Forex Cards, also known as travel cards, are a convenient way to carry and manage your foreign currency while you're travelling to different countries. They offer security and competitive exchange rates, and are widely accepted abroad. However, what will you do if you're back from your trip and have some leftover currency on your Forex Card? Can you transfer that money back to your bank account?
Is it possible to transfer money from a Forex Card to a bank account?
As different banks and Forex Card providers may have specific policies regarding fund transfers, it is considered best to check with the bank / provider first.
In most cases, yes, you can transfer money from your Forex Card to your bank account. However, the process can vary depending on the specific Forex Card provider and your bank. Usually, you will need to prepare documents like a valid ID proof, your bank account number, and in some cases, a cancelled cheque could be needed.
How to transfer money from a Forex Card to a bank account?
1. Check your balance and fees
Before initiating a transfer, it's essential to check the remaining balance on your Forex Card. Most providers offer online portals or mobile apps where you can easily access this information. Additionally, be aware of any potential fees associated with Forex Card to bank account transfers.
2. Choose your transfer method
Several methods might be available for transferring money from your Forex Card to your bank account. Here are the most common ones:
- Online banking: Many Forex Card providers allow transfers directly through their online banking platform. You will typically need to log in to your account, navigate to the 'Transfer' section, and provide your bank account details.
- Mobile app: Similar to online banking, some providers offer mobile apps facilitating transfers between your Forex Card and bank account.
- Customer service portal: You can contact your provider's customer service department by phone or live chat to initiate a transfer. Be prepared to provide your card details, bank account information, and any additional security verification required.
- Branch visit: In some cases, you might need to visit a physical branch of your card provider or your bank to initiate the transfer in person.
3. Provide relevant information
- Forex Card details: This includes your card number, CVV code and expiry date.
- Bank account details: You'll need your bank account number, account holder name, and possibly the routing number or IFSC code.
Double-check all details for accuracy and all conditions set by the provider before confirming the transaction.
4. Confirmation and processing
You'll typically receive a confirmation message or email upon initiating the transfer. The processing time can vary depending on the provider and your bank, as it can take from a few hours to 2-3 business days for the funds to reflect in your bank account.
Also Read: Forex vs Debit vs Credit Card: Key differences
Conclusion
Transferring money from your Forex Card to your bank account is a straightforward process in most cases. By following the aforementioned steps and understanding the potential fees involved, you can easily convert your leftover travel currency back to your local funds.
Axis Bank's Forex Cards are convenient for international travel and let you transfer your foreign currency to your bank account easily. However, they offer this feature only when you've returned to India, your last transaction is 10+ days prior, and when you submit the refund form and a copy of your passport.
FAQs
Q. Can I transfer money from my Axis Bank Forex Card to my bank account?
Yes, you can transfer the residual or non-utilised balance from your Axis Bank Forex Card to your bank account. You can visit any Axis Bank branch after 10 days of your return to India, irrespective of where your card was issued. You need to fill out the refund form with a copy of your passport to initiate the process.
Q. How do I withdraw money from my Forex Card?
While transferring to your bank account might be the preferred option, you can also withdraw cash from your Forex Card using ATMs abroad that display the VISA or Mastercard logo (depending on your card network). Always remember to note the exchange rates and be aware of potential withdrawal fees charged by both the ATM operator and your Forex Card provider.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
