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  • Kotak Bank Forex Card

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  • 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.

    Types of Kotak Mahindra Forex Travel Cards

    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:

    • U.S. Dollar (USD)
    • Great Britain Pound (GBP)
    • Singapore Dollar (SGD)
    • Euro (EUR)
    • Hong Kong Dollar (HKD)
    • South African Rand (ZAR)
    • Saudi Riyal (SAR)
    • Canadian Dollar (CAD)
    • Australian Dollar (AUD)
    • Swiss Franc (CHF)
    • Japanese Yen (JPY)
    • Swedish Krona (SEK)
    • United Arab Emirates Dirham (AED)

    Features And Benefits Of The Kotak Mahindra Multi Currency World Forex Travel Card

    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 card can be loaded with up to 13 global currencies, making it convenient for those travelling to multiple countries.
    • Dedicated customer log-in would be accessible, which would provide round the clock access to the travel card account.
    • The card comes equipped with a higher level of security as it is a chip-based card.
    • In the event the card is damaged or lost, the cardholder can contact Kotak Mahindra for the issuance of a backup/replacement card. The backup card can be applied for in advance or in the unfortunate event of the card’s theft or damage.
    • Purchases made using the card are covered by purchase protection insurance of up to Rs.1 lakh.
    • In the event of the card being lost, the bank offers lost card liability insurance of up to Rs.2 lakh, which would cover any expenses arising out of the card’s misuse 30 days prior to the reporting and 7 days after the reporting of the card being lost/misplaced.
    • The card comes with a 3 or 5 year validity, making it easier for those who travel infrequently.
    • Foreign exchange of up to USD 2,000 can be left on the card for later use.
    • Air accident insurance of up to Rs.15 lakh is provided free of charge with the card.
    • In the event of checked-in baggage being lost on outbound international flights, the card provides cover of up to Rs.50,000 towards expenses for necessary items such as clothes etc.
    • If the cardholder misplaces travel documents such as passport, the cardholder can avail of complimentary insurance cover of up to Rs.50,000. This amount covers expenses such as applying for new travel documents and associated costs such as visas.
    • The card has universal acceptance at all outlets and ATMs that accept VISA cards worldwide.
    • Keep track of spending on the card through SMS and email alerts that will be sent each time the card is used.
    • Global Customer Assistance Service (GCAS) is a facility offered by VISA that provides help in the event of a VISA card being lost/stolen. Cardholders can avail of facilities such as emergency replacement card issuance, to report a stolen or lost card and many others. Cardholders can visit http://www.visa-asia.com/ap/Subscription/gcas.jsp for additional information.

    Kotak Mahindra Multi Currency World Forex Travel Card Rates / Fees And Charges

    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
    Statement request Nil
    Chargeback fee Nil
    Refund charges Nil
    Charge slip retrieval fee Nil
    Balance enquiry at overseas ATMs Subject to the currency being used
    Cash withdrawal Subject to the currency being used

    Eligibility Criteria for Kotak Mahindra forex Cards

    The eligibility criteria for the Kotak Mahindra Multi Currency Forex Travel Card is as follows:

    • The applicant should be a resident Indian or a foreign national.
    • The applicant should have the requisite documentation pertaining to his/her travel.

    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.

    These applicants will have to submit the following documents:

    • Multi Currency application form.
    • Form A2.
    • Copy of passport and visa.
    • Tickets.
    • Estimate from a doctor/hospital (in case of medical treatment), an estimate from the university (in case of those studying abroad) justifying the need and reason for remittances from the home country.

    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:

    • Multi Currency application form.
    • LERMS (Liberalised Exchange Rate Management System) letter on company letterhead.

    FAQs about Kotak Mahindra forex Cards

    1. How long do I have to wait before I can use my Kotak Mahindra Multi Currency World Forex Travel Card?
    2. 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.

    3. What is the daily spend limit on the Kotak Mahindra Multi Currency World Forex Travel Card?
    4. The daily spending limit would be based on the currency being used and will thus vary.

    5. I need to reload my card while overseas. How do I do it?
    6. You can reload your card while overseas by:

      • Calling customer service and requesting for a top-up on your card.
      • Though the specialised web login provided at the time of card issuance.
      • By visiting a Kotak Mahindra bank branch (a relative can be authorised to submit the request).
    7. I lost my card while overseas. What should I do?
    8. 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.

    9. What is the validity of my Kotak Mahindra Multi Currency World Forex Travel Card?
    10. Your card will be valid for a period of 3 or 5 years.

      

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