Yes, you can transfer money from a forex card to a bank account, but the method depends on your card issuer and the type of account you're moving it to
A forex card is a prepaid card loaded with foreign currency before you travel. To move that money back to your bank account, you have three main routes: transfer the balance online through your card issuer's app or website, visit a branch in person, or use an ATM withdrawal (though this costs fees). The speed and cost vary by issuer and whether you're moving money domestically or across borders.
The catch is that most forex card issuers do not let you transfer directly to any bank account—only to the bank account that originally funded the card. If you loaded the card from your HDFC account, you can transfer back to that HDFC account. You cannot transfer to a different bank or a different person's account. Some issuers allow ATM withdrawals instead, which gives you cash, but you then have to deposit that cash yourself and pay ATM fees on top.
Key Takeaways
- Most forex card issuers only transfer refunds back to the bank account that originally loaded the card, not to any account you choose.
- Online transfer through your card issuer's app or website is usually free and takes one to three business days for domestic transfers.
- ATM withdrawals are an option but charge a fee per withdrawal, typically ₹100 to ₹200, plus your bank may charge its own ATM fee.
- International transfers (moving money to a bank account outside India) take longer and may involve currency conversion fees or a fixed transfer charge.
- Check your card issuer's terms before you travel, because some cards have expiry dates or inactivity fees that eat into your balance.
How to transfer money online through your card issuer's app or website
Log into your card issuer's mobile app or website using your card number and PIN or registered credentials. Look for a section labeled "Refund," "Transfer Funds," "Reverse Load," or "Unload Card"—the exact name varies by issuer. Select the option to transfer your balance back to your bank account.
The system will show you the balance available on your card and ask you to confirm the bank account details. This account must be the one you used to load the card originally. Enter the amount you want to transfer (you can transfer the full balance or a partial amount) and confirm. Most issuers process this transfer within one to three business days for accounts at the same bank, or up to five business days if the receiving bank is different.
There is usually no fee for this transfer, though some issuers charge a small amount (₹50 to ₹100) if you reverse the load after a certain number of days have passed. Check your card's terms or contact the issuer before you transfer to confirm whether a fee applies.
ATM withdrawal as an alternative if online transfer is not available
If your card issuer does not offer online transfer, or if you need cash immediately, you can withdraw money from an ATM using your forex card like a debit card. Insert the card, enter your PIN, and withdraw in the local currency (usually Indian rupees if you are back in India). The ATM will convert your forex balance at the current exchange rate and dispense cash.
ATM withdrawals carry fees. Your card issuer typically charges ₹100 to ₹200 per withdrawal, and your bank may charge an additional ATM fee if the machine is not in their network. You then have to deposit the cash into your bank account yourself, which means a trip to a branch or an ATM deposit if your bank offers it. This route is slower and more expensive than an online transfer, so use it only if the online option is not available.
What happens if you try to transfer to a different bank account
Most forex card issuers will not allow you to transfer to an account other than the one that loaded the card. If you try to initiate a transfer to a different account through the app or website, the system will reject it or show only the original account as an option. This is a security measure to prevent fraud and to simplify the refund process for the issuer.
If you need the money in a different account, your options are limited. You can withdraw cash from an ATM and deposit it into the other account yourself. Some issuers allow you to link a second account to your card profile before you travel, which may then appear as a transfer option, but this varies by issuer and must be set up in advance. Contact your card issuer before you travel to ask whether this is possible.
International transfers: moving money to a bank account outside India
If you want to transfer your forex card balance to a bank account in another country, the process is more complex and slower. Not all issuers offer this option. Those that do typically require you to initiate the transfer through their website or by visiting a branch, and they may charge a flat fee (₹500 to ₹1,500) or a percentage of the amount transferred.
The receiving bank will also charge an incoming wire transfer fee, which varies by bank and country but is typically $10 to $50 USD equivalent. The transfer itself takes five to ten business days because it moves through the SWIFT network. The exchange rate used is the issuer's rate on the day of transfer, not the rate on the day you request it, so the amount you receive may be slightly less than you expect.
Before you travel, ask your card issuer whether they support international transfers and what the fees are. If they do not, your only option is to withdraw cash and carry it with you or use a separate international money transfer service.
Timing and what to expect after you request a transfer
For domestic transfers to the same bank, expect the money to arrive within one business day. For transfers to a different bank, allow three to five business days. The issuer will send you a confirmation email or SMS with a reference number as soon as you submit the request. You can use this number to track the transfer if it does not arrive within the expected timeframe.
If the transfer does not arrive after five business days, contact your card issuer's customer service with your reference number. They can check whether the transfer was processed and, if it was, whether the receiving bank is holding it for any reason. Delays sometimes happen if your bank account has been inactive or if there is a mismatch in account details.
Fees, currency conversion, and what reduces your balance
The main costs are the transfer fee (if your issuer charges one), any ATM withdrawal fee, and currency conversion if you are moving money internationally. Domestic online transfers are usually free. ATM withdrawals cost ₹100 to ₹200 per transaction plus your bank's ATM fee. International transfers cost ₹500 to ₹1,500 plus the receiving bank's wire fee.
Currency conversion happens at your issuer's exchange rate, which is usually close to the market rate but not identical. If your card holds multiple currencies (for example, USD and EUR), you can usually choose which currency to convert when you transfer. Some issuers also charge an inactivity fee if your card sits unused for a certain period (often six months to a year), so check your card's terms to avoid losing money to fees.
Frequently Asked Questions
Can I transfer my forex card balance to someone else's bank account?
No. Forex card issuers only transfer refunds back to the account that originally loaded the card. You cannot transfer to a third party's account. If you need to give money to someone else, withdraw cash from an ATM and give them the cash, or use a separate peer-to-peer transfer service.
What if my forex card has expired but still has money on it?
You can still transfer the balance back to your bank account or withdraw it from an ATM even after the card expires. The card will not work for purchases, but the balance remains accessible. Contact your issuer to confirm the process, as some require you to request a transfer within a certain period after expiry.
Do I have to transfer the entire balance, or can I transfer part of it?
Most issuers let you transfer a partial amount. When you initiate the transfer through the app or website, you can enter the exact amount you want to move back. The remaining balance stays on the card until you transfer it later or the card expires.
How long does a forex card transfer take if I'm transferring to a bank in another country?
International transfers typically take five to ten business days because they move through the SWIFT network. Some issuers may take longer if they batch transfers or if the receiving country has additional processing steps. Ask your issuer for an estimate before you request the transfer.
Will I lose money to exchange rates when I transfer my forex card balance back?
Yes, if your card holds a foreign currency and you are transferring to an account in Indian rupees, the issuer will convert at their exchange rate. This rate is usually close to the market rate but slightly less favorable. If your card holds multiple currencies, choose the one with the best conversion rate before you transfer.