We have signed an agreement with Axis Bank.
Bank will not charge Forex Card issuance fee (RS500) to our customers. Foreign Exchange rate is also negotiated to be lower than what bank offers directly.
1. Forex Card:
Now a days, may airlines do not accept payments by cash for Payments of Baggage etc at Airports. You may be in trouble if you do not have an International Credit or Debit Card. We strongly recommend you to have a Prepaid Forex Card. You may fill it with small amount say USD250 for emergency use. We can offer door delivery of Forex Card (Visa Or Master) from Axis Bank. If you use Credit or Debit Card issued in India abroad there is a foreign currency markup charges of 1.75% to 4% depending on bank and card you have. In Forex Card it will work like a local ATM/Debit card in that country and no such extra. There is a fee for Cash withdrawal however.
This Forex Card can be filled if you require additional funds when you are abroad. We will co-ordinate with your Family member here in India. They do NEFT/RTGS to Axis Bank in Indian Rupees and Equivalent Foreign currency will be filled in your card. Forex cards can be used till expiry date (Which is 4 to 5 years), and are a great convenience for Students going abroad for higher education. Parents can send money to child, when he/she need for personal use or payment of college fee, easily, safely and fast,. Money in card is safe compared to cash and it is widely accepted, almost everywhere, in advanced countries.
If you are going for a Holiday Trip you can get Pay Order form Axis Bank for remaining unused fund in the forex card when you come back to India.
2.Foreign Outward Remittance (Sending Money Abroad)
We can send money from Your Bank's Account in India to your Family Member's Bank Account abroad.
We can send fee payment to university in similar way.
As per Reserve Bank of India, an Indian Resident can send money equivalent up to USD2,50,000, in one financial year to his/her family member abroad. RBI's Family Definition is Son/Daughter/Mother/Father/Husband/Wife/Brother/Sister/Son-In-Law/Daughter-In-Law relationship. This limit is helpful when you need to send bigger amounts, for example you are NRI and has surplus amount form a sale of real estate in India.
Process is safe: You will send NEFT/RTGS from India to Axis Bank. Axis Bank will send TT (Telegraph Transfer), to your Family Member's Bank account details you have given in TT application form. We will make the entire procedure without your need of a personal visit to Bank. We have an authority to verify your documents, with responsibility on our part, and we will do that process at your home. We offer doorstep service to you, we have dedicated one staff for collection of documents and delivery of cards etc.
Exchange rate will also be transparent. We will do Transfer at Xe.com Rate or Google.com Rate Plus 70 Paise. Rate will be locked over a conference call between three parties, you, we and a forex manager of Axis Bank. No hidden charges and full transparency. You will be surprised to know that exchange rate charged to you will be higher if you go to Axis Bank Directly or to any other Bank. We are giving bulk business to Bank hence reduced rate to our customers. Some Universities (Now a days mostly all) have tie up with Private Companies like Flywire, Western Union etc, here also it is lower with/via us instead of Flywire, Western Union themselves.
If Axis Bank Receives fund from you by NEFT/RTGS before 1PM on working days, your family member will get fund in his/her Bank Account Same Day. Or Fee will reflect on same day in college/university.
Other Forex instruments like Demand Draft, Travellers Cheques are there but now losing their shines and we are not focused on that.