State Bank of IndiaState Bank Multi-Currency Foreign Travel Card – Benefits, Fees & Eligibility
Is the State Bank Multi-Currency Foreign Travel Card Right for You?
The State Bank Multi-Currency Foreign Travel Card is best suited for users who prioritize Travel, International Spends, Premium. With a joining fee of ₹100 + GST and a renewal fee of Nil, this card is positioned for cardholders who can maximize its benefits to justify the cost.
Key Card Details
₹100 + GST
Nil
No mark-up fee on transactions made in the loaded currency; a cross-currency usage fee of 3% applies for transactions made in a currency other than the one loaded.
Notable Perks
Spend-Based Waiver
Not applicable (N/A)
Things to Consider
No reward points, cashback, or milestone benefits limits upside compared to traditional travel credit cards.
A 3% cross-currency fee applies for transactions in currencies not loaded, which can erode savings if used incorrectly.
ATM cash withdrawals incur a USD 1.75 charge per transaction, making frequent cash access relatively expensive.
Benefits & Features
Welcome Offer
No joining or annual membership fee; only an initial issuance fee of ₹100 (plus GST). No reward points or cashback welcome benefits as this is a prepaid forex card.
Travel Benefits
Card can be loaded in seven widely accepted foreign currencies (USD, Euro, Pound, Singapore Dollar, Canadian Dollar, UAE Dirham, Australian Dollar) with no foreign currency mark-up fee on transactions made in the loaded currency.
What matters, explained clearly
Introduction
- The State Bank Multi-Currency Foreign Travel Card is a prepaid forex card issued by State Bank of India (SBI), positioned as a cost-effective entry-level travel card alternative to credit cards for international spending.
- Top differentiating benefits include the ability to load and hold seven major foreign currencies with zero foreign currency mark-up fees on transactions made in the loaded currency, and a low initial issuance fee compared to competing forex cards from private banks.
Welcome Benefits
- No joining or annual membership fee is applicable; only an initial issuance fee of Rs. 100 (plus GST) is charged at the time of card issuance.
- No reward points or cashback welcome benefits are offered, as this is a prepaid forex card.
Fees
- Joining Fee: Rs. 100 (plus applicable taxes) at the time of issuance.
- Renewal Fee / Annual Fee: Not applicable (N/A).
- Spend-Based Waiver: Not applicable (N/A).
- Rewards Redemption Fee: Not applicable (N/A).
- Foreign Currency Markup: No mark-up fee on transactions made in the currency loaded on the card; a cross-currency usage fee of 3% of the transaction amount applies for transactions made in a currency other than the one loaded.
- Interest Rates: Not applicable (N/A).
- Fuel Surcharge: Not applicable (N/A).
- Cash Advance Charges: USD 1.75 (or its currency equivalent) on every ATM cash withdrawal transaction.
- Reloading Fee: Rs. 50 is chargeable every time the card is reloaded.
Rewards
- Movies: Not applicable (N/A).
- Dining: Not applicable (N/A).
- Travel:
- Card can be loaded in seven widely accepted foreign currencies: USD, Euro, Pound, Singapore Dollar, Canadian Dollar, UAE Dirham, and Australian Dollar.
- No foreign currency mark-up fee on transactions made in the loaded currency.
- Domestic Lounge Access: Not applicable (N/A).
- International Lounge Access: Not applicable (N/A).
- Golf: Not applicable (N/A).
- Insurance: Not applicable (N/A).
- Lifestyle: Not applicable (N/A).
Rewards Redemption Guide
- This prepaid forex card does not offer reward points or cashback; therefore, no rewards redemption mechanism is available.
Important Product Details
- Can be loaded in seven widely accepted currencies, including USD and EUR.
- Accepted at all international retail outlets and online portals that accept MasterCard credit or debit cards.
- Chip and PIN card with support for contactless payments.
- No foreign currency mark-up fee on transactions made in the currency loaded on the card.
- Reloadable at any SBI branch authorized for Foreign Travel Card (FTC) issuance.
- Family members can be authorized to reload the card while the cardholder is abroad by submitting a duly signed authorization letter along with copies of the cardholder’s passport and PAN card.
- No minimum income requirement, as it is a prepaid card.
- No reward points are earned on spends.
Other Details
- Application requires submission of a prescribed application form along with copies of passport and PAN card at any authorized SBI FTC issuing branch.
- The card is marketed as a suitable option for travelers and students going abroad, given its multi-currency functionality and prepaid nature without income proof requirements.
- Terms and conditions summarize that cross-currency transactions attract a 3% fee, ATM withdrawals incur a USD 1.75 charge per transaction, and reloads are subject to a Rs. 50 fee; all other unspecified fees are not applicable.