Understanding Withdrawal Charges for the SBI Global Debit Card in Canada

Introduction: If you are an SBI Global Debit Card user planning to withdraw cash in Canada, it is crucial to understand all the associated fees and charges. This article provides a comprehensive guide on the various costs you may encounter while using your SBI Global Debit Card internationally.

International Transaction Fee

For international transactions, SBI typically applies an additional fee based on the transaction amount. As of the latest updates, the international transaction fee is around 1 to 3% of the total transaction amount. It is advisable to verify any changes by checking the SBI official website or contacting the bank directly for the most precise information.

ATM Withdrawal Charges

When using ATMs abroad, there are additional fees to consider. For transactions involving ATM cash withdrawals, you may be required to pay a fixed fee per transaction, which often ranges from 125 to 300 local currency units, plus any fees charged by the foreign ATM operator. These fees can quickly add up, so it's wise to consider them when budgeting.

Currency Conversion Fee

A currency conversion fee is also applicable when you make transactions abroad. This fee can vary and is often included in the transaction cost. The exchange rate used for conversion usually includes a markup, leading to slightly unfavorable rates compared to the market rate.

Specific Details for Canada

In the case of Canada, the specific charges include:

A minimum service charge of Rs. 100 for each transaction A currency conversion fee of 3.5% of the transaction amount A cross-border transaction fee calculated based on a fee structure where the full amount minus the fixed fee is deducted over the next three days.

For example, if you withdraw Rs. 68,000, which is roughly equivalent to CAD 1,000, the cross currency fee would be 3.5% of 68,000, which equals Rs. 2,380. Additionally, a service tax of Rs. 100 and a Swatch Bharat cess of Rs. 5 would apply, totaling Rs. 115 per transaction. The full amount minus the service charge and conversion fee, i.e., Rs. 68,000 - Rs. 2,515, would be deducted from your account within 3 days.

Note that the exact timing and amount of these charges can vary and can sometimes lead to a delay of up to 2-3 days.

Alternative: Prepaid Travel Card

For those seeking to avoid these fees, SBI offers a solution through a Prepaid Travel Card. This card allows you to load the required amount and transact internationally without additional fees. For instance, if you load Rs. 100,000 on the card, the total cost would be Rs. 100,000 plus an issuance fee of Rs. 250, making the total Rs. 100,250. You can use this card to make purchases, including ATM withdrawals, without any extra charges. If you need 68,000, the total cost would be Rs. 68,250.

To access a Prepaid Travel Card, you can visit the SBI main branch in your locality, where you can load the amount and receive the card immediately. You will need to carry your flight ticket, visa, and a SBI passbook or check to make the payment for the card.

Conclusion

Understanding the withdrawal charges for your SBI Global Debit Card in Canada can help you plan your budget more effectively. Always check the latest information from the official SBI website or contact the bank for up-to-date details and alternatives like the Prepaid Travel Card.