How to transfer money from Forex Card to bank account (2024)

FAQs

How to transfer money from Forex Card to bank account? ›

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.

You can use the Forex Card to withdraw cash from any VISA/VISA Plus / Mastercard ATMs overseas. Just insert the card, select Checking/Current Account on the screen, and follow the instructions. Enter your PIN and indicate the amount you want to withdraw in the local currency.

One of the best features of a Forex Card is the ease with which you can transfer money from your Forex Card to a bank account. Forex Cards usually have a validity of three to five years. You can simply retain leftover funds for your next trip or easily transfer it back to your bank account.

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.

Generally, it takes a few hours to several days. However, several factors determine the length of the transfer process, including your broker's processing time, withdrawal method, and your bank's policies.

Bank wires - $0, the Forex.com minimum withdrawal is $100 or a currency equivalent, no maximum. Credit/debit cards - $0, the Forex.com minimum withdrawal is $100 or a currency equivalent, a maximum between $10,000 and $99,999 per transaction (dependent on the geographic location of traders)

The Card will work in all countries and will dispense local currencies only on usage at ATMs but in case the US Dollar Card is used in Europe, conversion charges from USD to Euro will be applicable.

Who can I send USD to? You can send USD to any bank account in the US that accepts ACH payments or wire payments. You can also send USD to bank accounts outside the US using the Swift payment network. These payments can take up to 5 working days to arrive and may be more expensive than transfers inside the US.

How to cash out forex money? ›

To withdraw funds, log into the trading platform and click “Add Funds” and then select the “withdraw funds” option. Funds must be withdrawn to the originating source of deposit. Excess funds may be withdrawn by bank transfer or wire transfer.

Cash Advance/Cash@POS transactions fee: 0.5% of transaction amount. It is a facility through which ICICI Bank Forex Prepaid Cardholders can withdraw cash by swiping their Card at merchant outlets.

If your bank account is linked to your forex trading account (and it likely will be), you can make a request for funds to be credited directly to your bank account. Whatever assets you trade in, whether stocks or commodities, your profits can be deposited in your bank account.

You can typically do this by visiting the prepaid card issuer's website or mobile app. Select the "Transfer" option. This option will usually be located in the "Account Management" or "Transactions" section of your account. Choose the "Transfer to Bank Account" option.

Cash Advance/Cash@POS transactions fee: 0.5% of transaction amount. It is a facility through which ICICI Bank Forex Prepaid Cardholders can withdraw cash by swiping their Card at merchant outlets.