IndusInd Bank International Transfer

Looking to send a payment overseas with IndusInd Bank? Before you get started with your IndusInd Bank international money transfer, you’ll want to know about the process, how much it costs, the exchange rate and limits. This guide covers all you need to know.

IndusInd Bank has some helpful digital services - including international bank transfers. But you may find that specialist services like Wise and Western Union can offer a cheaper and faster international payment, which you can arrange online or right from your smart device.

IndusInd Bank international money transfer comparison

Like most traditional providers, IndusInd Bank international money transfers can come along with several different fees:

• Transfer fee - relatively low charge, paid directly to IndusInd Bank

• Exchange rate markup - a percentage rolled up in the exchange rate

• Nostro fees - you can pay these as the sender, or split them with the recipient if you’d prefer

To give an idea of how IndusInd Bank compares with other payment services, let’s look at an example. Here’s what you’d pay if you were sending an online transfer of 100,000 INR to a GBP denominated account, with IndusInd Bank and a few specialist services.

We highlighted above that IndusInd overseas remittances can come with a few different fees. While the transfer fee looks low, it’s worth knowing that the exchange rate markup can mount up quickly on international bank transfers, until it’s often the highest of all 3 of the payments you need to cover. The Nostro fees are also a bit tricky - you can pay them yourself, or share them with the sender, but as they’re incurred during the processing of the transfer you may not be able to know in advance exactly what the overall charge will amount to.

Online specialist services may present a better option with a better exchange rate and more transparent fees. It’s also easy to create an account, get verified and send a payment, without needing to visit a bank branch. If you’re looking for an alternative, check out online specialist services like Wise and Western Union.

Read our detailed comparison article to learn how Wise compares to international bank transfers.

IndusInd Bank international transfer fees

Here’s what you need to know about IndusInd Bank international remittance fees:

IndusInd Bank exchange rate

The IndusInd Bank international transfer exchange rate will be shown when you start to set up your payment online. Or if you create a payment in a branch, you’ll be notified of the applicable rate when you talk to the support staff. If you arrange your transfer online you’ll have to first pay a 5% downpayment on your international transfer, which will lock in the exchange rate for up to 24 hours. You’ll then need to complete the remaining 95% payment to activate the transfer.

It’s good to know that the IndusInd Bank exchange rate you’re offered will normally include a markup on the mid-market exchange rate. While this varies by currency, typical bank markups can be in the region of 3% or more. It may not sound like much but it can mount up quickly.

To give some context, here’s  how a 3% fee rolled into the exchange rate would add up up for different transfer amounts:

• Sending 50,000 INR - a 3% exchange rate markup adds 1,500 INR to the total

• Sending 100,000 INR - a 3% exchange rate markup adds 3,000 INR to the total

• Sending 500,000 INR - a 3%  exchange rate markup adds 15,000 INR to the total

If that 3% markup is typical of what’s applied on our example 100,000 INR payment above, the markup would be by far the highest fee you pay, at around 3,000 INR.

Here’s a reminder of the total costs - including exchange rate markups - from the providers we looked at earlier. This is what you’ll pay with each if you send 100,000 INR online, to a GBP denominated account:

• IndusInd Bank:  750 INR + exchange rate markup + Nostro bank charges

• Wise fees: 2,102.12 INR transfer fee  and no markup on the mid-market exchange rate

• Western Union: No transfer fee, but a markup is added to the mid-market exchange rate

IndusInd Bank additional fees

When you set up an IndusInd Bank international payment you’ll have the option of either covering the Nostro fee yourself, or sharing it with the recipient. This charge refers to the cost of processing a payment through the SWIFT system.

In this process, your money is moved by 1 - 3 intermediary banks on its way to the beneficiary. These intermediaries can apply a charge for their services - referred to by IndusInd Bank as a Nostro fee.

It’s possible to have the recipient cover some of this cost. However, in this case they’ll get less in the end as the fee is deducted from the funds as the intermediary bank processes the payment.

How long does an IndusInd Bank international money transfer take

IndusInd Bank transfers which have been set up online are funded in 2 stages. First you’ll need to pay a 5% downpayment to guarantee your exchange rate. You’ll then have up to 24 hours to pay the remaining amount.

