Travelling outside India asks for money management and budget planning. In this process, you can save a lot of money by avoiding unnecessary expenses that people tend to make just because they are ignorant. One such travel mistake is carrying cash or credit/debit cards abroad. Interestingly, forex card is designed specifically for travel purposes. Forex cards can be a life saviour for travel outside India. It does not involve charges you might incur while dealing with credit cards outside India. For example, mark-up charges and currency fluctuation risks or transaction fees while making transactions abroad.
This blog will talk about the types of SBI forex cards, the benefits of SBI forex cards and eligibility to apply.
What is a forex card?
Before diving deep into the two forex cards, we should know what a forex card is? So, a forex card is an inexpensive alternative to credit cards. It is a prepaid foreign currency card with the facility of multi-country currency. Forex card saves you from currency risks. You can preload the amount on your card. Forex cards can also be a good option for you if you are a frequent traveller because you can load one or multiple currencies.
Types of SBI forex cards:
State bank of India foreign travel card:
It is a prepaid Foreign Currency card. The Card is a chip-based EMV compliant Card, thus ensuring a convenient and secure way to carry cash. The Card is valid worldwide except in India, Nepal and Bhutan. State bank foreign travel card is available in nine Foreign Currencies viz. US Dollars (USD), Pound Sterling (GBP), Euro (EUR), Canadian Dollar (CAD), Australian Dollar (AUD), Japanese Yen (YEN), Saudi Riyal (SAR), Singapore Dollar (SGD) and United Arab Emirates Dirham (AED).
State bank of India multi-currency foreign travel card:
As the name suggests, a state bank multi-currency foreign travel card is best for all your travel currency on one Card. You get to load one or more of the following currencies- US Dollars, British Pounds, Euros, Singapore Dollars, Australian Dollars, Canadian Dollars and UAE Dirham. You can use your card to withdraw money from over 2 million ATMs worldwide accepting MasterCard® cards or to pay for goods and services in shops, restaurants and hotels around the globe (other than in India, Nepal and Bhutan). It is chip protected, thus ensuring a secure method of carrying cash.
Feature of SBI forex card
State bank of India foreign travel card:
• The Card is issued in association with VISA International and MasterCard Asia/Pacific Pte. Ltd.
• The Card is accepted worldwide except in India, Nepal and Bhutan.
• Minimum amount of load/Re-load in card is USD 200/ GBP 120/ Euros 150/ CAD 200/ AUD 200 / YEN 15,800 / SAR 750 / SGD 250 / AED 750.
• You can make free balance enquiry at State Bank Group ATMs in India and VISA /MasterCard ATMs overseas at charge.
• Card is available for retail (tourists, pilgrims, medical needs, etc.) and corporate customers (Companies, Government Departments, etc.).
• This Card is operable by 4 digit PIN at ATMs and a PIN/Signature at Merchant Establishments.
State bank of India multi-currency foreign travel card:
• The Card comes with a reloadable facility; thus, you can quickly reload your State Bank Multi Currency Foreign Travel Card++ with more funds ahead of your next trip. All you need is your State Bank Multi-Currency Foreign Travel Card, valid passport and Form A2 (available at branches) and top up at FTC issuing branches of State Bank of India.
• The facility of locking the value of your Card balances whenever you (re)load your State Bank Multi-Currency Foreign Travel Card. This could help you avoid exchange rate fluctuations and variances while you’re abroad, and clear charges give you the control to manage your budget.
• The State Bank Multi-Currency Foreign Travel Card comes with 24/7 Global Assistance, including emergency cash replacement up to the available balance on your Card. • The bank will also give an additional card to the cardholder that can act as a backup if the original Card gets lost.
• The bank will not link your state bank multi-currency foreign travel card to your bank account. Thus, your bank account is secure against counterfeit.
• The balance of the transaction will automatically be deducted from other available currency on your Card, in the following order of priority: USD, EUR, GBP, SGD, AUD, CAD and AED in case you have insufficient funds in a transaction currency to pay for a transaction.
Eligibility to apply for an SBI forex card
• Indian individual who plans to travel abroad except Nepal and Bhutan is eligible. • Corporate for their employees whom they plan to send abroad for official purpose subject to completion of KYC norms are eligible.
• Parents/sponsors of the students going abroad for higher studies, in student’s name and can be subsequently reloaded up to the statutory ceiling, prescribed from time to time under FEMA guidelines 1999, and subsequent amendments are also eligible.
• And Foreign Nationals residing in India, subject to completion of KYC/FEMA norms, are also eligible.
Summing up:
SBI cards is one of the best credit cards in India. Thus, it is also one of the most trusted banks in the country. If you plan to go abroad, you can save a lot of money by considering an SBI forex card. After reading this blog, you now know the types of forex cards offered by the State bank of India. Before choosing your bank, you must compare the offers and features offered by various banks to conclude.