SBI Forex Card
The State Bank of India (SBI) offers the SBI Forex Card under the name of State Bank Foreign Travel Card (SBFTC). It is an EMV chip-based prepaid card designed for international travel, ensuring encrypted and confidential transactions. The card is valid worldwide, except in India, Nepal, and Bhutan. With the SBFTC card, you can shop, dine, and explore without the need and risk of carrying cash. Unlike international debit/ credit cards, it comes with zero annual fee, joining fee, or credit limit.
Features & Benefits of SBI Forex Card
The following are the key features and benefits of the SBI Foreign Exchange Card:
- Reloadable: You can recharge this card multiple times as needed.
- Competitive exchange rates: The card comes with favourable currency conversion rates.
- PIN protection: This card operates with a 4-digit PIN at ATMs and needs PIN/ Signature for merchant transactions.
- Quick regular alerts: You will receive balance updates after every transaction through SMS or email.
- Maximum issuance limit: This limit is defined as per RBI/ FEMA regulations for foreign travel.
- Add-on cards: You can get up to 2 additional backup cards in case of loss/ damage/ misplacement of the card.
- Balance enquiry: Can be done for free at SBI Group ATMs, at VISA ATMs with applicable charges, or online via the SBI Prepaid Portal (to view or download transaction details).
- Transaction alerts: You will get SMS or email notifications for each transaction (depending on network providers).
- 24/7 customer support: There is a dedicated helpline i.e., +91 1800 1234, for assistance, including card blocking in case of loss.
SBI Foreign Exchange Cards Types
At present, there are the following two forex card SBI offers:
- Single Currency Card: It is available in 8 foreign currencies, including US Dollar (USD), Euro (EUR), Pound Sterling (GBP), Australian Dollar (AUD), Canadian Dollar (CAD), Japanese Yen (JPY), Singapore Dollar (SGD), and Saudi Riyal (SAR).
- Multicurrency SBFTC: This card supports 9 foreign currencies, including US Dollar (USD), Euro (EUR), Pound Sterling (GBP), Canadian Dollar (CAD), Japanese Yen (JPY), Australian Dollar (AUD), Singapore Dollar (SGD), Saudi Riyal (SAR), and UAE Dirham (AED).
SBI Foreign Travel Card Fees & Charges
Below is the list of SBI Forex Card charges:
| Charge Type | Amount |
|---|---|
| One-time issuance fee | Rs. 100 + GST |
| ATM withdrawal fee | $1.75 or equivalent per transaction |
| Reload fee | Rs. 50 + GST per load |
| Refund/ cash-out fee | Rs. 100 + GST per request |
| Add-on card fee | Rs. 100 + GST (maximum 2 cards) |
| Cross-currency charges | 3% of the transaction amount + GST |
| Card statement | Free of cost at the prepaid card portal |
| ATM balance enquiry fee | $0.50 |
| Chargeback fee | $2 |
| Deduction on expired card | $5 annually |
| Manual cash transaction (withdrawing cash from a branch abroad) fee | 1.50% of the withdrawal amount + GST |
| Card sent by another bank (if left behind at another bank's ATM/ POS) | $15 or equivalent in other currencies or actual, whichever is higher, subject to the availability of service by the acquiring bank. |
| GCAS fee per transaction via VISA | $35 or equivalent for lost/stolen report, $175 or equivalent cash/card replacement, $5 or equivalent for miscellaneous enquiries |
SBI Forex Card Eligibility Criteria
The following are the eligibility criteria required for the SBI Foreign Travel Card:
- Indian residents travelling abroad (except Nepal and Bhutan).
- Professionals/ Corporate employees travelling overseas for official purposes.
- Students studying abroad (their cards can be loaded by their parents/ close relatives as per FEMA guidelines).
- Expats residing in India (subject to KYC norms completion).
Documents Required for SBI Foreign Travel Card
If you need an SBI Forex Card apply online with the following documents:
- Signed application form
- Valid Passport (with a minimum of 6 months' validity)
- PAN Card
- Proof of travel (visa, ticket, or admission letter)
- Proof of residence if the address differs from the Passport
How to Apply for an SBI Forex Card
There are two ways to apply for the SBI Forex Card: online or offline.
Online Application Process
- Visit the website, i.e., https://prepaid.sbi.
- You will receive a Reference Number.
- Take a printout of the online application form to any nearby SBI branch along with the required KYC documents.
Offline Application Process
- Visit any nearby SBI branch.
- Fill in the application form
- Submit the filled and signed form with the KYC documents and papers.
FAQs
Yes, SBI offers a forex card under the name of State Bank Foreign Travel Card (SBFTC).
The SBI Forex Card comes with a one-time issuance fee of Rs. 100 + GST. For a list of detailed charges, see the SBI Foreign Travel Card Fees & Charges section above.
An SBI forex card can be useful for budget-conscious travellers due to its multi-currency support, secure chip-enabled system, free replacement services, and other attractive features. However, its 3% cross-currency fee and other charges may make it less appealing than other options.
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