Once the final instalment has been funded, your money will be passed on by IndusInd Bank to your recipient. From the point the transfer is fully funded, it’ll take 24 - 48 hours to arrive. Here’s how that compares with the other providers we looked at earlier:

• IndusInd Bank: 24 - 48 hours, once full payment has been received
• Wise: 80% of payments arrive in 24 hours
• Western Union: 0 - 1 business days

Pros and cons of transferring money abroad with IndusInd Bank

Pros:

• Arrange your payment online or in a branch

• Send in up to 16 currencies

• Lock in your exchange rate and then pay the majority of the transfer cost within the next 24 hours

Cons:

• Overall costs can be high, including Nostro fees which are paid to third parties

• Exchange rates are likely to include a markup

• Your payment will only begin to be processed once you have fully funded the amount

Before you choose IndusInd Bank to send your international transfer, take a look at specialist online services like Wise or Western Union. Providers like these can usually offer a faster online or in-app service - with more transparent fees and lower overall costs.

How to make an international transfer with IndusInd Bank

You can make IndusInd Bank international money transfers online or by visiting a branch. If you don’t have a verified IndusInd Bank account you’ll need to upload or show your PAN Card and a proof of address before you can complete your payment.

You can arrange your payment online:

1. Head to the IndusForex desktop site

2. Select the currency you want to send to generate a rate quote

3. Log into your account or enter your details

4. Check over the payment details and confirm delivery method

5. Confirm order, paying your 5% downpayment

Once you’ve locked in your exchange rate you’ll have to pay the remaining 95% to initiate the international transfer. This can be done online via NEFT/RTGS or IMPS within 24 hours of arranging your payment. You’ll then need to log into your IndusForex account to add your documents, enter the payment transaction number showing your payment has been completed, and track your transfer.

What information do you need to make an international transfer with IndusInd Bank?

Whether you send your IndusInd international bank payment online or by visiting a branch, the information needed will usually include:

• Beneficiary full name

• Beneficiary bank account number or IBAN

• Beneficiary bank name and address

• Additional information based on the country - like a sort code for the UK or routing number for the US

• Reason for payment

Transfer limits and available countries

You can send an IndusInd Bank international transfer as a resident Indian up to the annual limits set by the Reserve Bank of India. At the time of writing that means you can transfer up to the equivalent of  250,000 USD/year. Individual payments can be made from a minimum of the currency equivalent of 100 USD through to a maximum of 25,000 USD or the currency equivalent.

You can send a IndusInd Bank international money transfer in 16 major global currencies:

• United States dollars (USD)

• Great Britain pounds (GBP)

• Euro (EUR)

• Australian dollars (AUD)

• Canadian dollars (CAD)

• New Zealand dollars (NZD)

• Arab Emirates dirham (AED)

• Swiss franc (CHF)

• Danish krone (DKK)

• Hong Kong dollar (HKD)

• Japanese yen (JPY)

• Norwegian krone (NOK)

• Saudi riyals (SAR)

• Swedish krona (SEK)

• Singapore dollars (SGD)

• South African rand (ZAR)

Receiving money from abroad with IndusInd Bank

The exact information needed to receive an international payment into your IndusInd Bank account will depend on the currency and where the payment is coming from. You can expect to need to give the sender the following information:

• IndusInd Bank's correspondent bank Nostro account number and SWIFT Code - these vary depending on where the payment is coming from, and can be found on the IndusInd Bank website

• Your account number

• Your name and address

• The purpose of the remittance

• IndusInd Bank SWIFT Code

Read our article to learn the Best Ways to Receive Money Internationally in India

IndusInd Bank SWIFT code

Your sender will ask you for the IndusInd Bank SWIFT code when they process your payment. This is a unique identifier which is used to make sure international transfers end up in the right bank account - even when that’s in another country. Using the right SWIFT code should mean your transfer arrives securely, and without delays.

The IndusInd Bank SWIFT/BIC code is: INDBINBBXXX

Conclusion

IndusInd Bank international money transfers can be set up online or in a branch, and cover 16 major global currencies. The online service is convenient as you won’t need to take time out to go to a local IndusInd Bank office - but it is a 2 stage process requiring you to secure an exchange rate and then fully fund your payment afterwards, which can be cumbersome.

Overall, while sending your payment with your normal bank might seem like the obvious solution it may not actually be the fastest or cheapest way to send money from India to someone overseas.

Instead of making your payment with IndusInd Bank, check out specialist providers like Wise or Western Union, which offer fast one-step payments, with transparent fees and an easy sign up process.