Forex card is becoming very popular among international students as it offers a convenient way of managing expenses while studying abroad. It can be used just like a credit or debit card to make transactions in the local currency abroad. There are a plethora of benefits to having a Forex Card. In this blog, we are going to understand Kotak Mahindra Bank’s Forex Card, its features, eligibility, application process, and much more.
Table of contents
Features of Kotak Mahindra Bank Forex Card
Kotak Mahindra Bank’s Forex Card comes with a lot of features that are useful for international students. Let’s look at its varied features one by one.
- Higher level of security – The card is embedded with a chip that offers a high level of security.
- Available in 13 currencies- The card is available in 13 foreign currencies including US Dollars, Euro, Pound Sterling, Australian Dollars, Singapore Dollars, Swiss Francs, Hong Kong Dollars, Canadian Dollars, Japanese Yen, Swedish Krona, South African Rand, United Arab Emirates Dirham, and Saudi Riyal.
- Worldwide acceptability- The card is accepted worldwide at all VISA-accepting merchant outlets and ATMs.
- Validity Period- The Kotak Forex Card is valid for 5 years. You can refer to the expiry date that is mentioned on the card.
Eligibility Criteria
The eligibility criteria for availing of the Kotak Mahindra Bank Forex Card are very simple and are as follows:
- The Forex Card is available to Indian nationals travelling abroad and foreign nationals residing in India. It can not be issued to NRI/NRE/NRO/non-KYC-compliant customers.
- It can be issued to both the customers who maintain an account with the Kotak Mahindra Bank, as well as those who don’t.
- To avail of the Forex Card, existing customers of the bank have to mandatorily mention the PAN Card number on the application form with a passport copy and non-Kotak customers have to provide the KYC and copy of the PAN Card and passport copy.
- In the case of an additional requirement of forex than the prescribed limit for studying abroad, the applicant needs to seek RBI approval for the same and provide it to the bank.
To understand the differences between the HDFC Bank Forex Card and Axis Bank Forex Card you must check out this blog: HDFC Bank Forex Card Vs. Axis Bank Forex Card: A Detailed Comparison
Documents Required
Below is the list of documents required to get the Kotak Mahindra Forex Card:
- Forex Card Application Form
- Passport Copy
- VISA
- PAN Card
- Passport Size Photographs
How To Apply For Kotak Mahindra Bank Forex Card?
It is very easy to apply for a Kotak Mahindra Bank Forex Card if you already have an account with the bank. Below are the steps to apply for the Forex Card for existing customers:
- You need to log in to Net Banking, then click on ‘More’.
- After this, you need to select the ‘Forex Card’ option.
- Now, you need to select the currency and enter the amount and other details.
- Post providing all the information, you can choose whether you want to collect the card from the nearest branch or get it delivered to your doorstep.
- The final step is to click on ‘Confirm & Pay’.
- After your card is issued, it will be activated with the loaded currencies within 24 working hours.
In case you don’t have an account with the Kotak Mahindra Bank then this card is available over the counter at all Kotak Mahindra Bank branches. You simply need to walk into the branch, fill in the Forex Card application form, submit the required documentation, fund your card, and walk out with the welcome kit pack. But make sure you carry all the documents with you beforehand so that you can get the card hassle-free and quickly.
Fee & Charges of Kotak Mahindra Bank Forex Card
Before you apply for Kotak Mahindra Bank Forex Card you must understand all the fees related to this card. The table below has the list of charges that you need to know:
| Category | Fees (INR) |
| Issuance Fee | 250 (exclusives of GST) |
| Reload Fee | 75 (exclusives of GST) |
| Lost Card Reissue Fee / Replacement Card Fee (exclusive of service tax) | 250 (within India) (exclusive of GST); USD 20, Euro 16, GBP 13, AUD 23, SGD 25, CHF 20, HKD 150, CAD 25, JPY 2149, SEK 150, ZAR 247, AED 73, SAR 73 (outside India) (exclusive of GST) |
| Cash Withdrawl Fee | USD 2, Euro 1.5, GBP 1.5, AUD 2.5, SGD 2.7, CHF 2.5, HKD 15, CAD 2.5, JPY 215, SEK 16, ZAR 25, AED 7.29, SAR 7.29 (outside India) (exclusive of GST) |
If you are confused between buying a SBI Bank Forex Card and ICICI Bank Forex Card then this blog will help you in making the right choice: SBI Forex Card Vs. ICICI Forex Card: Understanding The Differences
FAQs
There are currently 13 currencies available on the Kotak Mahindra Forex Card.
Yes, Kotak Forex Card works across the world except for the countries mentioned below:
Iran, North Korea, Cuba, Syria, Crimea region, Afghanistan, Venezuela, India, Nepal, Bhutan, Myanmar (Burma).
The Kotak Forex Card is valid for 5 years. You can refer to the expiry date that is mentioned on the card.
This blog covered the details of Kotak Mahindra Bank Forex Card. To know more about Forex Cards, the best 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.
| Recommended Reads |
| YES Bank Forex Card: Benefits, Documents, Eligibility & More |
| How To Reload HDFC Forex Card? Check Easy Steps |
| SBI Forex Card: Rate, Issuing Branches, Benefits, Withdrawl |
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