- Fraudulent Inward Remittance charges Open
I hold a Burgundy account at Axis Bank, M.G. Road, Bangalore branch. Burgundy is a premium service provided by Axis Bank. This is my salary account and I have used this account for foreign currency inward remittances few times in the past. The charges for foreign currency inward remittance by wire as informed by Axis Bank to its customers is 'Nil' However the bank has charged me the equivalent of INR **** (** USD) before crediting every single remittance. The bank's claim is that these are correspondence charges levied by an intermediary. Now the problem here is that a customer has no prior information of such charges and all the wire transfer processes occur after customer has used the SWIFT code provided by Axis Bank. Anything that occurs after a wire transfer is initiated occurs fully under the knowledge of Axis Bank and completely based on how they have setup their remittance operations for foreign currency. All that a customer can do is use the SWIFT code provided by Axis Bank which identifies the destination of the transfer and refer the schedule of charges and hope the remittance is correctly done with the full amount I have made several complaints in the past for the charges levied but to no avail. The Axis Bank Forex team refuse to correct them misleading and incomplete info provided to customers doing a wire transfer, nowhere in any of their schedule of charges have they warned customer of any correspondence charges. Despite reaching out to escalation channel they have simply dismissed my complain and claimed the issue is resolved.
Furthermore, the intermediary here is Citibank and Axis Bank had acquired the India assets of Citibank, hence to hide from customers the charges levied by Citibank appears more fraudulent and concealment of facts Kindly look into this negligent and fraudulent practice of Axis Bank In support of the case, please find attached my email discussion with the Axis Bank Forex team including their escalation channels included in the email and the schedule of charges where in page * it is clearly mentioned that for Foreign Currency Inward remittance by wire there are 'Nil' charges
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