Have leftover money on your forex card after a foreign trip? Here's how to transfer it back to your Indian bank account

Unused funds on an Indian traveller’s forex card can be converted into rupees through the issuer’s refund or encashment process. The complete process explained. 

When a Indian resident travels abroad, they generally carry a forex card to pay for expenses such as accommodation, transport, food and experiences. However, it is not necessary to spend the card's entire balance during the trip, which means travellers may return to India with money left on their forex card.

This unused balance can be converted into Indian rupees (INR) through the card issuer’s refund or encashment process. The applicable process, exchange rate, charges, and refund method may may vary across forex card issuers.

How is forex card balance converted to INR?

The INR amount you receive depends on the foreign currency balance and the exchange rate applicable at the time of encashment. Any applicable encashment or conversion charges may be deducted from the final amount.

For example, if you have $1,000 remaining on your forex card and the applicable exchange rate is ₹96 per US dollar, the gross value of the balance would be ₹96,000 before deducting any applicable charges and taxes.

How to transfer unused forex card balance?

According to a report by Paisabazaar, some forex card issuers allow travellers to transfer the leftover money in their forex card to their bank account in Indian rupees. Though the facility and process may vary depending on the issuer, the process can look like this:

Step 1: Log in to the forex card issuer’s mobile app or online portal.

Step 2: Navigate to the forex card section and select the option for refund or encashment.

Step 3: Select the currency and amount you want to refund. You can also choose the option to refund the entire balance if it's available.