Axis Burgundy and Inward remittance

[CC-Muncher]

Any one with Axis Burgundy account has tried inward remittance?

If yes, is the rate offered for USD specifically less than IOB or not?

Also, please share any point of contact of any RM with whom i can confirm if they do so?

 

[CC-Muncher]

@CC-Muncher
I currently have a salary account with Axis, but I'm considering closing or changing it to savings as I transition to freelancing.
However, my experience with Axis has not been positive. As an example, I've been eligible for a Burgundy account for years but I none of my RMs informed me about what burgundy is and what other options I can have. Interestingly when i confronted my current RM, he said, "it's not told to everyone", laughable i guess. Banking was not a focus of mine till now as well.

I noticed you've had a positive experience with Axis, especially if they offer rates comparable to IOB. I have a few questions:

1. Did you approach the Axis bank manager and negotiate an equivalent rate to IOB? How did you ensure they use that rate and didn't deviate?
2. Do you have a salary or savings Burgundy account with Axis? Did you open the Burgundy account after negotiations? I'm also considering HDFC Imperia, which offers better benefits than Burgundy, but unsure if they can match IOB rates.
3. Is obtaining FIRC easy with Axis? Do they provide FIRC for every transaction?
4. Could you provide details on the service charges for a single transaction? I'm not familiar with the charges, and for Wise (business), it's around ~2.5% of transaction amount, which seems high to me.

I was initially considering SBI, BOB or IOB for better rates and ease of use but had to reconsider as SBI doesn't provide FIRC for each transaction or so I am told. I'm yet to confirm with IOB (though their site mentioned FIRC for 250 INR) and BOB.
Any insights would be appreciated.

1. I spoke to RM and negotiated. I told i will open a salry account if he gives iob rates.
2. Gor burgundy salary with inward remittance criteria.
3. I never asked, but they would give it.
4. Service charge was not there, standard gst of 18% which was around 1500 for amount more than 40lakh

 

[CC-Muncher]

DM'ed you....
3 word

 

[HumorSimpson]

1. I spoke to RM and negotiated. I told i will open a salry account if he gives iob rates.
2. Gor burgundy salary with inward remittance criteria.
3. I never asked, but they would give it.
4. Service charge was not there, standard gst of 18% which was around 1500 for amount more than 40lakh

Whats the criteria ?

 

[IDontThinkSo]

@CC-Muncher The foreign inward remittance criteria for burgundy is 40L+/year for NRI. Are you an NRI? or like everything, this NRI criteria is just another ruse from banks, and one can easily negotiate that too.

Also burgundy salary with this criteria? What employment details did you define for salary account? Any corporate tie-ups?

I am trying to work with HDFC and branch manager simply rejected that no salary account without corporate ID.

- For IOB, why did you not simply go with IOB itself? You could have gotten burgundy after you have received forex from IOB.
- And how are you making sure that Axis is providing IOB rates? Do you have it in writing from the RM and seniors? Small details might be helpful for me and others to navigate.

Edit: @techt - Burgundy criteria: https://www.axisbank.com/docs/defau...ent-library/burgundy-eligibility-criteria.pdf
Adding image in case the pdf is updated or removed.

 

[HumorSimpson]

@CC-Muncher The foreign inward remittance criteria for burgundy is 40L+/year for NRI. Are you an NRI? or like everything, this NRI criteria is just another ruse from banks, and one can easily negotiate that too.

Also burgundy salary with this criteria? What employment details did you define for salary account? Any corporate tie-ups?

I am trying to work with HDFC and branch manager simply rejected that no salary account without corporate ID.

- For IOB, why did you not simply go with IOB itself? You could have gotten burgundy after you have received forex from IOB.
- And how are you making sure that Axis is providing IOB rates? Do you have it in writing from the RM and seniors? Small details might be helpful for me and others to navigate.

Edit: @techt - Burgundy criteria: https://www.axisbank.com/docs/defau...ent-library/burgundy-eligibility-criteria.pdf
Adding image in case the pdf is updated or removed.

View attachment 41213

I asked about Inward remittance rate for Burgundy. Is it atleast as good as IOB ?

 

[CC-Muncher]

@CC-Muncher The foreign inward remittance criteria for burgundy is 40L+/year for NRI. Are you an NRI? or like everything, this NRI criteria is just another ruse from banks, and one can easily negotiate that too.

Also burgundy salary with this criteria? What employment details did you define for salary account? Any corporate tie-ups?

I am trying to work with HDFC and branch manager simply rejected that no salary account without corporate ID.

- For IOB, why did you not simply go with IOB itself? You could have gotten burgundy after you have received forex from IOB.
- And how are you making sure that Axis is providing IOB rates? Do you have it in writing from the RM and seniors? Small details might be helpful for me and others to navigate.

Edit: @techt - Burgundy criteria: https://www.axisbank.com/docs/defau...ent-library/burgundy-eligibility-criteria.pdf
Adding image in case the pdf is updated or removed.

View attachment 41213

When i took, the i ward remittance criteria was for i dian residence. Looks like they changed it now.

No corp tie up most probably as it was negotiation based.
They also wanted me to keep the amount for 6 months in axis but i tookit before that as and when i needed.

 

[CC-Muncher]

@CC-Muncher The foreign inward remittance criteria for burgundy is 40L+/year for NRI. Are you an NRI? or like everything, this NRI criteria is just another ruse from banks, and one can easily negotiate that too.

Also burgundy salary with this criteria? What employment details did you define for salary account? Any corporate tie-ups?

I am trying to work with HDFC and branch manager simply rejected that no salary account without corporate ID.

- For IOB, why did you not simply go with IOB itself? You could have gotten burgundy after you have received forex from IOB.
- And how are you making sure that Axis is providing IOB rates? Do you have it in writing from the RM and seniors? Small details might be helpful for me and others to navigate.

Edit: @techt - Burgundy criteria: https://www.axisbank.com/docs/defau...ent-library/burgundy-eligibility-criteria.pdf
Adding image in case the pdf is updated or removed.

View attachment 41213

I negotiated for both magnus anf burgundy a count and then went with axis over IOB

 

[IDontThinkSo]

Makes sense with Axis based on your experience. If they can also provide e-FIRC instead of advice, that seems promising for consideration atleast to me with IOB rates.

The only concern is whether they ever deviate from the best rate that they are giving.

Burgundy is about eligibility which you seems to have, but about magnus, did they give you true unconditional LTF Magnus OR paid magnus OR the magnus for burgundy which is conditionally tied to burgundy status?