Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Kotak Bank Forex Card

     

    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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    Kotak Bank Forex Card Reviews

    • RBL Bank Credit Card
      "Easy to convert for EMI "
      0.5 4.0/5 "Great!"
      I got RBL card offer from BAJAJ Finance. I have been using this card past 10 months which is a life time free card. The credit limit is sufficient of 55K. EMI conversion is avail and I can convert via mobile app whenever required with nominal charge. I use this card for general purpose. Based on usage I get points but not yet redeem it.
      Was this review helpful? 79
      , chennai
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    • SBI Cards
      SBI Cards Credit Card
      "Good service"
      0.5 4.0/5 "Great!"
      SBI credit card have offers and reward points but I have not redeem them yet, this is a domestic card, the credit limit is of 50000 which I am very much satisfied as per my need. I got my statement on time. I used this card for personal purposes.The card is very user friendly.
      Was this review helpful? 85
      , hyderabad
      Reviewed on Mar 21, 2020
    • SBI Cards Credit Card
      "Ok service"
      0.5 5.0/5 "Blown Away!"
      I am using SBI credit card for more than three months, there are some reward points and offers in the card. I used this card for online shopping, fuel surcharge and groceries.The credit limit of the card is sufficient and I like the most about the card is that it is a life time free card and very good to use.
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      , hyderabad
      Reviewed on Mar 21, 2020
    • IndusInd Bank Credit Card
      "Ok service"
      0.5 5.0/5 "Blown Away!"
      The bank agent suggest me to take credit card from INDUSIND and I have taken it because it doesn't have any annual fee. The offer and reward points are available in the card are good. I am satisfied with the limit of the card. I used the card for general purposes. But it will be nice, if the offers and reward points will be more.
      Was this review helpful? 62
      , jaipur
      Reviewed on Mar 21, 2020
    • IndusInd Bank Credit Card
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I am using INDUSIND credit card for 3 months. The card have no offers available and also there is no rewards. The only benefit is that its a life time free card and the credit limit is only for 75000 I am not that satisfied as i expected to get around 1.5 lakh. Apart from the limit over all experience is good.
      Was this review helpful? 61
      , chennai
      Reviewed on Mar 21, 2020
    • IndusInd Bank Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have got INDUSIND credit card few months ago and I have used it for two months now ,the credit limit of the card is Rs.70000 which is a life time free card. The bank have informed me every details about the reward points and offers but I have not got any time check it. I am satisfied with their card service.
      Was this review helpful? 62
      , hyderabad
      Reviewed on Mar 21, 2020
    • ICICI Bank Credit Card
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Am having ICICI credit card for two years, I feel good and have not face any issues. The best part about the card is its a life time free card. I used to get my card statement on time. I used this card for shopping, groceries and for many other personal purposes.I am using the bank mobile app which function smooth and simple.
      Was this review helpful? 75
      , faridabad
      Reviewed on Mar 21, 2020
    • SBI Cards Credit Card
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have used SBI credit card for 2-3 months, but I have not got any time to check about the offers available in the card. The limit of the card is 38000 and I am satisfied because its a life time free card. I used to get my card statement on time and the net banking is also working very well.
      Was this review helpful? 81
      , faridabad
      Reviewed on Mar 21, 2020
    • IndusInd Bank Credit Card
      "Good service "
      0.5 4.0/5 "Great!"
      Since it is a life time free card offer from INDUSIND so I chosen it and applied through online. I received a call on time and they have done the verification process. Hence I received the card by 7 days, the credit limit is okay for me. Its easy to use for all purposes.
      Was this review helpful? 59
      , chennai
      Reviewed on Mar 21, 2020
    • Citibank Credit Card
      "Good "
      0.5 4.0/5 "Great!"
      CITI has provided good offers and benefits on 2 months before. So I chosen this card and applied through online. It is annual fee chargeable of 500 rupees bu there is waiver off option if I spend 30K within a year. The credit limit is 65K. There is EMI conversion avail for this card.
      Was this review helpful? 57
      , coimbatore
