SBI Foreign Travel Card Review: Features, Charges, and Is It Right for You?

The Wise Travel card lets you hold 40+ currencies and spend at the interbank exchange rate with no forex markups or hidden fees - now available to order for free (Limited time offer, while stocks last).

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Planning an international trip requires careful financial preparation, and choosing the right prepaid travel card can save you time and money. The SBI Multi-Currency Foreign Travel Card is a popular option from one of India's largest public banks.

This comprehensive guide breaks down the features, charges, and application process for the Multi-currency Forex Card. We'll also introduce you to the Wise Travel card, which allows you to hold 40+ currencies in on card and spend without any forex markups or hidden fees.

What is an SBI Forex Card?

The State Bank Multi-Currency Foreign Travel Card is a prepaid foreign currency card that allows Indian residents travelling abroad (except to Nepal and Bhutan) to load and use multiple foreign currencies on a single card.¹

This card allows you to load and manage up to 7 major foreign currencies on a single card: USD, GBP, EUR, SGD, AUD, CAD, and AED ¹.
Let’s understand its features and how to use it.

Is SBI Forex Card safe?

The SBI Forex Card is regulated by The Reserve Bank of India (RBI). Its loading limits and usage are also subject to the regulations of the Foreign Exchange and Management Act, 1999, which the RBI imposes from time to time.² This regulatory oversight governs its usage and loading limits, ensuring compliance and consumer protection.

SBI Forex Card: Features and benefits

Here are the SBI Forex Card features you should know³, side-by-side with the Wise Travel card, a multi-currency card that lets you hold 40+ currencies with no forex markups.

➡️ Learn more about the Wise card

SBI Forex Card: Charges

SBI Forex Card charges separate fees for loading, reloading, and ATM cash withdrawals. Below is an overview of how SBI Forex Card charges stack up against the Wise Travel card. GST @ 18% is applicable on all fees charged in INR.⁵

SBI Forex Card’s exchange rate

The SBI Multi-Currency Foreign Travel Card uses an exchange rate known as SBI's Card Rate or Sale Rate, which is the bank's own published daily rate for currency conversion. It is crucial to note that this rate is not the interbank rate and may include a markup or margin. You should always compare this rate with Wise, who always uses the interbank exchange rate with no markup, as you can see below, to ensure you're getting the best value for your money.

How to apply and use SBI Forex Card

Before we explore how to apply for the SBI Forex card, let’s discuss the preparatory steps. Documentation is the key. You must submit the following documents when applying for the SBI Forex card.

• Signed application form
• Valid passport with a minimum of six months’ validity
• PAN card
• Proof of travel, such as an air ticket, a university admission letter, or a visa
• Proof of residence, if it is different from the one mentioned in the passport

How to apply for an SBI Forex Card

You can apply for your SBI Forex Card online and offline.

Though you apply online, you must visit the SBI branch to complete the formalities and collect your card.¹⁰

• Apply online through internet banking on the SBI Cards website
• Here’s the path: Go to e-Services > e-cards > Apply for State Bank Foreign Travel Card
• Fill out the application form online and submit it
• Note down the reference number
• Take a printout of the application form and visit any SBI branch with the required KYC documents to complete the formalities

SBI delivers the forex card instantly after verifying your documents. You can load it with foreign currency before using it abroad.
Alternatively, you can visit the authorized SBI branch and complete the formalities. You get your forex card instantly.¹¹

How to Use the SBI Forex Card

Your SBI Forex Card is like your international debit card, with the only difference being that it is pre-loaded with foreign currency. You can use your SBI Forex Card in various ways.¹²

• Swipe and pay for your purchases at all merchant establishments that accept MasterCard
• Use your forex card online for purchases at e-commerce retail outlets
• Withdraw cash from ATMs abroad

Summary: Is SBI Forex Card good for travelling?

Your SBI Forex Card is a good choice if you're an existing SBI bank user and you value its physical services. If you're looking for something that lets you load on the go and always uses the interbank rate, which usually giving you the best value for your money, then you can consider the Wise Travel card. You can easily reload via the app with the Wise Travel card, making it highly convenient for global travellers.

Meet the Wise Travel card: 40+ currencies in one card, with no forex markups or hidden fees

With no hidden markups, the Wise Travel card is a smart way to spend abroad. You'll always get the real interbank exchange rate for conversions across 40+ currencies. Wise's transparent, low pricing, plus no foreign transaction fees or forex markups, usually means you are getting the best value for your money.

The fully digital account opening and vKYC process allows you to sign up from the comfort of your home, and there are no annual or monthly fees either. Simply order your card, show proof of your travels, load your funds, and you're all set. Plus - card orders are currently free to Indian addresses (limited time launch offer, while stocks last)! A physical Wise card enables you to make secure chip and PIN payments and get some free ATM withdrawals while you're overseas. You can also instantly freeze or unfreeze your card in the app anytime for peace of mind.

Wherever your travels take you, the Wise Travel card is the only forex card you'll need to make spending internationally simpler and cheaper.

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