IndusInd Bank Multi-Currency Travel Card – Benefits, Fees & Eligibility

Introduction

The IndusInd Bank Multi-Currency Travel Card is a prepaid forex card designed for international travelers, offering a secure, convenient, and cashless method to carry foreign currency. This card allows users to load up to 14 different currencies on a single card, protecting them from currency fluctuations by locking in exchange rates. Unlike many credit cards, it does not levy a mark-up fee on transactions made in the loaded currency. While it doesn't offer a traditional reward structure, it provides a comprehensive suite of travel benefits including various insurance covers, free airport transfers, and discounts on experiences.

Welcome Benefits

• Receive a discount of Rs. 150 on the card issuance fee when loading the card with a minimum amount equivalent to Rs. 50,000.
• Get a free airport transfer worth up to Rs. 1,000 as part of the welcome offer upon purchasing the card from IndusForex, applicable with a minimum currency load equivalent of Rs. 50,000 using the discount coupon code AIRPORT.

Fees

• Joining Fee: Rs. 300 + GST. However, a discount of Rs. 150 on the issuance fee is available for a minimum currency load equivalent to Rs. 50,000.
• Renewal Fee: Not Applicable.
• Spend-Based Waiver: Not Applicable.
• Rewards Redemption Fee: Not Applicable.
• Foreign Currency Markup:
  • No mark-up fee is applicable on transactions made in the currency loaded on the card.
  • A cross-currency mark-up of 3.5% of the transaction amount is applicable on transactions made in a currency other than the one loaded on the card.
• Interest Rates: Not Applicable (as it is a prepaid card).
• Fuel Surcharge: Not Applicable.
• Cash Advance Charges:
  • 1% of the transaction amount.
  • An additional ATM withdrawal fee of USD 2 is chargeable for cash advances from ATMs.
• Reloading Fee: Rs. 100 is chargeable every time the card is reloaded.

Rewards

Travel

• Multi-Currency Capability: Load up to 14 currencies on a single card, including United States Dollar (USD), Euro (EUR), Great Britain Pound (GBP), Australian Dollar (AUD), Canadian Dollar (CAD), Arab Emirates Dirham (AED), Swiss Franc (CHF), Hong Kong Dollar (HKD), Japanese Yen (JPY), New Zealand Dollar (NZD), Saudi Riyal (SAR), Singapore Dollar (SGD), South African Rand (ZAR), and Thai Bhat (THB).
• Currency Fluctuation Protection: Your exchange rate remains unchanged after you load your card, protecting you from rate volatility.
• International Payments: Make international bookings/payments for hotels, restaurants, airlines, stores, and petrol pumps at no extra charge.
• Cash Withdrawal: Withdraw cash from all Visa-enabled ATMs worldwide.
• Airport Benefits:
  • Free airport transfers worth up to Rs. 1,000.
  • Discounts up to INR 3,000 on experiences, sightseeing, and activities when reloading the card.
• Encashment: Easy encashment once you return to India.
• Duty-Free Shopping: Can be used for shopping at duty-free stores at international airports across India.

Insurance Benefits

The card comes with a comprehensive insurance cover:

• Air accident cover: Rs. 10 lakh
• Loss of checked baggage: Rs. 50,000
• Loss of passport: Rs. 20,000
• Purchase protection cover: Rs. 1 lakh
• ATM assault: Rs. 50,000
• Fraudulent usage cover: Rs. 2 lakh

Rewards Redemption Guide

• The card does not have a traditional rewards program that requires redemption of points.
• Easy encashment of any remaining foreign currency is available upon your return to India.

Card Eligibility Criteria

• Eligibility Rules: As it is a prepaid card, there is no income-based eligibility criterion.
• Documents Required:
  • Copies of your passport (with visa).
  • Air tickets.

Card Review

The IndusInd Bank Multi-Currency Travel Card is an excellent choice for individuals planning international trips, particularly to countries whose currencies are supported by the card. Its primary advantage lies in the absence of foreign currency mark-up fees on transactions made in the loaded currency, which can lead to significant savings compared to using regular credit or debit cards abroad. The card also offers a range of valuable travel benefits, including complimentary airport transfers, discounts on various international experiences, and a robust insurance package covering air accidents, lost baggage, passport loss, purchase protection, ATM assault, and fraudulent usage. The multi-currency feature is particularly useful for travelers visiting multiple countries, allowing them to load different currencies as needed and manage them conveniently. Its security features, like EMV chip technology and instant transaction alerts, enhance peace of mind during international travel.

Important Product Details

• Load up to 14 different international currencies on a single card.
• Protection against currency fluctuations, with locked-in exchange rates once loaded.
• Widely accepted worldwide at all international merchants accepting Visa cards.
• Allows cash withdrawals from all Visa-enabled ATMs globally.
• Comprehensive insurance cover including air accident, loss of checked baggage, loss of passport, purchase protection, ATM assault, and fraudulent usage.
• Offers free airport transfers (up to Rs. 1,000) and a discount on card issuance with a minimum currency load.
• Provides discounts of up to Rs. 3,000 on experiences, sightseeing, and activities upon reloading.
• Features EMV chip technology for enhanced security against fraud and skimming.
• Instant transaction alerts sent to your registered mobile number/email ID.
• Online portal for managing the card: track spends, check balances, reload, change/reset PIN, set currency priority.
• Cannot be used in India, Nepal, and Bhutan.