      Reviewed on Mar 21, 2020
    • HDFC Bank Credit Card
      "very good"
      0.5 5.0/5 "Blown Away!"
      I have used credit card from HDFC bank for 1 year which is very good and also very comfortable, its a life time free card and lots of offers are available in the card. This card was suggested to me by my colleague. Mobile banking also functions very smooth.
      Was this review helpful? 87
      , bangalore
      Reviewed on Mar 21, 2020
    • IndusInd Bank Credit Card
      "Average service"
      0.5 4.0/5 "Great!"
      INDUSIND bank credit card have an credit limit of of Rs.75000, there is no offers available in the card and it also have a charges of 3000 along with GST. I hardly receive any remainder messages for my bill payment due to that some time I could not pay my bill on time. I would advise them send my bill on time before the due date.
      Was this review helpful? 60
      , bangalore
      Reviewed on Mar 21, 2020
    • ICICI Bank Credit Card
      "Need to increase the credit limit "
      0.5 5.0/5 "Blown Away!"
      I have been using ICICI card for more than one year. They have provided an annual fee chargeable card and waiver off option is applicable. The credit limit is okay of 50K. Since I need to do purchase about 45K on some of the month so this limit is not sufficient. I swipe the card for travel, shopping and fuel purposes. I have not opted for EMI conversion.
      Was this review helpful? 62
      , kolkata
      Reviewed on Mar 21, 2020
    • Axis Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I have been using AXIS bank credit card for 3 years, Its a life time free card so I applied the card through bank. The agent have informed me everything about the card. I used to get offers of 10% on petrol bunk and shopping.The limit of the card is Rs.45000 and I used to pay my bill directly through bank.I am also using their net banking which is very good.
      Was this review helpful? 80
      , kolkata
      Reviewed on Mar 21, 2020
    • IndusInd Bank Credit Card
      "Good service"
      0.5 4.0/5 "Great!"
      I got INDUSIND credit card from few months ago.The card have an EMI conversion. I used the card for multi purposes like shopping, online payment, ticket booking. This is annually chargeable card, I am not satisfied with the credit limit of Rs.75000 as I am expecting more than than 1 lakh.
      Was this review helpful? 65
      , kolkata
      Reviewed on Mar 21, 2020
    • IndusInd Bank Credit Card
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got a life time free card offer from INDUSIND bank hence applied through online on three months back. I received the call on time and the process was done on smooth. I got the card on exact time frame. The credit limit is sufficient and they provided good offers and benefit as well.I use this card for shopping and travel purpose.
      Was this review helpful? 52
      , kolkata
      Reviewed on Mar 21, 2020
    • RBL Bank Credit Card
      "Average service"
      0.5 1.0/5 "Really Bad"
      RBL credit card is a chargeable card, I always have to go to Bajaj Finance to pay my credit card bill. I am not satisfied with the customer service which has to be improved. I used this card when ever needed for shopping, fuel surcharge and bill payment.The limit of the card is fine.
      Was this review helpful? 87
      , ranchi
      Reviewed on Mar 21, 2020
    • HDFC Bank Credit Card
      "Good service"
      0.5 5.0/5 "Blown Away!"
      HDFC credit card is very convenience to use, I have been using the card for 4.5 months for Shopping, groceries, fuel surcharge and electricity bill payment also. I pay my credit card bill through ATM. I always get my bill on time, this card was suggested to me by the bank agent.
      Was this review helpful? 76
      , ranchi
      Reviewed on Mar 21, 2020
    • RBL Bank Credit Card
      "Okay service "
      0.5 3.0/5 "Satisfactory"
      I used RBL card for twice only. I get message or call for EMI conversion from banker. It is a life time free card. Once all the process done I received the card by 15 days. I am holding this card past 6 months. The credit limit is sufficient of 30K. Once I tried to convert for EMI of 3 months it was done on time without any problem. It is Bajaj card.
      Was this review helpful? 59
      , chennai
      Reviewed on Mar 21, 2020
    • SBI Cards Credit Card
      "Good card"
      0.5 5.0/5 "Blown Away!"
      I have been using SBI credit card for the last two months, the credit limit of the card was satisfied it was Rs.9,80,000. The bank agent came and collect my document he have informed me every detail about the card. The card have a charges of Rs.2299 in a year. I used to pay my credit card bill through bank. Am getting my card statement in softcopy but I wish the bank can send me a hard copy statement also.
      Was this review helpful? 95
      , gurgaon
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