State Bank Multi-Currency Foreign Travel Card – Benefits, Fees & Eligibility

State Bank Multi-Currency Foreign Travel Card

Introduction

The State Bank Multi-Currency Foreign Travel Card is a prepaid forex card offered by SBI, designed specifically for international travel. Unlike traditional credit cards, this card requires pre-loading with funds before use. It stands out as a multi-currency card, supporting loading in 7 different widely used foreign currencies such as USD, Euro, and Dirham. While there is no annual membership fee, an initial issuance fee of Rs. 100 (plus GST) applies, which is noted to be lower than fees charged by some competitor forex cards like those from HDFC and Axis Bank. This card is best suited for individuals undertaking international travel and for managing international spends efficiently.

Fees

• Joining Fee: Rs. 100 (plus applicable taxes/GST)
• Renewal Fee: Not applicable
• Annual Membership Fee: Not applicable
• Reloading Fee: Rs. 50 is chargeable every time the card is reloaded.
• Foreign Currency Markup:
  • No mark-up fee applicable on transactions made in the currency loaded on the card.
  • 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.
• Interest Rates: Not applicable (as it is a prepaid card)
• Fuel Surcharge: Not applicable
• Cash Advance Charges: USD 1.75 on every transaction (or its currency equivalent) for cash withdrawals from an ATM.

Rewards

• Reward Type: Not applicable (no reward points or cashback are earned on this card).
• Travel Benefits:
  • The card can be loaded in 7 different widely used foreign currencies: USD, Euro, Pound, Singapore Dollar, Canadian Dollar, UAE Dirham, and Australian Dollar.
  • No foreign currency mark-up fee is charged on transactions made in the currency loaded on the card.
  • Accepted at all international retail outlets and online portals that accept MasterCard credit/debit cards.
• Movie & Dining: Not applicable
• Domestic Lounge Access: Not applicable
• International Lounge Access: Not applicable
• Golf: Not applicable
• Insurance Benefits: Not applicable

Card Eligibility Criteria

• Eligibility Rules: Since it is a prepaid card, there is no minimum income requirement to be eligible for the State Bank Multi-Currency Foreign Travel Card. It can be a card of choice for students going abroad for studies as it does not require proof of income.
• Documents Required for Issuance:
  • Prescribed application form
  • Copies of your passport
  • Copies of your PAN card

Card Review

The State Bank Multi-Currency Foreign Travel Card serves as a robust alternative to credit cards for individuals embarking on international trips. Its primary strength lies in its multi-currency functionality, allowing users to load funds in seven different foreign currencies (USD, Euro, Pound, Singapore Dollar, Canadian Dollar, UAE Dirham, and Australian Dollar) and avoid mark-up fees when transacting in the loaded currency. This feature makes it highly convenient for travelers managing expenses across multiple countries. A significant advantage is that, as a prepaid card, it does not require applicants to submit income proof, making it an excellent option for students studying abroad. The initial issuance fee of Rs. 100 (plus GST) is relatively low compared to similar offerings from other banks.

However, users should be mindful of certain charges: a 3% cross-currency usage fee applies if transactions are made in a currency not loaded on the card, a reloading fee of Rs. 50 is incurred for each reload, and an ATM withdrawal fee of USD 1.75 is charged per transaction. The card does not offer any reward points, welcome benefits, or lounge access. Overall, it's a practical and straightforward card for international spending, particularly for those prioritizing cost-effective currency exchange and a secure payment method over rewards.

Important Product Details

• Card Type: Prepaid forex card by SBI.
• Supported Currencies: Can be loaded in 7 widely accepted currencies: USD, Euro, Pound, Singapore Dollar, Canadian Dollar, UAE Dirham, and Australian Dollar.
• Usage: Accepted at all international retail outlets and online portals that accept MasterCard.
• Security Features: Chip and PIN Card with support for contactless payments.
• Fees Structure:
  • Low initial issuance fee of Rs. 100 (plus applicable taxes/GST).
  • No annual membership fee.
  • No foreign currency mark-up fee for transactions made in the currency loaded on the card.
  • Cross-currency usage fee of 3% for transactions in a non-loaded currency.
  • Reloading fee of Rs. 50 per transaction.
  • ATM withdrawal fee of USD 1.75 per transaction.
• Eligibility: No minimum income requirement, making it accessible to a broader audience including students.
• Benefits Not Included: No welcome benefits, reward points, movie/dining offers, domestic/international lounge access, golf privileges, or insurance benefits.

Other Details

• The card is reloadable at any of the FTC (Foreign Travel Card) issuing branches of SBI.
• Process for Reloading: To reload, visit an FTC issuing SBI branch and submit the prescribed application form, Form A2, along with copies of your passport and PAN Card.
• Authorized Reloading: A family member can be authorized to reload your card while you are abroad, provided they present an authorizing letter signed by you, along along with copies of your passport and PAN card, at an SBI branch.
• The card has an average rating of 4.5/5.