Frequently Asked Questions

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What is Forex Card?

The Forex Card is a Chip based pre-paid card introduced in association with Visa. It is the first card to offer you the option of loading up to 13 currencies in a single card in a convenient and secure way.

This card gives you the freedom to shop anywhere in the world and provides access to the currency of your destination at competitive market rates.

It can be used at all VISA ATMs and merchant establishments accepting VISA Cards worldwide except for a few countries which are listed in FAQ (2)
 

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Will I be able to use my Forex Card across the World?

Forex Card will work across the world other than the countries mentioned below:

Cuba, Sudan, Yemen, North Korea, Syrian Arab Republic, Nepal, Bhutan, Iran

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How does Forex Card work?

Your Forex Card will be activated with the loaded currencies within 24 hours of the bank getting clear funds from your end. Once active, the card can be used at any international location.

The Forex Card works just like a Credit/Debit Card for purchase transactions at merchant establishments that have an electronic terminal. The only difference is that the transaction amount is directly debited from your Forex Card balance.

The card can be used to withdraw cash at all Visa ATMs worldwide. Irrespective of the currency in the card, the cash dispensed will be of the said currency of the country. Only ensure that you remember the PIN given to you with the card welcome kit. The same is unique for every card and can be changed only through travel web log-in. Following are the steps for using a Forex Chip Card during a POS transaction:

  • The cashier inserts the chip card in the POS terminal
  • The chip card must remain in the terminal till the transaction is completed

If the POS terminal does not have chip facility, the card can be used for normal magnetic stripe swipe on the POS terminal.
 

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How is a Forex Chip Card better than a magnetic stripe card?

The chip card is also known as EMV Card. EMV is the brand name of EMV Co. which stands for Europay MasterCard Visa.

This organization has set the standards for payment cards with chips. Due to increasing fraud and misuse on the payments that are done through the magnetic stripe cards, the smart EMV cards have been developed according to the EMV standard in order to prevent fraud and misuse.
This makes the chip card more secure against card fraud than cards that rely only on data encoded in a magnetic stripe on the back of the card.

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What are the currencies in which the Forex Card is available?

The Forex Card is currently available in 13 currencies:

US Dollar (USD), European Euro (EUR), Sterling Pound (GBP), Australian Dollar (AUD), Singapore Dollars (SGD), Swiss Franc (CHF), Hong Kong Dollars (HKD), Canadian Dollar (CAD), Japanese Yen (JPY), Swedish Krona (SEK), South African Rand (ZAR), United Arab Emirates Dirham (AED), Saudi Riyal (SAR). Each of these currencies is also termed as Currency Wallet, where in one can load one or more currency wallets of the respective country of travel.

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Where do I get this card?

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.

You can login to Kotak Net banking and apply for the Forex card with a choice to get the card delivered to your doorstep or picking up from nearest branch.

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What is the validity of the card?

The Forex Card is valid for a period of 3 or 5 years. Please refer to expiry date mentioned on your Forex card.
 

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How does Forex Card function?

Utilization of the money from the currency wallet will be processed from the card as per the transaction made, corresponding to the currency of the country or currency of transaction, in which it is being used.

The card has inbuilt intelligence of pulling funds from other currency wallets, in case transaction currency wallet does not have sufficient funds. In such a scenario, the system checks for the currency wallet with sufficient balance to process the transaction and equivalent amount is debited from corresponding currency wallet with sufficient balance.

For Example: You have 50 GBP and 400 AUD on you Forex Card and you need to pay for your purchase 75 GBP in United Kingdom (London), instead of declining the transaction, the Forex Card will convert 75 GBP equivalents from AUD currency wallet to GBP currency wallet, for processing the payment transaction of 75 GBP. A cross currency conversion fee as per prevailing exchange rates will be applicable for converting the AUD to GBP.

The currencies as listed below will be the currency order of priority in which funds will be taken off your card if you don't have the currency or insufficient currency of the transaction on your Forex Card.

  • US Dollars
  • Pound Sterling
  • Euro
  • Australian Dollars
  • Swiss Franc
  • Singapore Dollars
  • Hong Kong Dollars
  • Canadian Dollars
  • Japanese Yen
  • Swedish Krona
  • South African Rand
  • United Arab Emirates Dirham
  • Saudi Riyal

Kindly note that if none of the wallets have sufficient balances to process the transaction then the transaction will be declined even if there are sufficient funds available collectively,  across all currency wallets.
 

