Indusind Bank Multi-currency Forex Card Review

By | February 8, 2018

I had a recent trip to Singapore & Malaysia so thought to give a try to Indusind Forex card which is by far the best in market for now. I have Indusind Exclusive Signature DEBIT card which serves all the international transaction purposes, but I took this IndusForex card just to experience how the forex card works, as there is quite a noise for Forex cards in the country.

Indusind Bank Multi Currency Forex card (Indus forex)

Features & Benefits of Indus Forex Card:

  • ZERO Currency Conversion Charges
  • ZERO ATM withdrawals Fee (Upto 2/Month/currency)
  • ZERO Processing Fee
  • ZERO Issuance Fee (temporary offer)
  • Online Usage Enabled
  • Validity: 3 Years
  • 24/7 Online Booking
  • Delivery & Activation within 24-48 Hrs

Ideally, you can get almost exact value of the currency on the said date without any other hidden fees, which made me apply for one. Currencies Offered: United States Dollar, Euro, Australian Dollar, Great Britain Pound, Singapore Dollar, Saudi Riyal, Canadian Dollar & UAE Dirham

Indusind Multi-currency Forex Card Application Process:

  • Day 1: Applied online for 100 SGD (minimum) with a coupon code: CARD150 so the card issuance fee gets waived off.
  • Day 2: Opted for Branch delivery though received the instant kit delivered at home (exclusive banking benefit) after submitting the documents (flights & Visa) and the card was activated the same day.

Indusind Bank Forex Card Booking

The rates are in par with Xe.com values with minor difference, as bank’s BUY rate differs from actual worldwide conversion rate.

Additional Savings: While you can pay for the above using net banking, fortunately, you can also pay using a Visa/MC credit/debit card. However it comes with ~2% extra fee which i opted for and paid with my HDFC Jet Privilege World Credit Card.

Doing so, i need to pay ~Rs.100 extra but i get ~200 JP Miles which means i’m technically buying 1 JP Mile for 50 paise. It makes sense to me as i try my best to get a value of Rs.1 for 1 JPMile.

Managing the IndusForex Multi-currency Card:

The dashboard looks neat and clean with the basic info. You can view the balances across multiple currencies in a single page and yes you can also view your txn summary online in a click. You’ve everything that you need in a forex card in a simple interface like this:

Manage Indusind Bank Forex Card

Important Things to note:

  1. If you transact in a currency that’s different from base currency, you’ll be charged 3.5% markup fee. Hence, this card is good only if you can spend in the currencies that they offer.
  2. They do address verification. I applied using Aadhaar OTP and they verified my permanent address as on Aadhaar after ~2 weeks when i was actually back from the Trip. I didn’t apply using my existing ac info as it pulled the data with some errors.

Bottomline:

Indusind Bank does a great job when it comes to markup fees on international transactions. Even-though AxisBank seems to own a high market share in the segment with their not so great offerings, i believe its only a matter of time for Indusind to lead. On the product side, i’m extremely happy with the booking process, delivery, activation and the ease of usage.

  • CardExpert Rating: 4/5 

Have you ever opted for an Indusind Multi-currency Forex Card? Feel free to share your thoughts in comments below.

Author: Siddharth

A Credit Card freak minting reward points and cashback for years, started adding Airmiles in recent times. Obsessed with aviation, airport lounges and luxury travel at affordable cost.

27 thoughts on “Indusind Bank Multi-currency Forex Card Review

  1. SV

    Isen’t your ICICI Sapphiro Visa / Amex give better JP rate reward (7) on international translations. Especially when you already are paying 2%. their Visa card is giving 2X as well currently.
    Diners black seems useless for carrying internationally (Except Lounges 🙂 ) – its now 9 months and about 9 international trips my DCB still awaits first PoS acceptance.

    Reply
    1. Siddharth Post author

      As i said, its just an attempt to try Forex cards and will be useful for others who’re not having the cards i hold.

      P.S. Diners acceptance in Singapore is somewhat okay. Amex is accepted everywhere and yes i’ve been using Amex jet Sapphiro quite often that the statement is as long as 10 pages, due to huge markupfee & gst records on each txn.

      Reply
  2. Abhishek Roy

    Did you compare it with spends on IndusInd Exclusive Visa Signature Debit card? In spends with IndusInd Debit Card, you also get points for the spends. So, if you factor that into the equation, is it prudent to take a forex card at all? With a Forex card, you can maximum save the Mark Up fees that you are charged on your Credit/Debit cards. One more advantage of the Debit Card is that you don’t have to pre-fill the currency. You can go on spending in any currency you want. So, I find the IndusInd Visa Exclusive Debit Card Very good. So What is your suggestion regarding Indus Forex Card or Indus Debit Card?

    Reply
    1. Siddharth Post author

      As always, i prefer the said debit card. This forex card card this is just to test out things 🙂

      Though, as the exclusive a/c balance requirement is high, if someone without Indusind Ac needs Forex card, this would be the best choice i would say.

      Reply
      1. Anshul

        On a contrary note, I prefer forex card over debit card since it allows me to earn 6% interest rate on my savings bank account (kotak) vs 4% at indusind.

        Reply
  3. PRIYESH

    How do you get 1 rs value of jp miles? Any other way other than last minute tickets?

