Foreign exchange cards are excellent options to carry cash when you travel abroad. These cards are pre-loaded with a specific amount of funds, and you can use them to withdraw cash from ATMs or make purchases. However, once you return home, you may need to transfer the remaining balance on the forex card to your bank account. In this article, we will guide you through the process of transferring USD from a forex card to a bank account.
Step 1: Check the Balance on Your Forex Card
Before you initiate the transfer, you must check the balance on your forex card. You can either check the balance by logging into your account on the card issuer’s website or by calling their customer care number. Once you know the exact balance, you can decide on how much you want to transfer to your bank account.
Step 2: Choose a Suitable Transfer Method
Several methods are available to transfer money from your forex card to your bank account. Here are some of the popular options:
1. Direct Transfer
Most forex card issuers offer a direct transfer option to transfer funds from your forex card to your bank account. The process is straightforward, and the funds are usually credited within 2-3 business days. To initiate the transfer, you need to fill out a request form on the card issuer’s website, providing your bank account details and the amount you want to transfer.
2. ATM Withdrawal and Bank Deposit
You can also withdraw cash from an ATM using your forex card and then deposit the cash into your bank account. However, this method is not recommended as it may attract additional fees and exchange rate fluctuations.
Step 3: Check the Exchange Rate and Fees
Before initiating the transfer, you must check the exchange rate and any fees associated with the transfer. Forex card issuers may charge a flat fee or a percentage of the transferred amount for the transaction. Additionally, you must also keep in mind the exchange rate fluctuations as they may impact the final amount credited to your bank account.
Step 4: Initiate the Transfer
Once you have chosen a suitable transfer method and checked the exchange rate and fees, you can initiate the transfer. Follow the instructions provided by the forex card issuer or the ATM to complete the transfer.
Step 5: Wait for the Funds to be Credited
After initiating the transfer, you need to wait for the funds to be credited to your bank account. The time taken for the transfer to complete may vary depending on the transfer method, the card issuer, and the bank. In general, it takes 2-3 business days for the funds to be credited to your account.
Transferring funds from a forex card to a bank account is a simple process that can be completed in a few easy steps. By following the steps outlined in this article, you can transfer USD from your forex card to your bank account hassle-free. However, you must keep in mind the exchange rate and fees associated with the transfer to ensure that you get the best value for your money.