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What are the fees and charges?

Please refer the link: Fees and charges

ATM Charges:  
Cash Withdrawal
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(exclusive of GST)

Balance Enquiry @ Overseas ATMs
USD 0.5, EURO 0.4, GBP 0.4, AUD 0.5, SGD 0.75, CHF 0.5, HKD 4.5, CAD 0.64, JPY 53.72, SEK 4 ZAR 6.2, AED, 1.82 SAR 1.82 (exclusive of GST)


GST as applicable.

Note: There are few overseas Banks who levy additional Cash withdrawal charges in addition to the above charges. You are advised to check the same before the usage.
 

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How much is the minimum and maximum POS/Cash Withdrawal Limit?

Please refer the link: Fees and charges

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Can the card be used over the Internet or for MOTO (Mail Order- Telephone Order) transactions?

Yes, the card can be used for any Internet based (E-Commerce) transactions; 

however the card cannot be used for MOTO transactions

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Do I need to have Kotak Mahindra Bank account to purchase the Forex Card?

No, you don't need to have an account with Kotak Mahindra Bank to purchase the Forex Card.

You can just walk into any of our bank branches in India and purchase the card over the counter or apply using Kotak Net Banking

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How much in advance one can buy foreign exchange for travel abroad?

The foreign exchange acquired for any purpose has to be used within 60 days of purchase.

In case it is not possible to use the foreign exchange within the period of 60 days it should be surrendered.
 

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What forex rates are charged at the time of purchase / reload / refund?

The card can be purchased/reloaded/refunded at the on-going forex card rate of that day

offered by Kotak Mahindra Bank.

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What documents should I submit when I purchase the Forex Card?

Please refer the beow table:

Travel Category
Upto 250000

More than USD 250000

  • Private visits 
  • Business visits of individual and proprietor of proprietorship firm /
  • Going abroad for employment
  • Forex card  Application Form
  • Passport Copy
Not Applicable.
  • Emigration,
  • Expenses in connection with medical treatment abroad,
  • Studies abroad
  • Forex card  Application Form
  • Passport Copy
Not Applicable.
  • Travel for business other than business travel by an individual
    in individual capacity and by proprietor of proprietorship firm
  • Forex card  Application Form
  • LERMS Letter on Company letter head.
  • Passport Copy
Not Applicable.

 

Please do note:

  • Forex Card cannot be issued to Non-Residents and non KYC compliant customers. It can be issued to Indian residents & foreign national having saving account with KMBL.
  • Forex Card can be issued to non-individual entities to further issue to their employees/ partners/ directors of the Company / entity.
  • The card can also be issued to Minors above the age of 12 years. The application form needs to be signed by the Guardian in such cases.
  • In case of non-customers additional documents will be required before issuance of the card.
     

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How soon can the card be used after it is purchased?

Your card will be activated with the loaded currencies within 24 hours of the bank

having received the clear funds from your end.
 

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What needs to be done in case Hotels/Car Rentals take a Pre-Authorization?

Hotels/Car Rentals before check-in/renting services etc., take a pre-authorization on your card. 

A Pre-Authorization is essentially blocking of a certain amount on your card. At the time of checking out of the hotel/settling the bill, you should: Ask the executive to settle the final bill against the pre-authorization that was taken.

Example: If Pre-Authorization was taken for $400, and the final bill is $700, this should be settled against the pre-authorization that was taken, and the balance asked to be credited back on the card. Ask the executive to cancel the pre-authorization (credit back the amount) that was taken and settle the bill by taking an authorization for the actual bill amount.

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Can the value of the card be topped up/reloaded?

Yes, you can top up or reload your Forex Card.
 

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Can I load multiple currencies on one card?

Yes, you can carry more than one currency on your Forex Card.

Only Forex Card gives you the power of carrying 13 currencies on just one card. So now forget to apply for a new card every time you visit a different country.
 

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Can I use the card to pay in any currency?

Yes the card can be used to pay in any currency apart from those loaded on the card.

The card itself converts the balance in the currency wallets into the currency of transaction. Please note that cross currency conversion charges will be applicable in this case.

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Can the ATM PIN be changed or what if I forget my ATM PIN?

Yes, you can change the ATM PIN through online travel web log-in portal
 

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How will I know which ATMs accept the Forex Card?

All ATM's displaying the Visa/PLUS logo will accept the Forex Card.
 

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Will the ATM display foreign exchange rates that one can use before withdrawing cash?

