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]

Has anyone done inward remittance with axis bank?

They offer preffered rates for Corp Salary account holders and Burgundy/preffered account holders.

Plz share experience if you have any.

 

[shann9999]

Has anyone done inward remittance with axis bank?

They offer preffered rates for Corp Salary account holders and Burgundy/preffered account holders.

Plz share experience if you have any.

Have you done the remittance, can you update the status ?

 

[CC-Muncher]

Have you done the remittance, can you update the status ?

Yes.. I got rate equivalent to IOB and got the burgundy account in favour of that

 

[shann9999]

Yes.. I got rate equivalent to IOB and got the burgundy account in favour of that

Any other charges ?

 

[CC-Muncher]

Very nominal only... Gst mostly.
Will share the details in someti. E

 

[Maxwell786]

Yes.. I got rate equivalent to IOB and got the burgundy account in favour of that

Wire transfer ??

 

[CC-Muncher]

Wire transfer ??

Yes, wired swift transfer

 

[hrishig]

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?

Depends on the transfer amount, but they offer better rates for HNI customers. Overall, it was good experience.

 

[KishanB]

Depends on the transfer amount, but they offer better rates for HNI customers. Overall, it was good experience.

Is this for Axis current account burgundy? I am trying to negotiate better rate but couldn't get less than 60 paise difference to ongoing IBR rate.

 

[KishanB]

Yes.. I got rate equivalent to IOB and got the burgundy account in favour of that

If you could recall, what was the difference in a rate compared to that day rate?

 

[CC-Muncher]

It was same as IOB

 

[KishanB]

It was same as IOB

Sorry I am unaware of IOB Rates. Can you help me connect with your Axis Bank RM? My Burgundy RM is giving me the rate at 50-60 paisa difference.

 

[CC-Muncher]

Sorry I am unaware of IOB Rates. Can you help me connect with your Axis Bank RM? My Burgundy RM is giving me the rate at 50-60 paisa difference.

In return my RM will ask to keep funds in the account for around six month's. If thats fine I'll share his details.

 

[KishanB]

In return my RM will ask to keep funds in the account for around six month's. If thats fine I'll share his details.

How much fund are we talking about? Minimum AQB is already maintained.

 

[CC-Muncher]

How much fund are we talking about? Minimum AQB is already maintained.

Around 20 to 40lakh

 

[HumorSimpson]

@Akio If the salary credit is 3+Lakh INR will it be qualified for Bargundy ?

 

[CC-Muncher]

@Akio If the salary credit is 3+Lakh INR will it be qualified for Bargundy ?

Yes it will be qualified

 

[_amit_]

@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.

 

[_amit_]

I am trying to gather as much details as possible before going with a bank. Seems like every bank/financial institutes nowadays are giving very sad experience in one way or the other.
Private banks seems to want better negotiation skills and public ones are being less "friendly".

I am not aware about total charges in a transaction involving any bank (especially IOB/SBI/BOB) either to compare with Wise's 2.5% , and no idea about how stripe can be helpful at this point.