Axis Bank is one of the leading private sector banks in India that offers a wide range of financial products and services to its customers. One of the popular services offered by Axis Bank is the Forex Card, which is a prepaid travel card that can be used to withdraw cash and make payments while travelling abroad. However, it is important for customers to understand the charges associated with using the Forex Card to avoid any surprises later on.
Axis Bank charges a fee for every cash withdrawal made using the Forex Card. The fee varies based on the currency of the transaction and the location of the ATM. For instance, if a customer withdraws cash in the US using the Forex Card, the fee would be $2 per transaction. Similarly, if the transaction is made in Europe, the fee would be €1.5 per transaction. In addition to this, there might be a fee charged by the ATM owner as well.
Apart from the transaction fee, Axis Bank also charges a currency conversion fee for every transaction made using the Forex Card. The fee is charged at the rate of 3.5% of the transaction amount. For instance, if a customer spends $100 using the Forex Card, the currency conversion fee would be $3.5. This fee is applicable for all transactions made using the Forex Card, including cash withdrawals, payments at merchant establishments, and online transactions.
Axis Bank also charges an issuance fee for the Forex Card. The fee varies based on the type of card and the currency chosen by the customer. For instance, if a customer opts for the US Dollar Forex Card, the issuance fee would be $10. Similarly, if the customer opts for the Euro Forex Card, the issuance fee would be €10. The bank also offers a Multi-Currency Forex Card, which can be loaded with multiple currencies. The issuance fee for this card is $20.
In addition to these charges, customers might also have to pay a fee for reloading the Forex Card. The fee varies based on the mode of reloading. If the customer reloads the card online or through the mobile app, there is no fee charged by the bank. However, if the customer reloads the card through a branch or a customer service center, a fee of Rs. 100 is charged.
It is important for customers to note that these charges are subject to change from time to time. Therefore, it is advisable to check the latest charges before using the Forex Card. Customers can check the charges on the bank’s website or by contacting the customer service center.
In conclusion, Axis Bank charges a fee for every transaction made using the Forex Card. The fee includes a transaction fee, a currency conversion fee, an issuance fee, and a reloading fee. Customers should be aware of these charges to avoid any surprises later on. It is also advisable to compare the charges of different banks before choosing a Forex Card to get the best deal.
