IndusForex Multi-Currency card: All you need to know

Aman Saxena

The popular bank IndusInd has the IndusForex Multi-Currency card which is a Visa card that lets you hold different currencies in a single account. You can get the card here in India at a IndusInd Forex bank branch and then hold and spend 14 different global currencies as you travel abroad. Read on to learn more about how this card works and if you should keep this card in your wallet next time you head overseas.

And if you want a card that lets you hold more than 3 times the number of global currencies and with fewer fees, check out Wise’s Multi-currency debit card in supported countries

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Table of contents

What is the IndusForex Multi-Currency card?

The IndusForex Multi-Currency card is a prepaid card offered by IndusInd bank within the bank’s foreign exchange services, IndusForex. It is a single account where you can hold 14 global currencies simultaneously. Each currency operates as a separate wallet. You purchase the currencies in your wallet before you travel and then you can spend as you like when you are abroad.

The card comes with a CHIP and a magnetic stripe for point-of-sale transactions when you are overseas. You can use the card at any shop, restaurant and merchant that accepts Visa. As soon as you use it, the money will be withdrawn from the respective currency you hold. If you do use it in a currency that isn’t held in an account, the money will be drawn from a different currency and you will be charged an extra fee.

You can get the IndusForex multi-currency card at a IndusInd bank branch with forex services. Once you are issued a card, you can start using it after 24 hours. You can reload your currency wallets through the IndusForex portal online or physically at an IndusInd Forex branch.¹

What can I use the IndusForex Multi-Currency card for?

The IndusForex Multi-Currency card can be used for overseas purchases and cash withdrawals in any of the countries that accept the currencies available. The Visa card will work like a normal local card when you swipe, and the money will be drawn from the corresponding currency wallet. But keep in mind that there are fees that come with issuing and reloading the card, which is covered in the next section.

Because it is easier to manage and handle than cash, the IndusForex Multi-Currency card is useful for those that travel often and globally. Students, business travelers or those spending a good chunk of time abroad can find this card handy to have. You can also keep track of your balances on the card while you are overseas with the IndusInd unique travel cards online portal.

If you are making purchases abroad, keep in mind that there is a currency equivalent spending limit of 7 lakhs INR at merchants per day. And ensure to have less than $2,000 USD as a balance on the card when you return to India to comply with FEMA rules. The card is also only valid for 3 years, after which time you will need to go to a IndusInd Forex branch and get a new one.²

Charges and fees for IndusForex Multi-Currency card

There are upfront fees with the IndusForex card and there is a hidden fee too in the exchange rate. Let’s break down a few of the basic fees you can expect:

Card Issuance₹300
Reloading your wallet₹100
Cross currency markup3.50%
Inactivity for more than 18 months$3.00 per quarter

It is best to only sign up for this card if you do take multiple trips a year, otherwise you can start losing money on inactivity fees.

The other fee to expect is the hidden fee in the exchange rate. Banks use the mid-market exchange rate when they move money between themselves. The mid-market exchange rate is also the rate you see on Google. It doesn’t have a markup and is the real exchange rate. Visa and IndusInd set their exchange rates to be weaker than the mid-market rate and in the difference are able to sneak in a fee to you. So it means more money out of your pocket every time you load your wallet, on top of the loading fee.

When transferring money internationally, think Wise


Why lose money on weak exchange rates when you can get the real exchange rate every time with Wise. Wise is a completely online global money transfer service that lets you send money to over 150 countries at the mid-market exchange rate. All you have to pay is one low upfront transfer fee and that’s it.

You can receive and send money directly to local Indian bank accounts with Wise. Signing up for Wise is free and you can do it right from your living room without leaving your home. So whether you need to send money for gifts, rent, books or to reserve your holiday, you can do it cheap, quickly and easily with Wise. It is no wonder that over 7 million customers choose Wise to send money around the world.

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And if you want a powerful multi-currency card that has access to more of the world with 45 different global currencies, look no further than the Wise Multi-Currency debit card. You can hold, spend and send money from a single account through Wise’s award-winning app. All at the real exchange rate and with one low conversion fee. Want less fees and more of the world at your fingertips? Check to see if you are in one of the qualifying countries for the Wise Multi-currency debit card.

And if you are in India and want to be one of the first people with access to this truly global multi-currency card, sign up on the wishlist now.

Overseas ATM withdrawals with IndusForex Multi-Currency card

You can take cash out or check your balance with the IndusForex card at Visa/Plus ATMs around the world. So anywhere you see an ATM with the Visa/Plus symbol, and there are over 1.5 million of them, you can withdraw cash in the local currency.

But, there is a cash withdrawal fee every time you use an ATM abroad. The amount of cash you withdraw will be taken from that same currency balance you are holding in your account. This ATM is in addition to any other fees that may be taken by the specific bank or ATM you use. Each currency has their own ATM withdrawal fee, but here is an example of what you can expect⁴:

CurrencyATM Withdrawal Fee
US Dollar$2.00
Great Britain Pound£1.00

Also the maximum you can take out is the currency equivalent of 3 lakhs INR daily from the ATM.

Sometimes you just need cash when you travel overseas, so don’t be punished for it. The Wise Multi-Currency account lets you have free cash withdrawals of up to $250 USD and its currency equivalent every month.

What are the currencies in the IndusForex Multi-Currency card?

With the IndusForex card you can hold US Dollar, Euros and all the following currencies in your account⁵:

Swiss FrancThai BahtAustralian DollarSouth African Rand
Great Britain PoundSingapore DollarSaudi RiyalJapanese Yen
Canadian DollarUAE DirhamHong Kong DollarNew Zealand Dollar

Unfortunately, the card is not usable in India, Nepal or Bhutan. And if you do use the card for purchases in another currency that is not listed above and is neither India, Nepal or Bhutan, you can still go ahead with the purchase but you will be hit with the additional currency conversion fee on top of existing fees.

Sources used for this article:
  1. IndusForex Multi-Currency Card
  2. Using the IndusForex Multi-Currency Card
  3. Charges & fees
  4. ATM Withdrawals
  5. Currencies

All sources checked as of 27 July, 2020

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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