How to Transfer Money from a Forex Card to a Bank Account?

Forex card is one of the seamless ways to access foreign currency while you are travelling abroad. It is common that you may have some unused or remaining balance on your forex card after returning from a trip. Fortunately, it is possible to retrieve and transfer this balance to your bank account.

However, it is considered best to check with your bank and your forex card provider about the specific policies for the fund transfer. In this guide, we will break down the entire process of how to transfer money from a forex card to a bank account. But before jumping to it, let us first understand more about the forex card and its scope of money transfer.

What is a Forex Card?

A Forex card is a money card that is majorly used while travelling abroad. This card gives a traveller the convenience of loading money in a foreign currency respective to the place of travel. The card is used like a debit or credit card abroad to pay for a traveller’s expenses. This card is globally accepted and allows withdrawing cash in a foreign currency abroad.

Is It Possible to Transfer Money from a Forex Card to a Bank Account?

When you have a forex card, this question might pop into your mind more often than any other. To answer the question, yes, it is possible to transfer money from a forex card to a bank account. All you have to do is prepare some documents and follow a step-by-step process to request money transfer from your forex card. Here are some documents that you must have to begin the fund transfer process from a forex card to your bank account.

• Forex card
• Valid ID proof/passport 
• Cancelled cheque from your bank account
• Bank account number 

How to Transfer Money from Forex Card to Bank Account

Once you have the relevant documents mentioned above, you can easily proceed with the forex card to bank account transfer. Given below are the steps to help you with the procedure.

Step 1: Check the Available Balance on Your Forex Card

The first step to ensure a seamless balance transfer is checking the balance available on your forex card. You can check the balance either via the online app for your forex card management or by simply reaching out to the customer care of your forex card provider.

Step 2: Examine the Exchange Rate and Transfer Fee

The next step is to check the cost associated with transferring funds from the forex card to your bank account. Forex card providers generally levy a transfer fee that ranges between a fixed sum amount and a percentage of the transferred amount.

It is, however, essential to note that the exchange rate used for the transfer can impact the final amount deposited into your bank account. To cut down on expenses, it is suggested that you evaluate exchange rates offered by various forex card providers and go for the one with the best rates.

Step 3: Make the Transfer Request 

Once you have checked your balance and evaluated the feasible exchange rate, you can proceed with the transfer request. You can perform the process either way, online or offline. Your forex card provider can help you proceed with the request via its official website or mobile application.

The forex cardholder can also call customer care of the forex provider and make the request right then and there. You may have to submit or share details of your forex card, such as card number, CVV, and expiry date, along with mentioning the amount you wish to transfer.

Step 4: Submit Your Bank Account Details 

Once you have provided all the required forex card details, you need to provide the details of your bank account where you wish to receive the balance. It will include details like account number, account holder name, and IFSC code .It is recommended to cross-check the details before you submit them to your forex card provider.

Step 5: Transfer Confirmation

After entering all the required bank account details, now is the time to confirm your forex card to bank account transfer. Many forex card providers also ask you to submit the OTP (one time password) received on your registered mobile number or e-mail as a confirmation process. Once you confirm the request for transfer, you will get the confirmation message with details on the anticipated date and time of transfer.

Step 6: Transfer Processing Time

After your request is confirmed, you must keep patience and wait for the processing of your transfer request. Your bank transfer may take a few hours to days, depending on your forex card provider. You have the flexibility to track the status of your request via your forex card account or by simply taking the support of customer care of your forex card issuer.