When travelling abroad for work or leisure, ensuring the trip goes smoothly and is a hassle-free experience is paramount on most of our minds. When abroad, paying in foreign exchange is generally the most vexing part of a trip especially when carrying travellers cheques or cash. Using a credit or debit card has its advantages but the foreign currency mark-up as well as additional charges make this option unviable. Instead of running in search of the nearest ATM or money changer, applying for a forex card is the best option.
Kotak Mahindra has introduced forex cards that take away all this hassle. The card can be preloaded with foreign currency, which would then be deducted each time the card is used. If swiped at merchant outlets, there is no additional charge levied. Security is also assured, since the cards come equipped with all the security features available on a credit card.
Kotak Mahindra has one forex travel card offering at present, namely the Kotak Mahindra Multi Currency World Travel Card. travelling to multiple countries will no longer be a hassle with this card, as it can be loaded with up to 13 currencies and enables seamless switching between currency wallets. The card provides the best in security through the Verified by VISA facility. The forex travel card can be used across the world without incurring foreign exchange charges.
The Currencies That Can Be Preloaded Into The Card Are As Follows:
Kotak Mahindra has sought to cater to the needs of every traveller with the Kotak Mahindra Multi Currency World Forex Travel Card.
The card comes equipped with an array of features and benefits, such as the ones listed below:
The fees and charges associated with the Kotak Mahindra Multi Currency World Forex Travel Card are provided in the below table:
|Type of Facility||Charges|
|Card issue fee||Rs.250 plus applicable GST|
|Reload fee||Rs.75 plus applicable GST|
|Convenience fee for online reload||Rs.275 plus applicable GST|
|Convenience fee for customer contact reload||Rs.75 plus applicable GST|
|Lost card reissue fee||Subject to the currency being used|
|Charge slip retrieval fee||Nil|
|Balance enquiry at overseas ATMs||Subject to the currency being used|
|Cash withdrawal||Subject to the currency being used|
The eligibility criteria for the Kotak Mahindra Multi Currency Forex Travel Card is as follows:
Documents Required for Kotak Mahindra forex Cards
When applying for a Kotak Mahindra Multi Currency World Forex Travel Card, there are certain documents that have to be submitted based on the type of travel.
For amounts up to USD 25,000 applicants are required to submit the Multi Currency application form if they are travelling abroad for business, employment, for education abroad, to emigrate or for medical expenses.
Amounts over USD 25,000 and up to USD 25,00,000 are required to submit the Multi Currency application form, Form A2 as well as a copy of their passport if applicants are travelling for leisure, to study abroad, for business, employment, medical treatment or emigration.
Amounts above USD 25,00,000 can only be loaded onto the card in case of applicants going abroad for further studies, medical treatment or to emigrate.
In the case of business travel other than in an individual capacity, applicants have to submit the following documents irrespective of the amount they wish to load onto the card:
It usually takes 24 hours for the currency to be loaded on the card after the bank receives the amount from you. After this period, the card can be used internationally.
The daily spending limit would be based on the currency being used and will thus vary.
You can reload your card while overseas by:
If you have lost your card while overseas, you should immediately notify the bank by calling the customer contact helpline to block your card. In the meanwhile, you can request for a backup card.
Your card will be valid for a period of 3 or 5 years.
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