Foreign exchange (forex) cards are a convenient way of carrying foreign currency while travelling abroad. They allow you to withdraw cash from ATMs, make payments at shops or restaurants, and even make online transactions. However, these cards usually have a limit on the amount that can be loaded, and once the limit is reached, you may need to transfer funds from your forex card to your bank account. In this article, we will explain how to transfer funds from your forex card to your bank account.
Step 1: Check the balance on your forex card
Before you initiate a fund transfer, it is important to check the balance on your forex card. You can do this by logging in to the website of the forex card issuer or by calling their customer care. Once you know the balance on your card, you can decide how much you want to transfer to your bank account.
Step 2: Find out the exchange rate and fees
Transferring funds from your forex card to your bank account involves converting the foreign currency into your home currency. Therefore, you need to find out the exchange rate offered by the forex card issuer. This will help you calculate the amount you will receive in your bank account after the conversion. You should also check if there are any fees or charges associated with the fund transfer. These fees can vary depending on the forex card issuer and the bank you are transferring the funds to.
Step 3: Initiate the fund transfer
Once you have checked the balance on your forex card and the exchange rate and fees, you can initiate the fund transfer. The process can vary depending on the forex card issuer, but usually, you can do it online or through their mobile app. You will need to provide your bank account details, including the account number and the IFSC code. You may also need to provide additional information, such as your name, address, and contact details.
Step 4: Wait for the funds to be credited to your bank account
After you have initiated the fund transfer, it may take some time for the funds to be credited to your bank account. This can vary depending on the forex card issuer and the bank you are transferring the funds to. Typically, it can take anywhere from a few hours to a few days for the funds to be credited to your account. You should also check your bank account statement to ensure that the funds have been credited correctly.
Step 5: Withdraw the funds or use your bank account
Once the funds have been credited to your bank account, you can withdraw them from an ATM or use them for making payments. You can also transfer the funds to another bank account if you need to.
Conclusion
Transferring funds from your forex card to your bank account can be a convenient way of managing your foreign currency while travelling abroad. However, it is important to check the balance on your forex card, find out the exchange rate and fees, and initiate the fund transfer carefully. By following these steps, you can ensure that the funds are transferred safely and securely to your bank account.
