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.

What is the Axis Bank Multi-Currency Forex Card?

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.

What is this card

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.

No currency fluctuations to worry about

Similar to conventional bank cards (Credit/Debit), Forex Cards allow you to make payments in the local currency of the country you are visiting and to withdraw money from ATMs. Axis Bank is one of the leading banks in India that offers a range of banking services including forex cards. The Axis Bank forex card is a prepaid card that can be used to make payments in different currencies while traveling overseas. If you have a forex card from Axis Bank and you want to transfer money from it to your bank account, then you can do so using the online banking facility provided by the bank. In this article, we will explain how to transfer money from Axis Bank forex card to bank account. Axis Bank Forex offers a range of services to cater to the needs of individuals and businesses engaged in forex trading.

• You should read and understand these documents before applying for any AxiTrader products or services and obtain independent professional advice as necessary.
• By comparing the features and benefits of different cards, you can find the one that best suits your needs and preferences.
• That structure is designed so the trader can choose the account type that’s going to work best for their trading strategy and cost them less.
• Complete guide to TCS and remitting for foreign education expenses from India.
• If you do not have an internet banking account, then you can register for one by visiting the Axis Bank website.

Overall, if traders conduct some basic checks, they should be able to find a reliable broker without much effort. It’s also worth checking whether the broker supports all order types that help traders manage risk. At a minimum, this should be a stop-loss order to minimise the potential risk on trades, alongside a take-profit order. Aside from currencies, look for a broker that offers access to commodities, indices, shares, and cryptocurrencies. In this article, we’ll explore what forex brokers are, what they do, and how to find the best one for every trader’s specific needs.

What is a forex broker?

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.

Swaps are another important consideration for traders who open and hold currency positions overnight. These types of trades incur fees, known as a swap rate, and these can be positive or negative, depending on which currency pair is being traded and whether they are long or short. For example, one account might charge no commission on trades but have slightly higher spreads, while another account might offer lower spreads but have a separate commission charge.

In today’s interconnected world, foreign travel and international business are becoming increasingly common. With this comes the need for a reliable 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.

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 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.

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 https://forexarena.net/ 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”.

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 axes broker 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.

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.