Make online international money transfers using IndusForex.
IndusInd Bank is an Indian private sector bank which started operations in 1995 in Mumbai, India. The bank offers various banking and financial products/services to its customers including forex services. IndusInd Bank offers its online forex services including overseas money transfer to its customers through their IndusForex product. You can carry out international remittances from India in 15 currencies using IndusForex.
IndusForex foreign exchange rates
IndusInd Bank has a section on its website where you can see the current exchange rates it offers. These rates are updated once each working day (Monday to Friday, apart from bank holidays). As an example, we have listed the rates available on its website on 17 May 2018.
|Currency code||Currency||Remittance rate|
|HKD||Hong Kong dollar||9.0|
|NZD||New Zealand dollar||47.53|
|SAR||Saudi Arabian riyal||18.42|
|USD||United States dollar||68.1321|
|ZAR||South African rand||5.68|
However, if you do make an international money transfer using IndusForex, you need to be aware that these are indicative rates. The rate applicable for your money transfer will be the exchange rate at the time of order confirmation. The displayed rates also do not include any beneficiary bank charges or the Goods and Services Tax (GST) applicable on foreign exchange transactions as per Indian laws.Back to top
How much does it cost to transfer money with IndusForex?
IndusInd Bank charges a flat transfer fee of INR750 per transaction. You’ll also be liable to pay Goods and Services Tax (GST) in accordance with Indian tax laws, along with the beneficiary bank charges.
Transfer limits and available countries
The minimum amount you can transfer using IndusForex is an amount of 100 in the currency you are looking to remit overseas. So, if you’re looking to transfer US dollars, the minimum amount you can transfer is US$100. If you want to transfer Australian dollars, the minimum amount you can transfer is AUD100, and so on.
Before you make any overseas remittances, it’s important to be aware of the Reserve Bank of India (RBI) rules regarding overseas money transfers from India. These regulations permit Indian residents to carry out international remittances of a maximum amount of US$250,000 annually. This limit applies in a single Indian financial year(which runs from April to March).
You can transfer money to most major countries across the world using IndusForex. Contact IndusForex’s customer service if you’re unsure whether they support money transfers to the country you’re looking to make a remittance to.
What types of transfers can you carry out with IndusForex?
- Wire Transfers.
You can carry out wire transfers (TT/Swift Transfers) to beneficiaries having bank accounts in most major countries across the world using IndusForex.Back to top
The registration and transfer process
While you don’t need an IndusInd Bank account, you do need to have an account at IndusForex to transfer money overseas. Follow these steps to make an overseas money transfer:
- Step 1. Click on “Send Money Abroad” on the home page, select the currency you want to make the money transfer in and add the amount to see an indicative INR amount that you will have to pay to carry out the remittance.
- Step 2. Open an account by entering your personal details. If you are an existing IndusInd savings account holder (or have carried out a previous transaction at IndusForex), enter your mobile number to proceed. Otherwise, add your Aadhaar number to register an account.
- Step 3. Enter the beneficiary details, including SWIFT code.
- Step 4. Select processing/delivery mode and upload the required documents. You can either select online processing or processing at an IndusInd Bank branch.
- Step 5. Confirm your order. You can book the Forex rate by paying a nominal 5% of the total amount. You have to pay the balance within 24 hours.
- Step 6. Payment has to be made by National Electronic Funds Transfer (NEFT) through your bank account. Alternately you can use Immediate Payment Service (IMPS) or Real Time Gross Settlement (RTGS) to pay the total amount through your bank account.
- Step 7. The wire transfer is processed subsequently.
The wire transfer is usually credited to the beneficiary bank account within a period of two to four working days.Back to top
Speak to an IndusForex representative through a dedicated phone number or alternately, request a call back. You can also visit an IndusInd Bank branch in person and speak to a bank representative if you have any queries.
Pros and cons of using IndusForex
- You don’t need to be an IndusInd Bank account holder to use this product.
- The entire wire transfer process can be carried out online.
- Exchange rates are updated on the IndusInd Bank website on a daily basis only.
- You need to be an Indian resident to use this product.
- Not all currencies are supported. So, if you are looking to make overseas transfers in an exotic currency, you’ll have to consider another provider.
What other products and services does IndusInd Bank offer?
- Banking Services. IndusInd Bank is a renowned private sector bank. They offer customers numerous financial products and services. Some of these are various types of bank accounts, credit cards, insurance, foreign exchange services and loans, to name just a few.
- Forex Travel cards. IndusInd Bank issues prepaid forex multi-currency travel cards in eight major currencies.
- Buying and selling foreign exchange. IndusInd Bank buys and sells cash in eight major currencies.
Frequently asked questions about IndusForex
A final word
IndusForex is a facility for Indian residents to make overseas remittances online without physically going to a bank or a foreign exchange provider. It’s a convenient way to remit money overseas from India. However, you should compare exchange rates and transfer fees that competitors offer before sending money overseas using IndusForex.