Kotak Mahindra Bank provides efficient financial services ranging from personal financing, investment banking, and life insurance to currency exchange. Students travelling abroad also consider Kotak Bank Currency Exchange services as the bank has a dedicated team of foreign exchange specialists that provide faster turnaround time on currency exchange services. One can apply for a wide range of 15 currencies ranging from dollars, and pounds to euros and francs.
Let’s look at Kotak Bank’s foreign currency cash exchange, how to apply for it and the applicable charges.
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Kotak Bank Currency Exchange Servies
Kotak Mahindra Bank offers hassle-free currency exchange. Individuals can apply for Kotak Foreign currency cash at their doorstep through the Kotak Mobile Banking App. As per the RBI guidelines, the permissible foreign cash you can abroad legally is USD 3000 which can be availed 60 days before your travel plans under Kotak Bank Currency Exchange.
| Basis | Description |
| Limit of Kotak Foreign Currency Exchange | Up to USD 3000 (in cash)Above USD 3000 (to be carried in the form of Forex Cards, Credit Cards, or Debit Cards) |
| Documents Required | PAN and Passport |
| Applicable charges | Delivery fees of INR 10018% GST applicable |
| Currencies Available | The following 15 global currencies can be exchanged- USD (United States Dollar)CAD (Canadian Dollar)EUR (Euros)AUD (Australian Dollars)GBP (Great Britain Pound)AED (UAE Dhiram)CHF (Swiss Francs)JPY (Japanese Yen)ZAR (South African Rand)NZD (New Zealand Dollar)DKK (Danish Krone)HKD (Hong Kong Dollar)SAR (Saudi Riyal)SEK (Swedish Kroner)SGD (Singapore Dollar) |
Here are some of the features of Kotak Bank currency exchange-
- Kotak Bank currency exchange can be availed at your doorstep.
- Easy application for currency exchange through Kotak Mobile Banking App.
- Range of 15 currencies for your travel.
- No physical documentation is required except for PAN and Passport.
Note: If you wish to take more than the permissible amount of foreign cash, students can carry the balance amount in the form of Forex Cards. Here’s the list of Cheapest Forex Cards for students that can be considered for efficient management of study abroad finances.
How to Apply for Kotak Bank Currency Exchange?
To apply for Kotak currency exchange, individuals can skip the branch visit. In 4 easy and simple steps, resident individuals can apply for Foreign currency cash through the Kotak Mobile Banking App and get the currency delivered to their doorstep. Follow these steps to apply for Kotak Mahindra Bank currency exchange-
Step #1: Log in to Kotak Mobile Banking and click on Forex Cash
Step #2: Select the currency and enter the amount and other details, as asked.
Step #3: Fill and Confirm Form A2 and LRS declaration. (It is a document declaring the total amount of Foreign Exchange purchased)
Step #4: Submit the request
Note: Resident Individual customers who have access to Kotak Mobile Banking can apply for doorstep delivery of Forex Cash.
Also Read: Let’s know about some frequently asked questions on currency exchange for students abroad in our blog.
Applicable Fees for Kotak Bank Currency Exchange
Foreign currency charges are applicable on the purchase of any foreign currency. The bank also charges a fee of INR 100 to deliver the currency to the doorstep. Besides, 18% GST is applicable on the purchase and sale of foreign currency. The table below provides a detailed description and applicable GST rates as per different slabs.
| Value of Currency purchased or sold | Value on which GST rate will be applicable |
| Up to 1,00,000 | 1% of the gross amount of currency exchanges or a minimum of Rs.250/- |
| 1,00,000 to 10,00,000 | 1000 + 0.50% of the gross amount of currency exchanged less 1,00,000. |
| Above 10,00,000 | Rs.5500/- + 0.10% of the gross amount of currency exchanges less 10,00,000 subject to maximum of Rs.60,000/- |
Also Read: Wondering how to get the cheapest currency exchange and save travel bucks without paying huge exchange fees? Check our blog and learn about it.
FAQs on Kotak Bank Currency Exchange
Yes, resident Individual customers who have access to Kotak Mobile Banking can apply for Kotak Bank currency exchange.
The following 15 global currencies can be exchanged in Kotak- USD (United States Dollar), CAD (Canadian Dollar), EUR (Euros), AED (UAE Dhiram), AUD (Australian Dollars), GBP (Great Britain Pound), CHF (Swiss Francs), JPY (Japanese Yen), ZAR (South African Rand), NZD (New Zealand Dollar), DKK (Danish Krone), HKD (Hong Kong Dollar), SAR (Saudi Riyal), SEK (Swedish Kroner), and SGD (Singapore Dollar).
To apply for Kotak currency exchange, log in to Kotak Mobile Banking and click on Forex Cash. Select the currency and enter the amount. Then, confirm Form A2 and LRS declaration and finally submit the request.
No physical documentation other than PAN and Passport is required for Kotak currency exchange.
Foreign currency charges are applicable on currency exchange in Kotal. The bank also charges a fee of INR 100 to deliver the currency to the doorstep. Besides, 18% GST is applicable on the purchase and sale of foreign currency.
This was all about the Kotak Bank Currency Exchange. It’s a popular choice amongst students as the bank offers efficient currency exchange services. The application process is hassle-free which can be done in 4 simple steps.
To know more about international scholarships, the loan application process, the best international bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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