SBI (State Bank of India) is one of the largest banks in India, and it offers a range of financial services, including forex cards. Forex cards are prepaid travel cards that allow you to load and use multiple currencies while traveling abroad. These cards are an excellent option for people who want to avoid the hassle of carrying cash or exchanging currency. But what is the maximum limit that can be transferred from an SBI forex card to a Bank of America account?
The answer to this question is not straightforward. The maximum limit that can be transferred from an SBI forex card to a Bank of America account depends on various factors, such as the type of forex card you have, the country you are in, and the currency of the transfer. Let’s take a closer look at these factors.
Type of Forex Card
SBI offers two types of forex cards – Multi-Currency Foreign Travel Card and Single Currency Foreign Travel Card. The Multi-Currency Card allows you to load and use up to 15 different currencies, while the Single Currency Card allows you to load and use only one currency. The maximum limit that can be transferred from an SBI forex card to a Bank of America account depends on the type of card you have.
For Multi-Currency Cards, the maximum limit that can be transferred from the card to a Bank of America account is $5,000 per transaction. However, you can make multiple transactions to transfer more than $5,000. For Single Currency Cards, the maximum limit that can be transferred is equivalent to the balance on the card.
Country of Travel
The maximum limit that can be transferred from an SBI forex card to a Bank of America account also depends on the country you are in. Different countries have different regulations and restrictions on the maximum amount of money that can be transferred out of the country. For example, in India, the maximum amount that can be transferred out of the country is $250,000 per financial year. So, if you are in India, the maximum limit that can be transferred from your forex card to a Bank of America account would be subject to this limit.
Currency of Transfer
The maximum limit that can be transferred from an SBI forex card to a Bank of America account also depends on the currency of the transfer. If you are transferring money in a currency other than the currency of the card, the maximum limit may be lower due to currency conversion charges. SBI charges a currency conversion fee of up to 3.5% for forex card transactions.
In conclusion, the maximum limit that can be transferred from an SBI forex card to a Bank of America account depends on various factors, such as the type of card, the country of travel, and the currency of the transfer. For Multi-Currency Cards, the maximum limit is $5,000 per transaction, while for Single Currency Cards, the maximum limit is equivalent to the balance on the card. However, these limits are subject to regulations and restrictions in the country of travel and may be lower due to currency conversion charges. It is always advisable to check with SBI customer service or your local bank for the latest limits and regulations before making any transactions.
