IndusInd Bank Forex Rates Explained | How to Save on Transfers

Considering IndusInd Bank to manage cross-border transactions? You need to go beyond settlement times and supported currencies, and also factor in the exchange rates you'll have to bear.

You see, most banks, including IndusInd Bank, don't have a flat rate for sending or receiving money from overseas. Charges can vary depending on:

• The currency you're exchanging
• Whether you're buying or selling
• The amount being transferred

In this article, we'll look at IndusInd Bank's forex rate in detail, so you don't have to worry about unexpected charges later.

IndusInd Bank makes managing foreign exchange simple through its IndusForex platform. Whether you want to buy a forex card, get currency notes, or send money abroad, IndusForex helps you get the best rates easily.

Here's how it works:

• Choose what you want to do - buy a Forex Card, cash, or send money abroad. The system automatically fetches the best IndusForex rates for you.
• Fill in a few basic details and upload your documents online. You can also select how you want your Forex Card delivered.
• Book your rate by paying just 5% upfront. You can pay the remaining amount within 24 hours.
• Your order is completed quickly, usually within 24–48 hours.

IndusInd Bank offers a secure and fast process to buy or reload your Forex Card and transfer funds abroad. You can lock in rates anytime, meaning you don't have to rush to a branch or money changer. 

Additionally, the process is mostly online, and you can collect your Forex Card from any of 400+ branches or get it couriered to your home.

Using IndusInd Bank for foreign exchange is easy. But knowing the fees and limits beforehand can save you from unexpected costs. Here's a simple guide to the main charges and services.

IndusInd forex card charges

The Indus Multicurrency Card fees comes with simple, transparent charges:

Currency-wise charges for ATM withdrawals, balance enquiries, and daily ATM and POS limits:

You can also manage overseas transactions with IndusInd Bank's Pioneer card with zero conversion charges. It is a complimentary card that:

• Supports 14 major currencies and is delivered at your doorstep.
• Lets you book rates online by paying just 5% upfront and settling the rest within 24 hours.
• Is available 24/7 through IndusForex.com for easy management.

Alternatively, you can opt for wire transfers through the IndusFastRemit outward remittance service. It costs INR 500 + INR 500 SWIFT charges.

When you check the mid-market exchange rate benchmark on Google, it often looks cheaper than the ones you get from IndusInd Bank. This happens because the bank adds its own costs and margins. Here's why:

1. Spread

IndusInd Bank does not give you the wholesale 'interbank' rate that banks use when trading with each other. Instead, it adds a small margin. For example, if the interbank rate for USD is 1.00, IndusInd might charge you 1.03 when you buy dollars. But if you sell USD, you may only get 0.97 back.

This difference is called the spread. It is how the bank earns on currency exchange. The spread may be smaller for big transactions or for common currencies like USD, and higher for smaller transactions or rare currencies.

2. Fees

On top of spreads, IndusInd may charge flat fees for certain services. For example, the IndusInd Bank forex card rates for issuing or reloading are fixed.

These fees help the bank cover risks like sudden rate changes. They are also used to manage the cost of running branches and processing cash.

3. Market volatility

Global events, inflation, or demand for a currency affect IndusInd's rates. If a currency looks risky or unstable, the bank will keep a bigger spread to protect itself.

4. RBI rules

IndusInd must follow Reserve Bank of India regulations. These rules come with compliance costs, and some of those costs are passed on to the customers in the form of fees or slightly higher rates.

The effective exchange rate shows how strong or weak a currency is compared to the currencies of a country's main trading partners. It is calculated as a weighted average, depending on how much trade happens with each partner.

For example, let's say the US trades mainly with three regions:

• India: 20% of trade
• European Union: 50% of trade
• China: 30% of trade

To calculate the effective exchange rate, we'll multiply the

• Rupee-dollar rate by 0.20
• Euro-dollar rate by 0.50
• Yuan-dollar rate by 0.30

Then, we'll adjust these weighted rates for factors like inflation.

This gives economists a clear picture of how competitive India is in trade with the US compared to the EU and China.

Foreign exchange rates can change pretty fast. Sometimes, even within seconds. As such, real-time forex rates can be extremely helpful for both traders and businesses.

For traders and investors, real-time data can help spot the right opportunities. If a currency moves up or down, they can act quickly. This can make the difference between profit and loss.

For businesses, real-time rates are equally critical. Companies that buy or sell goods overseas need accurate numbers to:

• Know exactly what they're paying or receiving.
• Protect themselves from sudden currency swings.
• Pick the right time to send or receive payments.
• Plan pricing or currency strategies with confidence.

If you want to know the latest IndusInd forex rates, there are two simple ways to do it.

The first is by visiting the bank's official forex website, IndusForex. Here, you can select the currency you want to buy or sell and see the rate offered by the bank.

The second option is to call IndusInd Bank's customer care. The support team can share the current rates with you directly.

When you compare IndusInd Bank's forex rates with Xflow, the difference is clear. Banks often add hidden spreads and extra charges, while Xflow keeps everything simple and transparent.

With Xflow, you can:

• Receive payments in 25+ currencies from clients across the world.
• Get a free USD Receiving Account at sign-up and start collecting payments right away.
• Avoid intermediary banks, which means no surprise deductions and faster transfers.
• Use local transfer methods like ACH, RTP, and Fedwire that cost less and settle funds quickly.

Another big advantage is FX certainty. With Xflow, you always know the exact INR amount you will receive, since rates are linked to the mid-market exchange rate benchmark. Plus, you get a free FIRA for every withdrawal.

Managing international payments with IndusInd Bank may seem convenient. But hidden fees, spreads, and changing rates often add up without you realizing it. And for freelancers and businesses accepting international payments, these costs can eat into profits.

Xflow offers a smarter alternative. It's a cross-border platform that gives you real-time rates based on mid-market benchmarks, with faster transfers and no hidden fees. Simply put, it makes international payments easier and more predictable. Whether you're receiving small amounts or large transfers, the process is easy and cost-effective. Plus, it takes the hassle out of handling payments across borders.