State Bank of India Foreign Exchange Card Rates, Features, and Eligibility

The foreign exchange (forex) card offered by the State Bank of India (SBI) provides a convenient and secure method for international travelers to carry and use their currency abroad. These cards can be loaded with various currencies, allowing users to withdraw cash or make payments while traveling.

Current SBI Forex Card Exchange Rates

As of August 2023, the current exchange rates for the SBI Forex card are as follows:

USD/INR: 82.50 EUR/INR: 88.75 GBP/INR: 100.25 JPY/INR: 0.62

These rates are subject to fluctuation based on market conditions, so it is advisable to regularly check the SBI website or contact their customer service for the most up-to-date information.

Fees and Charges on SBI Foreign Travel Card

SBI charges various fees for its foreign travel card, including:

Type of Charge Amount FTC Issuance Fee Rs.105 plus GST Add-on cards fee Rs.105 plus GST Reloading fee on the card Rs.52 plus GST Replacement card fee (in case of stolen/lost card) Varies by currency Chargeback fee (varies by currency) Varies by currency ATM withdrawal fee (varies by currency) Varies by currency Physical statement of the card (varies by currency) Varies by currency ATM balance enquiry fee (free) Free Minimum amount initial load (varies by currency) Varies by currency Minimum amount of reload (varies by currency) Varies by currency Maximum amount of reload As recommended by the FEMA/RBI from time to time GCAS fee per transaction (through VISA) USD 35 or equivalent in other currencies Lost/Stolen Report (USD 175 or equivalent in other currencies) USD 175 or equivalent in other currencies Miscellaneous enquires (USD 5 or equivalent in other currencies) USD 5 or equivalent in other currencies ATM withdrawal limit Subject to the daily transaction limits set by the acquirer’s bank

Note that for the State Bank Multi-Currency Foreign Travel Card, additional fees include:

Initial load fee and purchase: Rs.100 Additional card linked to the same funds: Rs.100 Reload Fee: Rs.50 Cash out fee: Rs.100 ATM fee for each withdrawal: USD1.75 Monthly inactivity fee: USD1.50 Shortfall fee: USD15 Cash-over-the-counter fee: USD7.50 Card replacement fee: Free Cross currency fee: 3%

Features of the State Bank Multi-Currency Foreign Travel Card

The State Bank Multi-Currency Foreign Travel Card offers several advantages and features:

Card is PIN and chip protected Provides an additional card as backup 24/7 Global assistance for any card-related issues Not linked to the cardholder's bank account Can be loaded with multiple currencies for use in various countries Allows withdrawal of local currency from over 2 million ATMs worldwide (except in India, Bhutan, and Nepal) Lock-in currency exchange rates with each reload No need to disclose bank account information Online account management and transaction visibility Easy reloading of funds before trips

Eligibility Criteria for SBI Foreign Travel Cards

To be eligible for an SBI Foreign Travel Card, applicants must meet the following criteria:

Bona fide Indian citizen planning travel abroad (except to Bhutan and Nepal) Corporates sending employees abroad for official/business purposes (KYC norms must be completed) Sponsors/parents of students traveling for higher studies (card issued in student's name) Expatriates residing in India (KYC norms must be completed)

Documents Required to Apply for SBI Foreign Travel Cards

To obtain an SBI Foreign Travel card, applicants must submit:

Copies of first and last pages of passport Application for SBFTC and Form A2 PAN or Form 60 in lieu thereof (if amount used is Rs.50,000 or above) Proof of address (if different from passport address) Travel-related documents

Frequently Asked Questions (FAQs) on SBI Foreign Travel Cards

Here are some common questions and answers related to SBI Forex cards:

What do I do if I forget the PIN of my SBI Foreign Travel card?
Call the respective customer care helpline of SBI to request a new PIN generation. How long does it take to activate the card?
The card is ready immediately after issuance, but it is recommended to visit an ATM and change the PIN. Will I receive SMS for all transactions?
Yes, you will receive SMS alerts if you opt in during the application process. These are free for Indian numbers but may incur charges for international numbers. Can the value of the card be reloaded from any SBI branch?
Yes, the card can be topped up from any authorized SBI branch. How will I know which ATMs accept the State Bank Foreign Travel Card?
ATMs displaying VISA/PLUS/VISA Flag/Electron/MasterCard logos are compatible with the card.