No. Post withdrawal of cash, with the amount withdrawn and balance available,

it is possible to arrive at the exchange rate charged.
 

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What options should I choose to withdraw cash from the ATM?

At the time of Cash withdrawal across Visa/Plus ATM's abroad, the screen will display 3 options for the type of accounts that you can carry out transactions in:

  • Credit
  • Savings
  • Checking

Please choose the Credit option for transaction to be successful or if this option is not available then only choose the checking option.
 

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Do I need to pay additional amount over and above Cash withdrawal Charges levied by the Kotak Bank for ATM transaction?

The banks in U.S. and other regions are given rights by the local federal laws to charge Surcharge/fees to other bank customers

for accessing their ATM's to withdraw money.

Accordingly, many ATM's in US do levy charges for withdrawing from their ATM over and above the charges levied by the Kotak Bank.

Similarly, there are certain ATM's across other countries as well which may levy a charge for transactions done by other bank customers. This charge is normally displayed to the customer during the transaction and the customer has the option to either proceed with the transaction or abort it.


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What services can I avail on Global Customer Assistance Services (GCAS)?

You can avail following services through GCAS:

  • Emergency Card Replacement
  • Emergency Cash Disbursement
  • Cardholder Inquiry Service
  • Lost and Stolen Card Reporting

Note: Please note that the services are charged as follows: Cardholder Inquiry Service: US $5 per inquiry, Lost/Stolen Card reporting: US $35 per card, Emergency Card Replacement: US $175, and / Emergency Cash Disbursement: US $175.
 

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How can I avail of Global Customer Assistance Services (GCAS) for my Forex Card?

You can call the VISA call centre numbers to avail VISA's Global Customer Assistance Services.

You can find a country wise list of GCAS numbers at http://www.visa-asia.com/ap/Subscription/gcas.jsp
 

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Whom should I contact if my card is lost or stolen?

In case of loss of card please report the loss immediately by:

  • Calling our Customer Contact Centre at 1860 266 2666 or
  • Log on to the online travel web log-in on www.kotak.com and hot-list your Forex Card

You will not be liable for transactions on your card account (if any) from the moment your loss report is registered with the bank and your card is hot-listed.

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Whom should I contact for my replacement card in case the card is lost? Is there a charge for replacement?

You can visit any Kotak Branch for replacement of your Forex Card.

The charges for the reissue of the card are given in the General Schedule of Fees and Charges available on the website. Replacement of Card:

USD 3.50, EURO 3, GBP 2.50, AUD 3.50, SGD 4.50, CHF 3.50, HKD 25, CAD 4.5, JPY 375 SEK 25 ZAR 43 AED 12.8 SAR 12.8 (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)

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Can one retain the foreign exchange on the Forex Card after returning to India?

One can retain the card only if the balance remaining on the card is less than $2000.

Else the amount needs to be refunded within 180 days from the date of arrival.
 

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What do I have to do, in case there are fraudulent transactions on my Forex Card?

You need to immediately inform the Bank by calling the Call our 24-hour Customer Contact Centre

or by visiting any Kotak Mahindra Bank branch and get your Forex Card hot listed.

 In case of any fraudulent transactions that may have taken place on the Forex Card, you will need to lodge a claim by submitting the documents as and when required by the Bank. You can call our 24-hour Customer Contact Centre for further assistance.

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Is there any Insurance offered in Forex Card?

Yes, we offer you the following complimentary insurance coverage on Forex Card.

  • Loss Card Liability - up to Rs. 2,00,000/-.
  • Loss of Baggage & Personal Documents - up to Rs. 50,000/-
  • Baggage Insurance - up to Rs. 50,000/-
  • Air Accident - Air Accident Cover up to Rs. 15, 00,000/-.
  • Purchase Protection (Fire and Allied Perils/Burglary) - up to Rs. 1, 00,000/-.

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What needs to be done to lodge an insurance claim?

You will need to lodge a claim by submitting the documents as and when required by the Bank.

You can call our 24-hour Customer Contact Centre for further assistance.
 

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What should I do if I lose my Forex Card overseas?

To report loss of your Forex Card, just call VISA Global Customer Assistance (GCAS);

this service is available to our Forex Card customer anywhere in the world.

 For a nominal cost, you can request for the card to be delivered to you. For assistance in India, the toll free number is 000 117 highlight followed by 866 765 9644 when asked. Alternatively, you may place a collect call from anywhere in the world to +1 303 967 1090.

