SBI Forex Card is a prepaid foreign currency card offered by State Bank of India, which is designed for people who travel abroad frequently. It is a convenient and secure way to carry foreign currency while travelling, as it eliminates the need to carry cash, traveller’s cheques or credit cards. However, once you return from your trip, you may want to empty the SBI Forex Card and convert the remaining balance into Indian Rupees. In this article, we will explain how to empty the SBI Forex Card.
Before we dive into the process of emptying the SBI Forex Card, let us first understand the features and benefits of this card. The SBI Forex Card is available in eight different currencies, including US Dollar, Euro, British Pound, Australian Dollar, Canadian Dollar, Singapore Dollar, Japanese Yen and Saudi Riyal. You can load the card with a minimum amount of $200 and a maximum amount of $10,000. The card can be reloaded any number of times during its validity period, which is usually three to five years.
One of the key benefits of the SBI Forex Card is that it offers competitive exchange rates compared to other modes of foreign currency exchange. Additionally, it comes with zero issuance fees, zero reloading fees and zero transaction fees. The card also offers 24×7 customer support and emergency assistance services, which can be helpful in case of lost or stolen cards, or any other travel-related emergencies.
Now, let us look at the steps involved in emptying the SBI Forex Card:
Step 1: Check the balance on the card
Before you start the process of emptying the SBI Forex Card, you need to check the balance on the card. You can do this by logging into the SBI Forex Card website or mobile app, or by calling the customer support number. Once you know the balance, you can decide how much you want to convert into Indian Rupees.
Step 2: Visit the nearest SBI branch
To empty the SBI Forex Card, you need to visit the nearest SBI branch that offers forex services. You can find the list of such branches on the SBI Forex Card website. Once you reach the branch, you need to fill up a currency conversion form, which is available at the forex counter.
Step 3: Submit the currency conversion form
The currency conversion form requires you to fill in details such as your name, card number, the currency you want to convert, the amount you want to convert, and your bank account details. You also need to provide a photocopy of your passport and the SBI Forex Card. Once you fill up the form and attach the required documents, you need to submit it to the forex counter.
Step 4: Receive the converted amount
After submitting the currency conversion form, the forex counter staff will verify your documents and process the transaction. The converted amount will be credited to your bank account within one to two working days, depending on the bank’s processing time. You will receive an SMS and email confirmation once the transaction is completed.
In conclusion, emptying the SBI Forex Card is a simple and hassle-free process. By following the above steps, you can convert the remaining balance on the card into Indian Rupees and receive the amount in your bank account. However, it is important to note that the conversion rate may vary depending on the prevailing exchange rate at the time of conversion. Therefore, it is advisable to check the exchange rate before submitting the currency conversion form.
