A forex card is a prepaid travel card that can be loaded with multiple foreign currencies for use during international travel. It is a convenient and secure way of carrying foreign currency while traveling abroad. However, sometimes you may need to transfer money from your forex card to your bank account for various reasons such as paying bills, making investments or repaying loans. In this article, we will explain how to transfer money from forex card to bank in a few simple steps.
Step 1: Check the balance on your forex card
Before initiating the transfer, it is important to check the balance on your forex card. Most forex cards come with a mobile app or online portal where you can view the balance and transaction history. Alternatively, you can also call the customer care of the forex card provider and inquire about the balance.
Step 2: Login to the online portal of your forex card provider
Once you have checked the balance, login to the online portal or mobile app of your forex card provider. You will need to enter your login credentials such as username and password to access the portal.
Step 3: Initiate the transfer
Once you have logged in, look for the option to transfer funds from your forex card to a bank account. This option may be listed under different names such as ‘withdrawal’, ‘transfer’, ‘remittance’ or ‘bank transfer’. Click on the option and follow the instructions to initiate the transfer.
Step 4: Enter the details of the bank account
You will need to enter the details of the bank account where you want to transfer the funds. This includes the bank name, account number, IFSC code and the name of the account holder. Make sure to double-check the details before submitting the request to avoid any errors.
Step 5: Confirm the transfer
After entering the details, you will be asked to confirm the transfer. Check the amount and the bank account details again before confirming the transfer. Once you confirm, the request will be processed by the forex card provider.
Step 6: Wait for the funds to be credited to your bank account
The time taken for the funds to be credited to your bank account may vary depending on the forex card provider and the receiving bank. It can take anywhere from a few hours to a few days for the funds to be credited. Some forex card providers may also charge a fee for the transfer.
Conclusion
Transferring money from forex card to bank is a simple and convenient process. However, it is important to check the balance on your forex card and enter the correct bank account details to avoid any errors. Also, ensure that you are aware of the fees charged by the forex card provider for the transfer. By following these steps, you can easily transfer money from your forex card to your bank account and use it for any purpose you desire.