Other Details

How It Works

• At Merchant Outlets: Let the merchant dip/swipe your card at the POS terminal, enter the invoice amount, then enter your 4-digit ATM PIN. Collect your card, transaction slip, and purchase invoice, and sign the merchant copy of the transaction slip.
• At International ATMs: Insert/dip your card at ATMs with Visa/MasterCard logo, select "Checking/Current/Credit" as the account type, enter your 4-digit ATM PIN, select "Cash Withdrawal/Balance Inquiry", then collect your card and cash (and/or receipt).
• For Online Transactions: Login to the international merchant website, select Credit Card as Mode of Payment, enter your Card details and billing information (Card Number, Expiry Date & CVV2). Enter your Online Password, if second factor authentication is required (refer to the activation and usage section to know how to create a password).

Account Tracking & Management

• Track your spends and check the balance of your card through the website.
• Receive instant SMS alerts after every transaction.
• Available balance is provided in the respective wallet currency after every transaction.
• Tracking is made easy with periodic regular statements.
• Online access to track your spends and balances via the online portal.
• Set a user ID and password of your choice for the online portal at www.indusforex.com (registration required using card number, expiry, CVV, and Date of Birth).

Security & Safety

• Chip Technology based card for greater security and increased protection against card frauds and skimming.
• Secure cash withdrawal through ATMs.
• Secure online shopping with second-factor authentication (online password).
• Immediate hot-listing of the card over the phone on 1860 267 7777 (from India) or +91 22 6155 3100 (from outside India) if the card is lost/stolen.

Forex Services Offered by IndusInd Bank

• Outward Telegraphic Transfers: Send money abroad for education, medical purposes, gifting, maintenance for close relatives, or donations. This service can be initiated by visiting any IndusInd Bank Forex Enabled branch or online via www.indusforex.com.
• IndusForex - Online Portal: A one-stop shop for all forex needs, allowing users to:
  • Buy Forex Cards.
  • Send money abroad with minimum documentation.
  • Reload cards on the fly.
  • Track orders.
  • Check card balances and transactions.
  • Change/Reset Card PIN.
  • Set Currency priority.
  • Buy foreign currency cash.
  • Offers retail forex solutions at competitive rates, with 24x7 online processing.
• Foreign Currency Demand Drafts: Available for making payments abroad for educational fees, medical fees, or migration purposes.
  • Issued in 6 currencies: US Dollar (USD), EURO (EUR), Great Britain Pound (GBP), Australian Dollar (AUD), Canadian Dollar (CAD), New Zealand Dollar (NZD), and Singapore Dollar (SGD).
  • Low Charges: Lesser charges compared to sending a remittance.
  • Protection Against Exchange Rate Volatility: No risk of exchange rate volatility after the draft is taken, as it's issued in foreign currency.
• Foreign Currency Cash: Currency notes in various denominations can be carried for small expenses like taxi fare or local shopping.
  • Available in US Dollar (USD), EURO (EUR), Great Britain Pound (GBP), Australian Dollar (AUD), Canadian Dollar (CAD), New Zealand Dollar (NZD), Singapore Dollar (SGD), Arab Emirates Dirham (AED), and Saudi Riyal (SAR), subject to availability at branches.
• Inward Remittance (SWIFT Transfers): Receive funds from anywhere in the world in 1-2 working days.
  • Initiate wire transfer from your local bank with beneficiary details, beneficiary bank details, and IndusInd correspondent bank details.
  • Ensure accurate name, overseas bank account number, email ID, overseas address/contact number, and purpose of remittance are mentioned in the SWIFT transfer message.
  • Specify "OUR" for charges in the wire (swift) remittance form.
• Foreign Currency Cheque Deposit: Deposit cheques drawn in foreign currency into your IndusInd Bank account.
  • Accepts cheques, demand drafts, cashier orders, pay orders, and bankers' cheques.
  • Money credited in approximately 21 to 30 international working days depending on the cheque currency (excluding Saturday, Sundays, and International Holidays).

Card Activation & Expiry

• After issuance, the bank takes up to 24 working hours to activate the card. An SMS alert is sent upon activation.
• The card is valid for 3 years. Upon expiry, the card should be cut into several pieces through the magnetic strip. A new card can be obtained from an IndusInd Bank branch.

Current Offers

• Get Rs. 500 off on processing charges when sending money abroad through wire transfers.
• Get Discounts up to INR 3000 on experiences, sightseeing and activities when reloading the card.

Handbooks and Terms

• Forex Card Handbook is available for download for cards starting with specific numbers (4665 XXXX XXXX XXX and 4111 XXXX XXXX XXXX).
• IndusForex Terms & Conditions are available online.