FOREX CARD

SBI's Multi-Currency Foreign Travel Card: All You Need To Know – NDTV Profit



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SBI card can be availed by either visiting the nearest SBI branch or by logging on to the bank’s website.

New Delhi: State Bank of India’s (SBI’s) Multi-Currency Foreign Travel Card is a prepaid capital that can be loaded with money in multiple currencies. According to the country’s largest lender, the card can be used used at ATMs (automatic teller machines) and merchant points abroad.

“Using this card, customers can withdraw cash from over 2 million ATMs and pay for goods and services in shops, restaurants and hotels at 34.5 million merchants worldwide,” SBI said in a release.

Features Of SBI’s Foreign Travel Card:

* Chip and PIN (personal identification number) protected prepaid travel card;

* Can be used for seven different currencies (US Dollar, British Pound, Euro, Singapore Dollar, Australian Dollar, Canadian Dollar and UAE Dirham);

* Additional card available for backup;

* Round the clock global assistance with free replacement of card if lost or stolen;

* No bank account information is required;

* Reloadable until the expiry date on the card with valid passport and Form A2. Form A2 is FEMA (Foreign Exchange Management Act) declaration for the purchase of forex for remittance purposes.

How To Apply:

* This card can be availed by either visiting the nearest SBI branch or by logging on to the bank’s official website.

Services That Can be Availed:

* Online management of card with secure visibility of balances and transaction details;

* Services like ATM locator;

* Users can lock in the exchange rates on their currencies while reloading the card;

* In case of insufficient funds in a currency to pay for a transaction, the balance automatically gets deducted from other available currencies on the card;

* Customers can avoid exchange rate fluctuations and variances;

* Transparent charges;

* In case of lost or stolen cards, emergency cash replacement of up to the balance available on the card.

Limit:

* A minimum amount of $200;

* Maximum amount that can be withdrawn from ATMs or spent at merchant points is $10,000;

* Just one active account can be held by a customer at any one time;

* Some ATM operators and merchants may charge a withdrawal fee or set their own limits as per their rules and regulations.

Also, SBI said, if a card is valid and a user don’t want to keep it for another trip, then the balance (available on the card) can be withdrawn whilst abroad, “from an ATM displaying the MasterCard Acceptance Mark.”

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