SBI Forex Card: Rate, Issuing Branches, Benefits, Withdrawal

sbi forex card

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. SBI Forex Card or travel card can be purchased from the branch of SBI that is providing Forex services. You can use the card in a foreign country for cash withdrawals through ATMs, POS merchants, paying bills etc.

In order to protect the cardholder’s funds, the card requires VBV validation (Verified by Visa) and the use of CVV2 for all e-commerce transactions. Let’s understand all the major features, types, eligibility and charges of the SBI Forex Card for students.

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).

Types of SBI Travel Forex Cards

There are two types of cards SBI offers, each with a unique set of features and benefits. Before purchasing the card, always compare the major features, benefits, eligibility and schedule of charges and then finalise the best-suited card as per your requirements. The two major types of SBI Forex Card are as follows:

  • State Bank Foreign Travel Card 
  • State Bank Multi-Currency Foreign Travel Cards

Read About: Are you exploring the technicalities of Forex? Check out this blog on Forex Market & Trading Concepts for Beginners

About State Bank Foreign Travel Card 

The State Bank Foreign Travel Card is a prepaid international travel card that enables hassle-free international travel for the cardholder. This card has a chip and is chip-based, and the data on it is encrypted and private. With this card, cardholders can carry cash wherever they choose in the world (except Bhutan, India, and Nepal).

Eight distinct foreign currencies, including the pound sterling (GBP), US dollar (USD),  Japanese yen (YEN), euro (EUR), Singapore dollar (SGD), Saudi riyal (SAR),  Canadian dollar (CAD), Australian dollar (AUD), and are available through the State Bank Foreign Travel. 

Benefits and Features 

The State Bank Foreign Travel Card has the following characteristics and advantages, which are listed below:

  • Based on the VISA International network, this card is issued.
  • With the exception of India, Bhutan, and Nepal, around  1.70 million VISA ATMs and 28 million merchant establishments (MEs) accept the State Bank Foreign Travel Card.
  • The fact that around 1,100 branches offer this card makes it simple to obtain.
  • 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. 
  • Cardholders get access to competitive exchange rates.
  • Within the limits of the FEMA/RBI restrictions, these cards may be reloaded multiple times.
  • These Foreign Travel Cards are also used to make purchases at merchant locations or ATMs by entering the same 4-digit Signature or PIN.

SBI Foreign Travel Card Fee

  • You will be charged a shortfall fee of US$15.00 if the balance on your card is less than the minimum amount needed to complete a transaction.
  • If you use your SBI Foreign Travel Card to withdraw cash from an ATM, you will be charged a COT fee of US$7.50/£4.00/€6.00/SG$10/AU$9.74/CA$10.00/AED30.00.
  • Cost of replacement card: A fee of Rs. 500 will be assessed if you need to replace your SBI Foreign Travel Card.
  • Cross-currency fee: You will be charged a cross-currency fee of 3% of the transaction value if you make a purchase in a currency other than the one on your credit card.

About SBI Multi-Currency Foreign Travel Card

State Bank International (SBI) offers a prepaid foreign exchange card. Unlike credit cards, it is a prepaid card, therefore before it can be used to make transactions, it must be loaded. It is a multi-currency card, as the name suggests, and contains 7 different currencies, including some of the most popular ones like USD, Euro, Dirham, etc.

Benefits and Features 

The SBI Multi-Currency Foreign Travel Card has the following features and advantages, which are detailed below:

  • Foreign travel credit cards from State Bank with multiple currencies are PIN and chip safeguarded.
  • A backup card will be given to cardholders as well as the primary card.
  • Cardholders can access 24/7 international assistance for any card-related questions, including how to replace a lost or damaged card.
  • The cardholder’s bank account is not connected to the card.
  • The cardholder can use the card internationally because it can be included in several currencies.
  • There are around 2 million ATMs throughout the world that take MasterCard payments, so cardholders can get local currency. Aside from India, Bhutan, and Nepal, they can apply with their partner businesses that carry the MasterCard Acceptance Mark.
  • When the State Bank Multi-Currency Foreign Travel card is reloaded, the cardholder has the option to lock in the value of the card balance. They might be able to avoid exchange rate changes as a result when they travel abroad.
  • The Foreign Travel cardholder is not required to divulge any information regarding their bank accounts to use the card.  

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).

How To Apply

Here are the few steps for how to apply for a State Bank Forex Travel Card 

  • Visit the webpage at https://prepaid.sbi
  • You will be given a reference number 
  • Print out your online application, and then visit any SBI bank with the necessary KYC documentation.

Documents Required

The following paperwork must be provided by the applicant in order to obtain a State Bank card:

  • Copies of their passport’s first page and last pages.
  • If the used amount is INR 50K or more, an SBFTC application must be submitted along with Form 60, Form A2, and PAN in its place.
  • Address Proof is required if the address listed on the passport is incorrect.
  • Documents required for the trip like air ticket, visa approval letter etc.

FAQs 

Can we cash out on our SBI Forex card?

The card can be used for POS payments, ATM withdrawals, and e-commerce transactions. At the ATM, cash withdrawal is next to balance inquiry.

Can I take money out of my Forex card?

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.

What is the daily withdrawal cap for travel cards?

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. 

Is it necessary to have an account with SBI to purchase a Forex Card?

It’s not necessary to have an account with SBI in order 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.

What if I lost my 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 more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.

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