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 Multi-Country Travel, Travel, Zero Forex Markup. With an issuance fee of ₹100 + GST and a reloading fee of ₹50 + GST, this card is positioned for cardholders who can maximize its benefits to justify the cost.
Key Card Details
₹100 + GST
₹50 + GST
7
Notable Perks
Exchange Rate Lock
Yes
Things to Consider
Reloading requires physical visits to SBI branches, which can be inconvenient abroad.
Lacks premium travel benefits like lounge access, rewards points, or specific discounts.
A 3% cross-currency markup applies if transactions are made in an un-loaded currency.
Benefits & Features
Currencies Supported
7
Exchange Rate Lock
Yes
Fees & Charges
Issuance Fee
₹100 + GST
Reloading Fee
₹50 + GST
Cross-Currency Markup
3% of the transaction amount
ATM Withdrawal Fee
USD 1.75 (or its currency equivalent) per transaction
Pros & Cons
Pros
Key benefits and features of this card.
Offers multi-currency support for 7 major currencies, helping avoid mark-up fees.
No minimum income requirement, making it highly accessible for students and travelers.
Provides an exchange rate lock-in for loaded currencies, ensuring predictable spending.
Features Chip and PIN security along with convenient contactless payment options.
A cost-effective solution for managing international expenses without credit card complexities.
Cons
Key drawbacks and limitations of this card.
Reloading requires physical visits to SBI branches, which can be inconvenient abroad.
Lacks premium travel benefits like lounge access, rewards points, or specific discounts.
A 3% cross-currency markup applies if transactions are made in an un-loaded currency.
Incurs a USD 1.75 fee for each international ATM withdrawal, adding to transaction costs.
Does not offer online reloading or app-based wallet management for convenience.
Product Details
Supports loading in 7 widely accepted foreign currencies.
Accepted at all international retail outlets and online portals that accept MasterCard.
Reloadable at any FTC issuing SBI branch.
Chip and PIN enabled with contactless payment support.
No foreign currency mark-up fee on transactions in loaded currency.
No minimum income requirement for eligibility.
Operates on the MasterCard network.
Family members can be authorized to reload the card.
Benefits & Features
Currencies Supported
7
Exchange Rate Lock
Yes
What matters, explained clearly
Introduction
The State Bank Multi-Currency Foreign Travel Card is a prepaid forex card issued by SBI, designed for individuals undertaking international travel. It serves as a convenient alternative to credit cards for global spending, particularly beneficial for vacationers and students studying abroad, as it does not require proof of income for issuance. A key differentiating benefit is its multi-currency capability, allowing users to load funds in 7 different widely used currencies, thereby avoiding foreign currency mark-up fees on transactions made in the loaded currency. It also features a comparatively low initial issuance fee.
Supported Currencies & Wallet Features
- The card supports loading in 7 widely accepted foreign currencies.
- The major currencies supported include USD (United States Dollar), Euro, Pound, Singapore Dollar, Canadian Dollar, UAE Dirham, and Australian Dollar.
- There is no foreign currency mark-up fee applicable on transactions made in the currency loaded on the card, implying an exchange rate lock-in for the loaded currencies.
Fees and Charges
- Issuance Fee: Rs. 100 (plus applicable taxes/GST) at the time of card issuance.
- Annual Fee: Not applicable.
- Reloading Fee: Rs. 50 is chargeable every time the card is reloaded.
- Cross-Currency Markup: A cross-currency usage fee of 3% of the transaction amount is charged on transactions made in a currency other than the one loaded on the card.
- International ATM Withdrawal Fees: USD 1.75 (or its currency equivalent) on every transaction.
- Foreign Currency Markup: No foreign currency mark-up fee is applicable on transactions made in the currency loaded on the card.
How to Manage the Card
- Loading/Reloading Funds: The card can be reloaded by visiting any of the FTC (Foreign Travel Card) issuing SBI branches. Users need to submit the prescribed application form along with Form A2 and copies of their passport and PAN Card.
- Authorized Reloading: Family members can be authorized to reload the card while the primary cardholder is abroad. The family member must produce an authorizing letter duly signed by the cardholder, along with copies of the cardholder's passport and PAN card, when visiting an SBI branch.
- Application Process: To apply for the card, individuals must visit their nearest FTC issuing SBI branch and submit copies of their passport and PAN card.
- Card Features: The card is a Chip and PIN enabled card and supports contactless payments.
- Acceptance: It is accepted at all international retail outlets and online portals that accept MasterCard credit/debit cards.
Forex Card Review
The State Bank Multi-Currency Foreign Travel Card is a strong contender for international travelers and students going abroad. Its primary advantage lies in its multi-currency support, allowing users to load up to 7 different currencies and avoid mark-up fees on transactions made in the loaded currency. Being a prepaid card, it offers the benefit of no minimum income requirement for eligibility, making it accessible to a wider audience, including students. While it provides a cost-effective solution for foreign currency transactions, it does not offer rewards points, lounge access, or other premium travel benefits often associated with credit cards. Overall, it serves as a practical and economical alternative to credit cards for managing international expenses.
Important Product Details
- The card can be loaded in 7 widely accepted currencies, including USD, Euro, Pound, Singapore Dollar, Canadian Dollar, UAE Dirham, and Australian Dollar.
- It is accepted at all international retail outlets and online portals that accept MasterCard credit/debit cards.
- The card is reloadable at any of the FTC (Foreign Travel Card) issuing SBI branches.
- It is a Chip and PIN Card with support for contactless payments.
- No foreign currency mark-up fee is applicable on transactions made in the currency loaded on the card.
- There is no minimum income requirement to be eligible for the card.
- Users do not earn any reward points on transactions made with the card.
- The card operates on the MasterCard network.