The RBI forex card is a prepaid travel card that can be used for transactions in foreign currency. It is issued by banks in India and can be used at ATMs, point-of-sale terminals, and online merchants abroad. One of the key benefits of the forex card is that it can be loaded with multiple currencies, making it a convenient and cost-effective way to carry money when traveling overseas.
However, there are certain limits on the amount of money that can be loaded on the forex card and transferred to a bank account. In this article, we will discuss the maximum limit that can be transferred from the RBI forex card to a Bank of America account.
The maximum limit for loading money on the RBI forex card
The Reserve Bank of India (RBI) has set a limit on the amount of money that can be loaded on the forex card. As per the current regulations, an Indian resident can load up to $2.5 lakh per financial year on the forex card. This limit is applicable for all types of forex cards, including single-currency and multi-currency cards.
It is important to note that the limit is for loading money on the forex card and not for the total amount that can be spent using the card. The spending limit will depend on the available balance on the card and the transaction limit set by the card issuer.
The maximum limit for transferring money from the forex card to a bank account
While the forex card can be used for transactions abroad, there may be instances when you want to transfer money from the card to a bank account in India or abroad. For instance, you may want to transfer money to your Bank of America account to pay off your credit card bill or meet other expenses.
The good news is that most forex cards allow you to transfer money from the card to a bank account. However, there are certain limits on the amount that can be transferred. The limit will depend on the card issuer and the destination country.
In the case of the RBI forex card, the maximum limit for transferring money to a Bank of America account is $25,000 per transaction. This limit is applicable for all types of forex cards, including single-currency and multi-currency cards.
It is important to note that there may be additional charges for transferring money from the forex card to a bank account. The charges will depend on the card issuer and the destination country. It is advisable to check the fees and charges before initiating the transfer.
Conclusion
The RBI forex card is a popular choice for travelers who want to carry money in foreign currency. It offers convenience, safety, and cost-effectiveness compared to other modes of payment. However, there are limits on the amount of money that can be loaded on the card and transferred to a bank account. As per the current regulations, an Indian resident can load up to $2.5 lakh per financial year on the forex card and transfer up to $25,000 per transaction to a Bank of America account. It is important to check the fees and charges before initiating the transfer to avoid any surprises.
