Are you planning an international trip? If so, you’ll need to find a way to pay for your expenses in a foreign currency. One option is to use a forex card, which is a prepaid card that can be loaded with multiple currencies. SBI offers a forex card that can be used to make purchases and withdraw cash in over 200 countries and territories.
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In this article, we’ll provide you with all the information you need to know about SBI forex card rates, including how to get the best rates and avoid hidden fees.
What is an SBI Forex Card?
An SBI forex card is a prepaid card that can be used to make purchases and withdraw cash in foreign currencies. The card is loaded with multiple currencies, so you can use it to pay for expenses in any country you visit.
SBI forex cards are available in two types:
- Multi-Currency Forex Card: This card can be loaded with up to 16 different currencies.
- Single-Currency Forex Card: This card can only be loaded with one currency.
How to Get an SBI Forex Card
You can apply for an SBI forex card online or at any SBI branch. The application process is simple and takes just a few minutes.
To apply for an SBI forex card, you will need to provide the following information:
- Your name
- Your address
- Your contact information
- Your passport number
- Your visa information (if applicable)
Once your application is approved, you will receive your SBI forex card in the mail.
How to Use an SBI Forex Card
Using an SBI forex card is simple. Just follow these steps:
- Load your card with the currencies you need.
- Use your card to make purchases or withdraw cash in foreign countries.
- Track your spending online or through the SBI mobile app.
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SBI Forex Card Rates
The exchange rate you get when you use your SBI forex card will vary depending on the currency you are using and the country you are in. SBI updates its forex card rates daily, so it’s important to check the latest rates before you travel.
You can check the SBI forex card rates online or through the SBI mobile app.
Tips for Getting the Best SBI Forex Card Rates
Here are a few tips for getting the best SBI forex card rates:
- Apply for a multi-currency forex card: This will give you the flexibility to load your card with multiple currencies, so you can take advantage of the best exchange rates for each country you visit.
- Load your card in advance: The exchange rate you get when you load your card will be locked in, so you won’t be affected by fluctuations in the currency market.
- Use your card for large purchases: The exchange rate you get for large purchases will typically be better than the rate you get for small purchases.
- Avoid using your card for cash withdrawals: The exchange rate for cash withdrawals is typically worse than the rate for purchases.
Hidden Fees to Avoid
There are a few hidden fees that you should be aware of when using an SBI forex card:
- Transaction fees: SBI charges a transaction fee for each purchase or cash withdrawal you make. The fee varies depending on the currency you are using and the country you are in.
- Currency conversion fees: SBI charges a currency conversion fee for each purchase or cash withdrawal you make in a currency that is different from the currency your card is loaded with. The fee varies depending on the currencies involved.
- ATM fees: SBI charges an ATM fee for each cash withdrawal you make from an ATM. The fee varies depending on the ATM you use.
By being aware of these hidden fees, you can avoid them and get the most out of your SBI forex card.
Sbi Forex Card Rates 31 March 2017 Pdf
Conclusion
SBI forex cards are a convenient and secure way to pay for expenses in foreign currencies. By following the tips in this article, you can get the best possible exchange rates and avoid hidden fees.
