How it works
SBI's Foreign Travel Card enables customers to carry travel money in digital form by loading one or more of the supported currencies, according to its website. Issued by SBI, pursuant to license by electronic payments solutions company MasterCard Asia/Pacific, the SBI Multi-Currency Foreign Travel Card supports four currencies - US dollars, British pounds, euros and Singapore dollars. This chip-and-PIN-protected prepaid card can be used to withdraw money from over two million ATMs worldwide accepting MasterCard cards, or to pay for goods and services in shops, restaurants and hotels around the globe, the website added.
SBI Multi-Currency Foreign Travel Card is not linked to your bank account
Like travellers cheques, customers can lock in the exchange rate on the day of recharge
SBI Foreign Travel Card can hold up to four currencies in digital form
Unlike credit or debit cards, SBI foreign travel card help avoid exchange rate fluctuations
From security point of view, it offers the benefit of not being linked to a bank account
The card can be loaded with funds multiple times until the expiry date
How to recharge
Customers have to take their SBI foreign travel card along with a valid passport, PAN Card, Form 60 and Form A2 (available at branches) to the bank's branches issuing the product.
"If you think you may need to have your State Bank Multi-Currency Foreign Travel Card reloaded whilst travelling overseas, you can leave a completed Form A2, a copy of your PAN Card/Form 60 and passport, plus a letter authorising a family member or friend in India to carry out the reload on your behalf," SBI said.
SBI charges a fee, called "reload fee", for recharging this prepaid card.
The State Bank Multi-Currency Foreign Travel Card is available immediately upon application at a branch and is supported by a 24/7 Card Services team.
The State Bank Foreign Travel Card cannot be used at ATMs or merchants in India, Nepal and Bhutan, as per FEMA regulations. The same also applies for internet purchases where the website is registered in India, Nepal or Bhutan, or at websites accepting payment in rupees or the currencies of Nepal and Bhutan.
Initial purchase and load or reload fee are applicable on the SBI travel card. While the initial purchase and load fee is Rs 100 plus taxes, reloads are charged at Rs 50 plus taxes. Also, ATM fees in the four foreign currencies are applicable. These are $1.75 per ATM withdrawal in case of US dollars. Other fees per ATM withdrawal are 1.25 British pounds, 1.50 euros and $2 singapore dollars, as per the SBI Travel Card website - multicurrencycashpassport.com/sbi.
Among other limits, SBI Foreign Travel Card comes with a minimum load amount requirement of $200 or currency equivalent.
Also, customers can withdraw a maximum amount of $10,000 or currency equivalent from ATMs or spend at merchants in any 24 hours, the website noted.
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