Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

IndusForex money transfer review

Make online international money transfers using IndusInd Bank’s forex services.

  • Great for completing a money transfer online.
  • Not so great if you want a large range of currencies.

IndusForex is part of IndusInd Bank, an Indian private sector bank which started operations in 1994. The bank offers online forex services including international money transfers through IndusForex. Through it you can carry out international remittances from India in 16 currencies without having to have an IndusInd Bank account. However, you must be an Indian resident to use this service.

Why should I consider IndusForex?

  • No need to hold an account. You can use IndusForex even if you don’t have an IndusInd bank account.
  • Online transfer. The entire wire transfer process can be carried out online.
  • Book your rate in advance. You can book your rate online by paying 5%, and pay the remainder within 24 hours.

What to be aware of

  • Limited currencies. There are a number of currencies not supported so you may need to use an alternative provider if you’re sending an exotic currency.
  • Eligibility. You have to be an Indian national in order to use IndusForex.

How much are IndusForex’s international transfer fees?

IndusForex’s transfer fees depend on your chosen transfer method and transfer amount. It is worth also being aware that the sender has to pay Goods and Services Tax (GST) as per Indian tax laws. You can choose to pay the beneficiary bank charges yourself or opt to have them paid by your recipient.

How are IndusForex’s exchange rates?

IndusInd Bank has a section on its website where you can see the current exchange rates it offers. Keep in mind that banks and money transfer providers usually add a margin on top of the mid-market exchange rate on international transfers. It is best to compare the displayed rate on IndusForex with the current interbank rate to work out the size of this margin.

IndusForex also gives customers the opportunity to book their rate by paying 5% of the transfer amount and then pay the remaining within 24 hours.

Available currencies

IndusForex supports 16 different currencies including:

  • AUD Australian dollar
  • AED Emirati dirham
  • GBP British pound
  • CAD Canadian dollar
  • EUR Euro
  • HKD Hong Kong Dollar
  • ZAR South African rand
  • USD US dollar

What are the ways I can send money abroad with IndusForex?

You can carry out wire transfers to beneficiaries to bank accounts in most major countries across the world using IndusForex.

What payment methods does IndusForex accept?

Payment needs to be made by National Electronic Funds Transfer (NEFT) through your bank account. Alternatively you can use Immediate Payment Service (IMPS) or Real Time Gross Settlement (RTGS) to pay the total amount through your bank account.

How long does an international transfer with IndusForex take?

Transfer processing times depend on your transfer method and where you are sending money to. A wire transfer with IndusForex takes between two to four business days to be completed.

Transfers typically takeClock icon for transfer speed

1 day

How to make your first international transfer with IndusForex

While you don’t need an IndusInd Bank account, you do need an account at IndusForex to make an international transfer.

Making an international money transfer with IndusForex

  1. Visit IndusForex’s homepage and click on ‘send money abroad’.
  2. Select which currency you want to send.
  3. Enter your personal details including your Aadhaar Number or Virtual ID. If you don’t have an Aadhaar number you can enter your mobile number.
  4. Enter the beneficiary details, including SWIFT code.
  5. Select your processing mode and upload your documents online.
  6. Confirm your order. You can book the Forex rate by paying a nominal 5% of the total amount and pay the remaining balance within 24 hours.
  7. Make your payment by National Electronic Funds Transfer (NEFT) through your bank account.

Is IndusForex safe to use?

  • Security and regulation: Government regulated.
  • Established 1994

IndusInd Bank is a private sector bank that was established in 1994. It has nearly 2,000 branches across India and offers a wide range of products including microfinance, personal loans, credit cards and online forex services.

How does IndusForex compare to other money transfer services?

If you want to see how IndusForex compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.

1 - 3 of 3
Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise)
USD 1
1-2 days
Varies
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Skrill
Skrill
INR 80
1 day
None
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees.
Instarem
USD 1
Within minutes
1%
Instarem offers zero transfer fees on all transfers.
loading

Compare up to 4 providers

Frequently asked questions

More guides on Finder

  • International money transfers with cash pickups

    Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.

  • How to track and keep your money transfer safe

    Learn how to track your money transfers with common providers available in India.

  • How much money can be transferred from USA to India?

    Avoid potential headaches and tax issues with our guide to sending $10,000 or more to India.

  • INR to LKR Exchange Rate

    Live exchange rates Indian Rupee to Sri Lankan Rupee. Historic exchange rates for 10 days ✔ 10 months ✔ 10 years ✔ Calculate your money transfer to LKR.

  • INR to SAR Exchange Rate

    Live exchange rates Indian Rupee to Saudi Riyal. Historic exchange rates for 10 days ✔ 10 months ✔ 10 years ✔ Calculate your money transfer to SAR.

  • INR to NGN Exchange Rate

    Live exchange rates Indian Rupee to Nigeria Naira. Historic exchange rates for 10 days ✔ 10 months ✔ 10 years ✔ Calculate your money transfer to NGN.

  • INR to NPR exchange rate

    Live exchange rates Indian Rupee to Nepalese Rupee. Historic exchange rates for 10 days ✔ 10 months ✔ 10 years ✔ Calculate your money transfer to NPR.

  • INR to MYR Exchange Rate

    Live exchange rates Indian Rupee to Malaysian Ringgit. Historic exchange rates for 10 days ✔ 10 months ✔ 10 years ✔ Calculate your money transfer to MYR.

  • INR to KES exchange rate

    Live exchange rates Indian Rupee to Kenyan Shilling. Historic exchange rates for 10 days ✔ 10 months ✔ 10 years ✔ Calculate your money transfer to KES.

  • INR to HKD exchange rate

    Live exchange rates Indian Rupee to Hong Kong Dollar. Historic exchange rates for 10 days ✔ 10 months ✔ 10 years ✔ Calculate your money transfer to HKD.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy Policy and Terms.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site