State Bank of India, commonly referred to as SBI, is one of the leading banks in India. It offers a wide range of financial products and services to its customers, including forex cards. SBI forex cards are a convenient way to carry foreign currency while traveling abroad. They are widely accepted and can be used to withdraw cash at ATMs, make purchases at merchants, and even pay for online transactions. However, there may come a time when you want to transfer the funds from your forex card to your bank account. In this article, we will discuss how much can be transferred from an SBI forex card to a bank account.
Firstly, it is important to understand that the amount that can be transferred from an SBI forex card to a bank account is subject to certain limits. These limits are set by the Reserve Bank of India (RBI) and are applicable to all banks in India. The current limit set by the RBI for foreign exchange transactions is $250,000 per financial year.
Now, let’s look at how this limit applies to SBI forex cards. If you have loaded your SBI forex card with foreign currency worth $250,000 or less, you can transfer the entire amount to your bank account. However, if you have loaded more than $250,000, you will not be able to transfer the entire amount to your bank account. This is because the RBI limit applies to the total amount of foreign currency that you have purchased during the financial year, not just the amount loaded on your forex card.
It is also important to note that SBI may have its own limits on the amount that can be transferred from a forex card to a bank account. These limits may vary depending on the type of forex card and the customer’s relationship with the bank. It is recommended to check with the bank for the exact transfer limit applicable to your forex card.
To transfer funds from an SBI forex card to a bank account, you need to follow the below steps:
1. Log in to your SBI forex card account online or through the mobile app.
2. Select the “Transfer Funds” option.
3. Enter the amount that you want to transfer.
4. Select the bank account to which you want to transfer the funds.
5. Confirm the transaction by entering the OTP received on your registered mobile number.
The funds will be transferred to your bank account within 24 hours. However, it is important to note that the transfer may take longer if there are any technical issues or if the transfer is made on a weekend or a public holiday.
In conclusion, the amount that can be transferred from an SBI forex card to a bank account is subject to the RBI limit of $250,000 per financial year. If you have loaded your forex card with foreign currency worth $250,000 or less, you can transfer the entire amount to your bank account. However, if you have loaded more than $250,000, you will not be able to transfer the entire amount to your bank account. It is recommended to check with the bank for the exact transfer limit applicable to your forex card. It is also important to note that the transfer process is simple and can be done online or through the mobile app.
