’s check, etc.

What is the Axis Bank Multi-Currency Forex Card?

You can use the Axis Multi-Currency Forex Card for purchases and cash withdrawals while you are overseas in the qualifying countries where the available currencies are used. As long as your currency wallets are loaded, you can spend using your card and the respective local currency will be deducted. The 16 different currencies that can be loaded and spent are covered in the last section. Axis Bank Multi-Currency Forex Card is a prepaid forex card, i.e., unlike credit cards, where you pay the bank only after spending, you need to load the card before you can use it for making purchases. As it is a multi-currency card, you can load/reload the card in 16 different widely used currencies including USD, Euro, Pound, Dirham and many others.

Fund Transfer through Mobile Banking (For Axis Bank Account holders)

With different account options using the world-leading MT4 platform, we make it easy to trade the top forex CFD instruments. Once you have logged in to your Axis Bank internet banking account, you will see a number of tabs on the top of the page. For activation of this service, you can send an e-mail to regarding the same and we’ll activate the feature for you. There is a transaction fee levied at various ATMs for cash withdrawal & balance inquiry. There is a daily limit of $10,000 or equivalent for shopping at a merchant establishments and a daily limit of $1000 or equivalent for withdrawing cash from an ATM.

• Information is of a general nature only and does not consider your financial objectives, needs or personal circumstances.
• The Axis Bank forex card is a prepaid card that can be used to make payments in different currencies while traveling overseas.
• Later, it can be useful for testing new strategies without risking any real money.
• However, it does have some drawbacks, such as high withdrawal fees and charges for balance inquiries.
• The first time you load the Forex Card, it has to be done at an Axis Bank branch near you as there is a certain documentation and verification process that needs to be followed.

How to choose a forex broker

However, the card has certain limitations, such as high ATM withdrawal fees and charges for replacement cards. A forex card is a foreign exchange prepaid credit card which can be loaded with the currency of the country you are visiting. The Axis Bank forex cards are a popular choice in the market as they are used to load numerous currencies and are widely accepted.

Risk management options

The fee varies per currency but on average you can expect it to be the currency equivalent of $2.25 USD per transaction. Since it is a prepaid card (no credit is involved), you need not submit any proof of income to the bank for the Axis Bank Multi-Currency Forex Card. Although no annual fee is applicable on the card, you however do have to pay an initial fee of Rs. 300 at the time of issuance of the card. As well as being a trader, Milan writes daily analysis for the Axi community, using his extensive knowledge of financial markets to provide unique insights and commentary.

For international withdrawals, the Axis Forex card charges 3.5% markup and the ATM withdrawal fee varies with the currency you withdraw. Both the cards offer a convenient and secure way to make international transactions. Axis Bank Forex offers a wide range of currencies for trading, including major currencies like the US dollar, euro, British pound, and Japanese yen, as well as exotic currencies from emerging markets. The bank’s extensive network ensures that customers can access these currencies easily and efficiently. The majority of brokers will display regulatory information in the footer of the website and legal documents, along with risk disclaimers and other information.

Most brokers will offer free access to a demo account which lets traders open trades in a replica trading environment using virtual funds. While demo accounts will expire after a set period (most commonly a month), clients who open a live account will often be given the option to keep using the demo account indefinitely. The currency market is decentralised, meaning there’s no single exchange that all transactions go through – unlike, for example, the New York Stock Exchange or London Stock Exchange. Instead, the forex market is built on an interbank system – a global network where financial institutions trade currencies directly between themselves. In the next step, you will be required to enter the amount that you want to transfer from your forex card to your bank account.

Whether you are traveling abroad for a holiday, official purpose or an emergency, this card will make your trip easier. Axis bank offers a variety of forex cards to cater to the needs of different types of travellers. This article will throw light on different types of forex cards, unique features, application process and more.

So when you get a rate weaker than the mid-market exchange rate from a card company, you are getting hit with a hidden fee in the difference. The difference may seem small but it can actually make a dent in your wallet when you https://forexarena.net/ convert currencies frequently. Yes, you can use this card to withdraw cash from any VISA/Mastercard ATM in a foreign country. You can insert the card and select ‘current account’ on the screen and follow the instructions.

In today’s interconnected world, foreign travel and international business are becoming increasingly common. With this comes the need for a reliable axes broker and convenient way to manage your finances while abroad. Forex cards have emerged as a popular solution for travelers and forex traders alike.

Forex trading has become increasingly popular in recent years, with people from all walks of life looking to capitalize on the fluctuations in currency exchange rates. As a result, many banks and financial institutions have introduced various products and services to cater to the growing demand. You can use the Axis Multi-Currency forex card to withdraw local currency from global ATMs that have the Visa/ Mastercard symbol. The amount that you withdraw in cash will be deducted from that currency’s wallet in your account. If you don’t have enough in that particular currency, the account will automatically withdraw from another currency in your account but will also charge you an additional 3.5% as a currency conversion fee.

Simply walk into any Axis Bank Branch, submit the required documents and get the Forex Card across the counter. What is absent from the list are countries in South America, Africa and additional Asian countries. If you are looking to send money or spend in a wider and more inclusive variety of countries, check out Wise. When you do want to pull cash out at an ATM from your Axis Multi-Currency Forex Card, press the button to withdraw from “Checking”.

After completing the transaction, you can check the status of the transaction by clicking on the ‘Forex Card’ tab and then selecting the ‘Transaction History’ option. Here, you will be able to see the details of the transaction including the amount transferred, the date and time of the transaction, and the status of the transaction. Whether you are sending money to your loved ones, or seeking to invest in foreign securities or funding education in foreign universities, Axis Bank has you covered.