SBI Forex card is one of the best Forex cards for international students. It allows convenient money management abroad. A Forex card is a must for international travel, especially for study-abroad students. It offers a range of attractive benefits and minimal forex charges. It is a chip-based EMV-compliant card that lets you make secure foreign transactions. State Bank of India (SBI) is the largest government bank in India and one of the most preferred banks when it comes to overseas financial services. From education loans to Forex cards to international money transfers, SBI provides a hassle-free service.
Table of contents
What is SBI Multi Currency Forex Card?
The State Bank Multi-Currency Foreign Travel Card, or Foreign Travel Card, is a convenient way to carry funds abroad. You can load US Dollars, British Pounds, Euros, Singapore Dollars, Australian Dollars, Canadian Dollars, and UAE Dirhams onto the card. While travelling, you can use your card to withdraw money from over 2 million ATMs worldwide that accept Mastercard® cards.
You can also use it to pay for items in shops, restaurants, and hotels worldwide that display the Mastercard Acceptance Mark. It is a chip-based EMV-compatible card that secures private and encrypted data. It provides a simple and safe way to travel with cash (accepted everywhere except India, Nepal, and Bhutan).
SBI Forex Card: Major Highlights
SBI Forex Card, also known as the State Bank of India’s Foreign Travel Card is a prepaid card. It can be loaded in 9 multiple global currencies, allowing you to carry foreign money securely while travelling abroad, except in India, Nepal, and Bhutan.
International students studying abroad can avail of an International Student Identity Card (ISIC) which comes free with an SBI foreign travel card. The ISIC card offers additional discounts to students and makes budget management much easier along with the SBI Forex Card, making it one of the best Forex cards for students.
- It is issued in association with VISA International and MasterCard Asia/ Pacific Pvt. Ltd.
- The card is issued at competitive exchange rates.
Also Read: Want to plan your budget wisely against exchange rate fluctuations? Learn all about locking exchange rates with currency hedging for students
Maximum Amount of Issue
As per the Liberalised Remittance Scheme (LRS) and FEMA guidelines by RBI, you can carry a maximum amount of USD 250,000 in a financial year. The card can be used for purposes like education, travel, medical, business, etc.
Minimum Reload Amount
The SBI Forex card is reloadable. It can be reloaded multiple times until its expiry date, making it convenient for frequent travellers. While you reload the card as per your needs and requirements, the bank sets a minimum amount for loading and reloading. This is as follows-
| Currency | Minimum Amount of Load/ Reload |
| USD (US Dollars) | USD 200 |
| GBP (Great Britain Pounds) | GBP 120 |
| EUR (Euros) | EUR 150 |
| CAD (Canadian Dollars) | CAD 200 |
| AUD (Australian Dollars) | AUD 200 |
| JPY (Japanese Yen) | JPY 15,800 |
| SAR (Saudi Riyal) | SAR 750 |
| SGD (Singapore Dollars) | SGD 250 |
| AED (UAE Dhirams) | AED 750 |
Variants
The SBI Forex card is available in 2 variants- on the VISA platform (as an SBI single currency and multi-currency card) and on the MasterCard platform (as an SBI multi-currency card).
| Platform | Variants | Currencies Available |
| On Visa Platform | Single Currency Card | In any one currency |
| Multi-Currency Card | 9 foreign currencies- USD, GBP, EUR, JPY, CAD, AUD, SAR, SGD, AED | |
| On MasterCard Platform | Multi-Currency Card | 7 foreign currencies- USD, GBP, EUR, CAD, AUD, SGD, AED |
Transaction Limits
There are transaction limits set on the SBI Forex card. Earlier, the number and limit of transactions were less. However, a recent update from the bank enables you to make more transactions at PoS and e-commerce channels. Here are the revised transaction limits effective from 9 September 2024.
| Channel | Number of Transactions (Per Day) | Limit of Transaction (USD or equivalent) |
| ATM | 3 | 3,000 |
| PoS | 20 (Earlier it was 3) | 10,000 (Earlier it was 5,000) |
| E-commerce | 20 (Earlier it was 3) | 10,000 (Earlier it was 5,000) |
Read About: Are you exploring the technicalities of Forex? Check out this blog on Forex Market & Trading Concepts for Beginners
Benefits and Features of SBI Forex Card
The SBI Foreign Travel Card is an excellent option for travellers and international students seeking a secure and convenient way to manage their money abroad. With its multi-currency support and global acceptance, it enhances the travel experience while minimising financial risks. Here are some of the benefits of using the SBI Forex Card:
- You can use the SBI Travel Card at around 1.70 million VISA ATMs and 28 million merchant establishments (MEs).
