IndusInd Bank Multi-Currency Forex Card: Features, Fees & Review

I recently traveled to Singapore and Malaysia and decided to try the IndusInd Forex card, which currently seems to be one of the better options in the market. I already have an IndusInd Exclusive Signature debit card that handles international transactions well, but I wanted to test a dedicated forex card to understand how it performs in real-world use.

Features & Benefits of the Indus Forex Card:

• Zero currency conversion charges
• Zero ATM withdrawal fee (up to 2 withdrawals per month per currency)
• No processing fee
• No issuance fee (temporary offer)
• Online usage enabled
• Validity: 3 years
• 24/7 online booking
• Delivery and activation within 24–48 hours

The card aims to give you near-exact currency value on the date of transaction without hidden fees, which is why I applied. Currencies offered include United States Dollar, Euro, Australian Dollar, Great Britain Pound, Singapore Dollar, Saudi Riyal, Canadian Dollar and UAE Dirham.

IndusInd Multi-currency Forex Card Application Process

• Day 1: I applied online with the minimum loading amount of 100 SGD and used coupon code CARD150 to waive the card issuance fee.
• Day 2: I chose branch delivery but received an instant kit at home after submitting required documents (flight tickets and visa). The card was activated the same day.

The exchange rates are close to Xe.com values, with minor differences because the bank’s buy rate can vary slightly from global conversion rates.

Additional savings and payments: You can load the card via net banking or by using a Visa/MasterCard credit or debit card. Paying with a credit card typically incurs an extra fee of around 2%. I paid with my HDFC JetPrivilege World Credit Card despite the fee because I earned JetPrivilege miles: I paid roughly Rs.100 extra but gained about 200 JP miles, effectively buying miles at about 50 paise each, which suited my rewards strategy.

Managing the IndusForex Multi-currency Card

The online dashboard is simple and user-friendly. It displays balances across multiple currencies on a single page and provides a transaction summary with one click. The interface covers the essential features you need for managing a forex card, such as loading funds, viewing available balances, and checking transaction history.

Important things to note

1. If you transact in a currency that is not loaded on the card, a 3.5% markup fee applies. So the card is most beneficial when you can spend in one of the supported currencies.
2. IndusInd conducts address verification. I used Aadhaar OTP for application and my permanent address on Aadhaar was verified about two weeks later, after I returned from the trip. I avoided using existing account information because it pulled data with errors.

Bottom line

IndusInd Bank offers a compelling forex product with low markup exposure on international transactions. Although other banks like Axis Bank hold a larger market share, IndusInd’s forex card combines competitive rates, a straightforward booking process, fast delivery and easy activation. Overall, I’m satisfied with the product and its usability during my trip.

• CardExpert Rating: 4/5

Have you used an IndusInd Multi-currency Forex Card? Share your experience in the comments.