    Reply
  4. Prashant Gupta

    I recently used Bookmyforex Axis bank multicurrency card on my trip to HongKong. The first 3 withdrawal were free. Had some HKD left, the refund process was very simple. One has to place a request on Bookmyforex website, they send a form fill and scan it the money will come in your account.

    Reply
  5. Prashant Gupta

    One more thing i loaded the card with my credit card, i was charged 2%. So in essence not much difference between Indusind and Axis.

    Reply
    1. Siddharth Post author

      I got one from doorstepforex as well. But somehow not happy as i got to check the balance etc on Axis. One-point access like Indusind seems to be good for me for now 🙂

      Reply
  6. Raj

    Hi Sid,
    What is the validity of the card ?
    Lets Say if we have one foreign trip in each year for the next five years, will one card be valid for all that time.
    Can I buy on the amazon.com or other website to exhaust the foreign exchange if required?

    Reply
    1. Siddharth Post author

      Its 3 yrs, updated the article as well.

      Yes, you can use the gift card on any online portal.

      Reply
  7. Mayur V Patil

    Diners black cc has mark up fees of just 2% and it gives 10X points on international spends too. So ain’t it the best of all cards to use it internationally. Actual savings of 33-2% =31% which no card offers. Capping of 10000 points though.

    Reply
    1. Siddharth Post author

      It is. But the acceptance is the major issue, especially on POS when you’re on Intl trip. I would safely say acceptance is 10% in foreign countries, at-least in SE Asia. Maybe better in western countries.

      Reply
  8. Mouli

    Sid

    When you have YFE with low markup fee then why should you go for this forex card ?
    I haven’t used much of forex cards

    Reply
    1. Siddharth Post author

      Just because of same reason: I haven’t used much of forex cards
      So, testing out 🙂

      Reply
      1. Mouli

        Among YFE CC and Forex card ,Which is the better option to use while travelling abroad ?

        Reply
        1. Siddharth Post author

          YFE is good enough. But forex card (or debit card) is required when you want to withdraw money.

          So you need a combination of both.

          Reply
  9. Tarun

    Sid, I think you had a smooth experience. I, on the other hand have had a far from satisfactory experience so far. Booked the card on Wednesday evening, and did not receive even a confirmation mail. I called customer support to be told that the card would be ready to be collected from the branch on Thursday evening. I did not receive any call or mail until Thursday evening, and tried calling the mobile number listed on the confirmation page. Turns out, the number does not even belong to an Indusind employee.

    Called support again to get the correct mobile number. Called and was told that they just received the order and that they were out of stock of cards. I also got a confirmation to collect the card on Friday at 2 PM. Coming to Friday, I get a call at 12.30 PM saying we still do not have cards available across branches in Bangalore, and that they had no idea when this would be available by. I decided I had had enough and called the customer support at 1.30 PM to cancel my order. They were clueless, and unable to connect to their own branch. A marathon 50 minute call later (where I gave them their branch number), they said they are again going to try and confirm within 30 minutes. I then get a call at 3.30 promising the same thing again. I am still not sure what is happening. They are not even allowing me to cancel the order !!

    Reply
    1. Siddharth Post author

      That’s really sad. Thing is, you should never call phone support guys as this process is more on branch side.

      The branch that you select gets the order email and it has to be processed by branch guys only. Its good to check the stock with branch (via RM) before ordering. Do try checking with social media team as they can reach out to BM to speed up things.

      Reply
      1. Tarun

        I was not aware of this and did not expect them to mess up so bad. However, one post on social media set the wheels turning. 4-5 different guys called me and arranged the card. The card is on the way now. Hopefully gets activated by tomorrow.

        What was concerning was that the number on the order confirmation page did not even belong to the bank.

        Reply
        1. Siddharth Post author

          Good to see it moving.

          Yes, it happens. It might have shown the old branch numbers on system and i see it happen with many banks that change the numbers but not mind to update it on system or even on maps.

          Reply
  10. Ankur

    Hello,

    Based on your review, I booked the Indusind forex card online. They also delivered the card to my home in 3 days flat! I had a superb experience with them. Also, once I do this, i can reload the card online itself. Have given one to my son and whenever he needs cash, i just load the card. No need to do a fund transfer to his local account and pay hefty fees etc..

    Reply
  11. Anup

    How do you pay remaining 95% amount via payment gateway if requested amount is huge (say $10000)?
    The FAQ mentions that it has to be paid within 24 hours via RGTS/NEFT etc. However, I doubt whether banks allow such high value money transfer to newly added payee in first 24 hours.
    How is it even possible without visiting branch? Even if I visit branch and submit RTGS form, I suspect it has to go through a lot of scrutiny if I visit a non-home branch.

    Reply
    1. Siddharth Post author

      Yes, $10k is high, but it should be fine as its acceptable for a intl trip and not too much to get into scrutiny. You’ll get a call for some high value RTGS txn’s but should move the same day, on time. A quick call to RM or branch manager before doing such high value txns would help.

      Reply
  12. Sourabh Girdhar

    Hi Sidharth,

    Can you reload this card online ? Most of the forex cards can be reloaded only in branches and if someone else back home need to reload, I need to give an authorization letter etc and all those formalities.

    BookMyforex also offers a free card which has no issue fee, no reload fee etc but only first three transaction free in total. Indusind provides two free per currency per month. So confused between these two.. Any suggestions ?

    Reply

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