Visit Visa Global Customer Assistance at http://www.visa-asia.com/ap/Subscription/gcas.jsp
 

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How does Forex Card work at Merchant Establishments?

Forex Card works in four easy steps at Merchant Establishments:

  • Merchant dips/swipe the card in the POS terminal.
  • The merchant then enters the transaction amount.
  • The POS terminal prompts for a PIN which has to be entered by you.
  • You enter the ATM PIN to complete the transaction and authorize the same with a signature.
     

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Can this card be issued to Non Resident Indians?

As per the RBI guidelines, Forex Card can be issued only to Resident Indians & foreign national having 

Resident account with KMBL
 

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What is Verified by Visa?

Verified by Visa is a service developed by Visa that gives you added security when you shop online with your Forex Card.

Verified by Visa protects your online transactions, giving you an added assurance that only you can use your Forex Card to make purchases over the internet..
 

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How does Verified by Visa work and why is it needed?

Once your card is activated with the Verified by Visa service, your card number will be recognized 

whenever you make an online payment. System will check whether your card is secured with Verified by Visa.

After you provide your card details online, you will be redirected to the authorization page to specify your Verified by Visa authentication details. Your identity will be verified. Post confirmation of your identity your transaction will get completed. You will get a confirmation once the transaction is processed.

Verified by Visa adds an additional level of authentication for online card transactions on websites. It ensures that only you can use your Visa Card to shop online from the Verified by Visa enabled merchant store / website and proceeds to the payment page.
 

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Can I use the card on websites which do not have verified by visa service enabled?

Yes the card will work and will not prompt for a password.
 

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To access your Travel Card account

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Frequently Asked Questions

What is Forex Card?

The Forex Card is a Chip based pre-paid card introduced in association with Visa. It is the first card to offer you the option of loading up to 13 currencies in a single card in a convenient and secure way.

This card gives you the freedom to shop anywhere in the world and provides access to the currency of your destination at competitive market rates.

It can be used at all VISA ATMs and merchant establishments accepting VISA Cards worldwide except for a few countries which are listed in FAQ (2)
 

Was this information helpful to you? Yes No

Will I be able to use my Forex Card across the World?

Forex Card will work across the world other than the countries mentioned below:

Cuba, Sudan, Yemen, North Korea, Syrian Arab Republic, Nepal, Bhutan, Iran

Was this information helpful to you? Yes No

How does Forex Card work?

Your Forex Card will be activated with the loaded currencies within 24 hours of the bank getting clear funds from your end. Once active, the card can be used at any international location.

The Forex Card works just like a Credit/Debit Card for purchase transactions at merchant establishments that have an electronic terminal. The only difference is that the transaction amount is directly debited from your Forex Card balance.

The card can be used to withdraw cash at all Visa ATMs worldwide. Irrespective of the currency in the card, the cash dispensed will be of the said currency of the country. Only ensure that you remember the PIN given to you with the card welcome kit. The same is unique for every card and can be changed only through travel web log-in. Following are the steps for using a Forex Chip Card during a POS transaction:

  • The cashier inserts the chip card in the POS terminal
  • The chip card must remain in the terminal till the transaction is completed

If the POS terminal does not have chip facility, the card can be used for normal magnetic stripe swipe on the POS terminal.
 

Was this information helpful to you? Yes No

How is a Forex Chip Card better than a magnetic stripe card?

The chip card is also known as EMV Card. EMV is the brand name of EMV Co. which stands for Europay MasterCard Visa.

This organization has set the standards for payment cards with chips. Due to increasing fraud and misuse on the payments that are done through the magnetic stripe cards, the smart EMV cards have been developed according to the EMV standard in order to prevent fraud and misuse.
This makes the chip card more secure against card fraud than cards that rely only on data encoded in a magnetic stripe on the back of the card.

Was this information helpful to you? Yes No

What are the currencies in which the Forex Card is available?

The Forex Card is currently available in 13 currencies:

US Dollar (USD), European Euro (EUR), Sterling Pound (GBP), Australian Dollar (AUD), Singapore Dollars (SGD), Swiss Franc (CHF), Hong Kong Dollars (HKD), Canadian Dollar (CAD), Japanese Yen (JPY), Swedish Krona (SEK), South African Rand (ZAR), United Arab Emirates Dirham (AED), Saudi Riyal (SAR). Each of these currencies is also termed as Currency Wallet, where in one can load one or more currency wallets of the respective country of travel.

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