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)
Forex Card will work across the world other than the countries mentioned below:
Cuba, Sudan, Yemen, North Korea, Syrian Arab Republic, Nepal, Bhutan, Iran, South Sudan, India
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:
If the POS terminal does not have chip facility, the card can be used for normal magnetic stripe swipe on the POS terminal.
The chip card is also known as EMV Card. EMV is the brand name of EMV Co. which stands for Europay MasterCard Visa.
The Forex Card is currently available in 13 currencies:
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.
The Forex Card is valid for a period of 5 years. Please refer to expiry date mentioned on your Forex card.
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.
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.
Please refer the link: Fees and charges
||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.
Please refer the link: Fees and charges
Yes, the card can be used for any Internet based (E-Commerce) transactions;
No, you don't need to have an account with Kotak Mahindra Bank to purchase the Forex Card.
The foreign exchange acquired for any purpose has to be used within 60 days of purchase.
The card can be purchased/reloaded/refunded at the on-going forex card rate of that day
Please refer the beow table:
||More than USD 250000
Please do note:
Your card will be activated with the loaded currencies within 24 hours of the bank
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.
Yes, you can top up or reload your Forex Card.
Yes, you can carry more than one currency on your Forex Card.
Yes the card can be used to pay in any currency apart from those loaded on the card.
Yes, you can change the ATM PIN through online travel web log-in portal
All ATM's displaying the Visa/PLUS logo will accept the Forex Card.
No. Post withdrawal of cash, with the amount withdrawn and balance available,
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:
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.
You can avail following services through GCAS:
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.
You can call the VISA call centre numbers to avail VISA's Global Customer Assistance Services.
In case of loss of card please report the loss immediately by:
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.
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)
One can retain the card only if the balance remaining on the card is less than $2000.
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.
Yes, we offer you the following complimentary insurance coverage on Forex Card.
You will need to lodge a claim by submitting the documents as and when required by the Bank.
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
Forex Card works in four easy steps at Merchant Establishments:
As per the RBI guidelines, Forex Card can be issued only to Resident Indians & foreign national having
Verified by Visa is a service developed by Visa that gives you added security when you shop online with your Forex Card.
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.
Yes the card will work and will not prompt for a password.
While making an international transaction, DCC charge is applicable when you opt for Home Currency instead of Local Currency. The DCC charge is as per the VISA guidelines, applicable across VISA merchants.
DCC will be charged if you select the currency conversion option of the merchant or ATM and you opt for Home Currency instead of Local Currency, before the checkout. You will have an option to either accept or decline the currency conversion by selecting Local or Home Currency at POS or ATM terminal before the transaction is completed. Likewise, the merchant or ATM should also accept your selection or option of processing the transaction.
You will be charged for a DCC transaction fee by the merchant bank and not by Kotak Mahindra Bank. As a customer of Kotak Forex Card, in the process, between ‘Local Currency’ and ‘Home Currency’, you need to select ‘Local Currency’. Please always select ‘Local Currency’ or ‘Without Currency Conversion’ option to avoid DCC charges on Kotak Forex Card. The ‘Dynamic Currency Conversion (DCC)’ feature terminology may vary for different merchant banks. We urge you to carefully select the option before completing the transaction, to avoid DCC charges. For your benefit, below is an illustration:
At a store, you'll have two payment options:
At an ATM, you'll have two scenarios to withdraw cash:
Sorry, there won’t be any refund of charges levied on Kotak Forex Card for a DCC transaction. The Dynamic Currency Conversion (DCC) charges are not levied by Kotak Bank.