- The card can be used for a variety of things, such as travel, healthcare, and religious activities.
- Government agencies, PSUs, and businesses that serve the public sector can also use this card to their advantage.
- A minimum of, AUD200, USD200, SGD250, GBP120, YEN15,800, EUROS150, SAR750, AND CAD200 can be loaded and reloaded.
- According to FEMA/RBI 1999 recommendations, the maximum amount can be provided depending on the reason for the abroad visit.
- It is currently equivalent to USD 250,000, or an equal sum each fiscal year, for education, employment, Business trips pilgrimage, tourism and medical care.
- Within the limits of the FEMA/RBI restrictions, these cards may be reloaded multiple times.
- SBI Foreign Travel Cards are also used to make purchases at merchant locations or ATMs by entering the same 4-digit Signature or PIN.
State Bank Multi-currency Foreign Travel Card Fee
It is very important to check the complete schedule of charges before purchasing the Forex card. Knowing the charges will help you to transact wisely and efficiently. The State Bank Multi-currency Foreign Travel Card has the following fees:
- INR 100 for the initial load charge and purchase
- A second card associated with the same funds: INR 100
- Reload Fee: INR 50
- Fee for cash out: INR 100
- Fee for the shortfall: USD 15
- Fee for cash transactions: USD 7.50, GBP 4.00, EUR 6.00, SGD 10, AUD 9.74, CAD 10.00, and AED 30.00
- Cost of conversion: 3%
Read About: Check this blog and know all the major Differences Between Credit Card and Debit Card
Eligibility Criteria
The following qualifications must be met by candidates for the State Bank Foreign Travel Card:
- The candidate must be an Indian citizen in good standing who intends to travel outside of Nepal and Bhutan.
- Corporate entities intend to deploy their personnel abroad for work-related or official reasons (pending the fulfilment of KYC requirements).
- Parents or sponsors of students going overseas for higher education. The student’s name will appear on the card when it is issued and periodically reloaded up to the permitted ceiling.
- Expats who live in India (pending the completion of KYC requirements).
Note: Please note that not all SBI branches issue the SBI Forex card. You must check the list of branches selling the SBI foreign travel card on its website.
SBI Forex Card Apply Online
You can easily apply for an SBI Foreign Travel Card through RINB. Applying for an SBI Forex card online is a straightforward process via their dedicated portal. Submit the application form along with the attached documents. Here’s how to apply for SBI Forex card online-
- Visit the online internet banking link (https://www.onlinesbi.sbi/)
- Log in to your account. You will need to register first if you do not have an account.
- Navigate to ‘e-services’ and then ‘e-cards’.
- Click on ‘Apply for State Bank Foreign Travel Card’.
- Complete the online application form, including any required details about your desired card type and travel plans.
- Once submitted, you will receive a reference number for your application.
- Keep a printout of the completed application form.
- Gather necessary KYC documents
Documents Required
You are required to submit a list of documents when filling out the application form for an SBI Forex Card. These documents ensure compliance with regulatory requirements and facilitate the issuance of the forex card. Here’s the list of documents required to apply for an SBI travel card-
- A signed application form
- A signed Form A2, which is a declaration form as per FEMA guidelines.
- A copy of a valid passport
- A copy of a PAN Card
- Proof of intended foreign travel, such as a visa, flight ticket, or admission letter from a foreign university
- If the address on your passport differs, provide proof of residence
This was all about the SBI Forex card. You may refer to the given below FAQs for more details in brief. It’s always best to double-check details related to updated rates and charges at SBI’s official website to ensure you have everything you need.
FAQs
The card can be used for POS payments, ATM withdrawals, and e-commerce transactions. At the ATM, cash withdrawal is next to balance inquiry.
To pay for your expenses in the local currency while travelling overseas, you can use a Forex card similar to a credit or debit card. You can use an ATM to get local currency. You can avoid carrying large amounts of cash on your sightseeing excursions in a foreign nation by keeping a Forex card in your wallet.
ATMs with the VISA brand allow withdrawals of up to Rs. 2,000,000 per day from any location. There can be a maximum of 20 withdrawals.
It’s not necessary to have an account with SBI to purchase a Forex prepaid card. The bank has clearly stated that you don’t need to be an existing customer to get a Forex Card.
In case you lost your Forex card then report the same immediately to the bank. The bank will block the card and issue a duplicate Forex Card for you.
This was all about the SBI Forex Card for students. Always compare various types of cards and choose the best-suited card as per your requirements.
To know about forex, education loans, the best bank accounts for students, and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
Follow Us on Social Media
