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Federal BankState Bank Multi-Currency Foreign Travel Card is a prepaid forex card by SBI. As it is a prepaid card, unlike credit cards, it has to be loaded before it can be used for making purchases. As the name of the card itself suggests, it is a multi-currency card, i.e. it can be loaded in 7 different currencies including some of the most widely used ones like USD, Euro, Dirham, etc.
Although there is no annual fee chargeable for the card’s membership, an initial issuance fee of Rs. 100 (plus GST) is to be paid at the time of issuance of the card, which is comparatively lower than that for the forex cards by the likes of HDFC and Axis Bank. Read on to learn more about this prepaid card by SBI.
State Bank Multi-Currency Foreign Travel Card
Fees
Joining Fee
Renewal Fee
Best Suited For
Travel |
Reward Type
Reward Points
Welcome Benefits
Movie & Dining
N/A
Rewards Rate
N/A
Reward Redemption
N/A
Travel
The card can be loaded in 7 foreign currencies and no mark-up fee applicable on transactions made in the currency loaded on the card.
Golf
N/A
Domestic Lounge Access
N/A
International Lounge Access
N/A
Insurance Benefits
N/A
Zero Liability Protection
Cardholder not liable for any unauthorized transaction made with the card post reporting the loss of card to the bank
Spend Based Waiver
N/A
Rewards Redemption Fee
N/A
Rewards Redemption Fee
N/A
Foreign Currency Markup
Cross currency usage fee of 3% of the transaction amount on transactions made in a currency other than the one loaded on the card
Interest Rates
N/A
Fuel Surcharge
N/A
Cash Advance Charges
USD 1.75 on every transaction (or its currency equivalent)
Add-on Card Fee
N/A
- Can be loaded in 7 widely accepted currencies including USD and EUR.
- Accepted at all international retail outlets and online portals accepting MasterCard credit/debit cards.
- Card reloadable at any of the FTC (Foreign Travel Card) issuing branches.
- Chip and PIN Card with support for contactless payments.
- No foreign currency mark-up fee on transactions made in the currency loaded on the card.
State Bank Multi-Currency Foreign Travel Card Travel Benefits
- The card can be loaded in 7 different widely used currencies- USD, Euro, Pound, Singapore Dollar, Canadian Dollar, UAE Dirham, and Australian Dollar.
- No foreign currency mark-up fee charged on transactions made in the currency loaded on the card.
Fees and Charges
- You have to pay an initial fee of Rs. 100 (plus GST) at the time of card issuance. No annual membership fee is applicable on the card.
- A reloading fee of Rs. 50 is chargeable every time the card is reloaded.
- No foreign currency mark-up fee is applicable on transactions made in the currency loaded on the card. However, a cross-currency usage fee of 3% of the transaction amount is chargeable on transactions made in a currency other than the one loaded on the card.
- An ATM withdrawal fee of USD 1.75 is charged every time the card is used for cash withdrawal from an ATM.
Loading/Reloading State Bank Multi-Currency Foreign Travel Card
State Bank Multi-Currency Foreign Travel Card can be reloaded by visiting any of the FTC (Foreign Travel Card) issuing SBI branches and submitting the prescribed application form along with form A2 and copies of your passport and PAN Card.
You can also authorize any of your family members to reload your Foreign Travel Card while you are on an international trip. The family member will be required to produce an authorizing letter duly signed by you along with copies of your passport and PAN card when they visit an SBI branch to reload your card.
Supported Currencies
State Bank Multi-Currency Foreign Travel Card can be loaded/reloaded in any of the following seven currencies- USD, Euro, Pound, Singapore Dollar, Canadian Dollar, UAE Dirham, and Australian Dollar.
How to apply for State Bank Multi-Currency Foreign Travel Card
You can apply for the State Bank Multi-Currency Foreign Travel Card by visiting your nearest FTC (Foreign Travel Card) issuing SBI branch (see a detailed list of all FTC issuing branches here). You will need to submit copies of your passport and PAN card at the time of applying for the card.
Conclusion
State Bank Multi-Currency Foreign Travel Card can be a good alternative to credit cards if you are going on an international trip as it can be loaded in seven different foreign currencies with no mark-up fee chargeable on transactions made in the currency loaded on the card. It can also be the card of choice for students going abroad for studies as being a prepaid card, one can get it issued without submitting any proof of income. What do you think of this prepaid forex card by SBI? Do let us know in the comments. If you’ve used this card, feel free to share your experience.
