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How to load money from forex card to bank account?

Forex cards have become increasingly popular amongst travelers and international students. These cards facilitate easy transactions and eliminate the need to carry cash. Forex cards are pre-loaded with foreign currency, and can be used to withdraw money from ATMs, make purchases, and pay bills. However, what happens when you return home and have leftover funds on your forex card? This is where the process of loading money from your forex card to your bank account comes into play.

The process of loading money from a forex card to a bank account is relatively straightforward. Depending on the bank and the forex card provider, the exact steps may vary. However, the general process can be broken down into the following steps:

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Step 1: Check the balance on your forex card

Before you initiate the process of loading money from your forex card to your bank account, you need to check the balance on your forex card. This can be done by logging into your forex card account online or through a mobile app. Once you have checked the balance, you can decide how much money you want to transfer to your bank account.

Step 2: Check the transfer fee and exchange rate

The next step is to check the transfer fee and exchange rate charged for transferring money from your forex card to your bank account. This information can be obtained from the forex card provider or your bank. It is important to note that there may be additional charges such as service tax or transaction charges.

Step 3: Initiate the transfer

Once you have checked the balance and the charges, you can initiate the transfer. The process of initiating the transfer may vary depending on the forex card provider and the bank. Some forex card providers may allow you to initiate the transfer online or through a mobile app, while others may require you to visit a branch.

Step 4: Provide the necessary details

When initiating the transfer, you will be required to provide certain details such as the amount to be transferred, the bank account number, and the IFSC code of the bank branch. The IFSC code is a unique code assigned to each bank branch in India and is required for all online transactions.

Step 5: Wait for the transfer to be processed

Once you have provided the necessary details, you need to wait for the transfer to be processed. The time taken for the transfer to be processed may vary depending on the bank and the forex card provider. It is important to note that the transfer may take up to 48 hours to be credited to your bank account.

Step 6: Check your bank account

After the transfer has been processed, you should check your bank account to ensure that the money has been credited. If there are any discrepancies, you should contact the forex card provider or the bank immediately.

In conclusion, loading money from a forex card to a bank account is a simple process. However, it is important to check the balance, transfer fee, and exchange rate before initiating the transfer. Additionally, it is important to provide accurate details and wait for the transfer to be processed before checking your bank account. By following these steps, you can easily transfer money from your forex card to your bank account.

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