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FX Retail
Introduced by the Reserve Bank of India and developed by the Clearing Corporation of India Ltd. (CCIL), FX-Retail is an electronic trading platform for retail banking customers to buy and sell foreign exchange. This platform has been launched on August 05, 2019 and is available at https://www.fxretail.co.in. The Bank’s account holders can also use FX-Retail for which customer needs to register on the platform as a one-time measure. Subsequently, to execute any buy or sell transaction customer can approach their bank which will have the appropriate amount limit and mark-up defined in the FX-Retail platform for that transactions.
Features & Benefits
Access for all customers
Enables transactions across individuals, corporates, trusts, cooperative banks, foreign portfolio investors, foreign institutional investors, etc.
Read MoreFlexibility of delivery
The platform is linked to the FX-Clear platform which provides access to the ongoing spot rates in the inter-bank market.
Read MoreHigh transaction limit
There is no cap on the number of transactions a customer can carry out during a day (subject to the overall amount limit placed by Axis Bank). Further, the transaction
Read MoreFor further details about the platform, customer can visit the CCIL website https://www.ccilindia.com
High transaction limit
There is no cap on the number of transactions a customer can carry out during a day (subject to the overall amount limit placed by Axis Bank). Further, the transaction charges levied by CCIL are waived off for transactions up to USD 50,000 per day.
Access for all customers
Enables transactions across individuals, corporates, trusts, cooperative banks, foreign portfolio investors, foreign institutional investors, etc. and providing the benefit of placing the trades at the customer’s own time and convenience. Customers can currently place orders for USD/INR currency pairs only.
Flexibility of delivery
The platform is linked to the FX-Clear platform which provides access to the ongoing spot rates in the inter-bank market. Furthermore customers can book for value cash (delivery on the same day), TOM (delivery on the next forex working day) and spot (delivery on the second forex working day).
Why Choose Axis?
Registration Process
To register for FX-Retail simply follow these steps:
- 01
Step 1
Customers visits the FX-Retail portal at www.fxretail.co.in
- 02
Step 2
Click on ‘Register Here button’ and completes the registration process by providing the required information including the Axis bank account details.
- 03
Step 3
Bank receives and approves the registration request after scrutinising the relevant details of the customer. Please note that the details provided by customer on FX-Retail platform need to match with those on record with the Bank for the registration request to be approved by the Bank.
- 04
Step 4
Once the registration request is approved, the access credentials for the platform shall be sent to customer on registered email address.
- 05
Step 5
Post successful registration, customer can then login to the FX-Retail portal from the next forex working day.
Transaction Process - Axis Bank Fx-Retail
Prior to buying or selling foreign exchange on FX-Retail, the Bank needs to set limits and mark-up for customer on the platform.
- 01
Step 1
Submit the completed transaction-related forms (for e.g. Application cum Form - A2 for outward remittance) along with the FX-Retail Limit Request form.
- 02
Step 2
Axis Bank sets the requested limit for the customer and the Bank’s mark-up on the platform.
- 03
Step 3
Customer can then proceed to place an order on the FX platform up to the limit defined by the Bank within the limit validity period.
- 04
Step 4
FX-Retail shall send order confirmation mail to the customer on the registered email address upon successful completion of the order.
- 05
Step 5
The customer needs to contact the branch immediately with this order confirmation along with any other documents required for execution of the transaction.
Fees & Charges
Click below to know the fees and charges of FX-Retails including the registration charges and transaction charges
Fees & Charges
| Registration Charges | |
|---|---|
| Individual | No Charges |
| Non Individuals | ₹1,000* |
| Transaction Charges | |
| Up to USD 50,000 in a day | No Charges |
| Above USD 50,000 in a day | a. No levy of transaction charges for the first 12 months of joining the platform for all categories of customers.**
b. Post 12 months, the charges* will apply as below: Total monthly transactions < USD 200 million: 0.0004% of the total INR value Total monthly transactions >= USD 200 million & < USD 350 million: 0.0003% of the total INR value Total monthly transactions >= USD 350 million & < USD 500 million: 0.0002% of the total INR value Total monthly transactions >= USD 500 million: NIL |
** The date of approval by first relationship bank would be considered as the joining date for the above purpose.
* GST is applicable on the above charges
Please note that the above charges are levied by CCIL and are collected by the Bank for usage of FX-Retail platform. Transaction processing charges levied by the bank shall additionally apply, where ever applicable
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