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. Which means you save on the minimum 3.5% transaction charges that are usually levied on CREDIT/DEBIT cards, when you use them abroad across POS (point-of-sales). Students can enjoy Emergency assistance services from TripAssist & discounted One Vasco services from visa application to visa delivery.
- Now, you can remit money conveniently through both digital and branch channels.
- Our guide covers the applicable rates, how to claim TCS, and tips to avoid them.
- Traders should therefore be aware of the potential for slippage and prepare accordingly.
Niyo Global Card V/s Axis Bank Forex Card Charges: Which Will Win Your Wallet?
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.
Step 3: Click on the ‘Register New Beneficiary’ option
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.
Axis Multi-Currency Forex Card: All you need to know
Enjoy locked-in exchange rates while loading the card and protect yourself from the volatility of currency fluctuations. Wise is the trading name of TransferWise, which is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference , for the issuing of electronic money. Wise has the approval from the Reserve Bank of India to offer the service with a local bank partner.
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 axes broker 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.
Niyo Global Card has a 4-digit PIN for your security and advanced encryption technology to secure your payments. Check out our guide to TCS charged on foreign remittances, with an overview of rates and how to claim it back with your ITR. Complete guide to TCS and remitting for foreign education expenses from India. Our guide covers the applicable rates, how to claim TCS, and tips to avoid them. Review of the best banking choices and alternatives for NRIs in New Zealand with our guide for Indian Expats living in New Zealand. All the INR fees listed are exclusive of GST, which will be applied on top of each fee.
If traders choose a broker that is regulated in a reputable jurisdiction and has a good reputation online, there’s less to worry about when it comes to starting to trade. Of course, things can still go wrong, or traders might find that the broker’s services don’t meet their specific requirements. However, a reputable broker will have procedures in place to deal with clients´ concerns and complaints and address them https://forexarena.net/ properly. Dealing with a regulated and reputable broker should also give traders some assurance that they will have fair trading conditions and that the platform will perform as promised. Brokers often offer education and tools to help their clients build trading skills and knowledge. This can vary from simple blog posts to e-books and courses or proper online academies and partnerships with specialist educators.
Axis Bank’s Forex Cards are convenient for international travel and let you transfer your foreign currency to your bank account easily. However, they offer this feature only when you’ve returned to India, your last transaction is 10+ days prior, and when you submit the refund form and a copy of your passport. It is a single prepaid card, which can be loaded with multiple foreign currencies. It can be used to swipe for payments and withdraw cash while travelling abroad.
Also, since the card doesn’t have any income-based eligibility criteria and you are not charged any mark-up fee on forex transactions, it can also be the card of choice for students going abroad for studies. Transferring money from your Forex Card to your bank account is a straightforward process in most cases. By following the aforementioned steps and understanding the potential fees involved, you can easily convert your leftover travel currency back to your local funds. Generally, comparing fees, exchange rates, and other features can help you decide. Popular options include Niyo Global Card, Axis Bank Multi-Currency Forex Card, HDFC Bank ForexPlus Card, IndusInd Bank Forex Card, ICICI Bank Travel Card, and SBI Foreign Travel Card.
Having multiple options to deposit and withdraw funds from a trading account can be handy. Typically credit card deposits are the most popular, efficient, and safe way to deposit funds, but some brokers offer localised options for certain markets (for example, P24 in Poland). The available options have been increasing over the past years, and deposits/withdrawals using cryptocurrencies are increasingly common. Forex trading has become increasingly popular in recent years, with individuals and businesses engaging in currency exchange to leverage the global market. One of the leading players in this field is Axis Bank, a prominent financial institution in India. If you are considering Axis Bank Forex services, it is crucial to understand the exchange rates and fees involved.
Axis Bank’s forex card, known as the Axis Bank Multi-Currency Forex Card, offers a range of benefits. It allows you to load up to 16 currencies on a single card, making it suitable for travelers visiting multiple destinations. The card offers enhanced security features, such as the option to lock the exchange rates at the time of loading.
Discover the range of Union Bank of India NRI account options for Indians living abroad with their seamless banking services tailored for NRIs. The Axis Multi-Currency Forex Card is a single preloaded account that lets you hold 16 currencies at once. The account is held at Axis bank and you receive a Visa/Mastercard that is both chip and swipe enabled to use globally. Traders can also ask the broker where client funds are held – if it is in a reputable financial centre or offshore.
