Looking for a safe and convenient way to carry foreign currency on your next international trip? Well, then apply for the Indus Multi Currency Forex Card right away! We, at the IndusInd Bank, have specially crafted this foreign exchange card keeping in mind the diverse needs of our customers.

You can buy and recharge this forex card online by logging on to our user-friendly portal. Through it, you can shop in multiple currencies with thousands of international merchants.

So, bid adieu to carrying physical cash or traveller’s cheques and upgrade to the Indus Multi Currency Forex Card.

The Top 6 Benefits of Using IndusInd Multi Currency Forex Card

If you’re still mulling over purchasing this tool, the following benefits will surely convince you:

1. Pay in 14 currencies

The IndusInd Bank’s foreign exchange card lets you pay in fourteen global currencies. These include United States Dollar (USD), Canadian Dollar (CAD), Australian Dollar (UAD), New Zealand Dollar (NZD), Hong Kong Dollar (HKD), Singapore Dollar (SGD), Great Britain Pound (GBP), Euro (EUR), Swiss Franc (CHF), Arab Emirates Dirham (AED), South African Rand ZAR, Thai Baht (THB), Saudi Riyal (SAR), Japanese Yen (JYP).

What’s more, you can load all 14 currencies on the same forex card.

With the freedom to complete transactions in multiple currencies, you never have to worry about searching for alternative modes of payment before travelling to the less-travelled nations.

2. Protect funds against currency fluctuations

Once you’ve loaded or recharged your IndusInd Multi Currency Forex Card, your exchange rate does not alter with the fluctuating currency rates.  This feature can shield your funds from losing their value if a particular foreign currency’s rate shoots up, which is not uncommon.

3. Zero Transaction Charges

Whether you want to swipe your card at an international merchant PoS or pay over the internet in loaded currency, our foreign currency card comes with zero transaction charges. So now book your flights and hotel accommodation using our foreign exchange card at no extra charge. You can also swipe this card at petrol bunks, stores and outlets abroad at no additional fee.

4. Apply and reload online

Applying for a foreign exchange card has never been easier as the IndusInd Bank offers a user-friendly online portal, IndusForex. You simply have to visit our official page to fill out a digital form and select your destination country.

On this page, you will also find a currency converter to see our rate for a specific day. Fill out the required details and click “Proceed”. Once you’ve completed this process, you can fill in your personal details and select your card delivery mode to finish your application process within minutes. You can also reload your IndusInd Multi Currency Forex Card using the same portal.

5. Easy ATM Withdrawals

If you need to withdraw cash while on your international trip, you can do so with the IndusInd Bank’s foreign exchange card. Since we have a tie-up with VISA, you can withdraw cash from any VISA enabled ATM worldwide.

6. Safe and secure

Know that each time you swipe your card or use it to complete an online transaction, you receive an instant alert on your registered mobile number and email ID. This makes shopping with our forex card safe and secure. If you receive a transaction alert uninitiated by you, reach out to our exceptional customer care team, and let them handle the situation.

To sum up

As you can see, buying a forex card online with the IndusInd Bank is easy-peasy. You don’t have to stand in any queue or fill out cumbersome paperwork to get one. Add to this; we also guarantee quick encashment of the funds that lie unused in your card once you return to India.

So, rid yourself of the worry that comes with carrying cash abroad by applying for the IndusInd Multi Currency Forex Card today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

Let’s face it; having a credit card in your wallet gives you unparalleled spending freedom. With it, you no longer have to worry about visiting a bank or an ATM to check your savings account balance. You can swipe away without worrying and pay the amount by the due date conveniently. Plus, it also gives you the power to split any transactions into manageable EMIs.

However, for all the benefits they offer, credit cards do come with several risks attached. It’s easy to get carried away with the spending freedom you have. But this unchecked spending can give life to many financial problems later on.

So, if you’re new to the world of credit cards, here are some tried-and-true tips that’ll help you manage your credit well.

Check Your Credit Card Statement Regularly

While you might already know the total dues you have to pay, make it a point to check your credit card statements regularly. Usually, banks send these via email outlining your card limit, outstanding dues, total transactions, and even the reward points earned during the billing cycle.

Checking your statement does two things. One, it gives you a clear idea of your spending patterns, helping you take measures to control your spending. And two, it helps you identify any errors in the statement that can affect your budget and credit score.

Plan Your Big-Ticket Purchases

Credit cards usually have an interest-free period starting at the time of purchase to when the bill is generated, lasting approximately 50 days. Since any purchases made during this period don’t attract interest, it is wise to pay off your dues during this time.

So, make sure to plan your purchases, especially the expensive ones, accordingly to gain the maximum benefit of the interest-free term (and save your funds from going into paying interest alongside).

Pay Your Dues on Time

In addition to interest added on your dues, late bill payments on credit cards attract penalties in the form of late payment charges. These additional charges can drastically increase your bill amount. What’s more, late payments can even harm your credit score significantly.

So, it’s best to make timely bill payments. Some banks even offer an auto-debit facility on your credit cards, wherein the billing amount is automatically debited monthly from your linked account. Moreover, if you do not have funds to repay the total amount, you can opt for paying the bills as monthly EMIs too.

Reclaim Your Rewards

Know the rewards you can claim on purchases with your credit card inside out. Most credit cards offer benefits in the form of cashback, discounts, credit card points, miles, and much more, depending on the card you choose.

Hence, read your credit card booklet for the offers you can claim and make purchases accordingly. And while you’re at it, remember to claim your rewards before they expire.

Restrict Cash-Withdrawals Using a Credit Card

When you use a credit card to withdraw funds from an ATM, you are charged service and withdrawal fees. So, when in need of cash, make sure you use your debit card instead of a credit card.

Wrapping Up

To get the most of your credit card, make sure you know the features your bank offers, and plan your credit card spending according to it. Save your money by making use of the reward schemes on your card.

Want to apply for a credit card online? Apply for one with IndusInd Bank. You can select a card that suits your needs from the range of products we offer. The best part? You can apply for one online in three simple steps. Just fill in your details, select your card, and complete your virtual KYC to get your card; that’s it! To know more about our products, visit our website today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

Whether you want to send funds abroad to your loved ones, pay your child’s college tuition fees, or repatriate your funds as an NRI, you can do all of this easily via outward remittance. Since it takes place on a secured banking network, this remittance service is by far the safest way to send money abroad.

However, before you remit your money, there are several rules attached to outward remittance that you must know to avoid any mishaps or misunderstandings.

In India, all the laws related to outward and inward remittances fall under the jurisdiction of the Foreign Exchange Management Act (FEMA). Apart from ensuring the money sent abroad is used only for legal purposes, this act helps the RBI stabilise the local currency markets.

Wondering what these rules are? Well, let’s take a look.

The RBI Guidelines for Outward Remittance

Purpose of Remittance

The Liberalised Remittance Scheme (LRS) under FEMA allows all Indian residents to send money abroad without any special permissions, provided that the purpose of transfer falls under one of these conditions:

• Overseas education or living expenses for students abroad
• Tourism and travel costs, including business travel
• Funding medical treatment
• Purchasing property or shares overseas
• Supporting family members abroad
• Sending gifts or donations
• Emigration
• Participation in international conferences etc.

The scheme also prohibits the following reasons for international money transfer:

• Purchase of products under Schedule 2 of the Foreign Exchange Management Rule 2000, including the purchase of banned magazines, lottery tickets, sweepstakes, etc.
• Purchase of FCCB (Foreign Currency Convertible Bond) issued by an Indian enterprise in the market overseas, and trading in foreign exchange
• Donations to entities at risk of conducting acts of terrorism

Limits on Foreign Money Transfer

As per the RBI guidelines, there’s an upper limit on the amount you can outwardly remit. Moreover, these NRIs and Indian residents have different transfer restrictions. Let’s understand them one by one.

A. Foreign Money Transfer for Indian Residents

Under the LRS, Indian Residents can remit up to $2,50,000 in a financial year. This is a combined limit, meaning one can perform multiple international money transfers provided they are under this limit. Additionally, they must also furnish their PAN card, along with other KYC documents, while making a foreign fund transfer. Also, note that the documentation involved varies according to the purpose of remittance.

B. Outward Remittance for NRIs

NRIs can remit funds abroad from their NRE/NRO/FCNR accounts in India. While the NRE and FCNR accounts have no remittance limits, NRIs with an NRO account can only remit up to $1 million in a given financial year. Moreover, NRO account holders need to submit their tax certificates under forms 15CA/15CB, Form A2, and a copy of their PAN card to make an outward remittance.

Methods of International Money Transfer

PayPal and other virtual payment sites are not RBI-approved for international fund transfers. They can only be used to pay invoices raised by businesses located abroad. Being business payments, these don’t fall under the LRS.

To send money abroad, one must approach institutions authorised by RBI, which include banks and money changers having an AD-II Category License (Authorised Dealer – II). The payment to the bank or money changer must be made via your personal savings account by online bank transfer only. In other words, cheque, card or cash payment is not allowed. Further, the money can be remitted abroad only via wire transfer or demand draft.

Final Word

Adhering to the RBI guidelines is key to ensuring your international money transfer is conducted without any hassles.But, choosing the right bank partner is crucial too. Why? Because international fund transfers are easier (and quicker) when the bank has an extensive network.

At IndusInd Bank, you can benefit from our worldwide reach and transfer funds in 16 different currencies. And that’s not all! You can even transfer the funds online through our online portal IndusForex. Want to learn more about our services? Visit the IndusInd Bank website today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.