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What is a Forex Card for Student?
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No, you can apply as a non-account holder too. Just follow the simple steps online or visit the nearest branch with your documents.
You’ll need your passport, PAN card, application form and proof of admission from the educational institution abroad. Depending on your application type, some additional papers may be required.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
Studying abroad comes with its share of excitement and a fair bit of financial planning. From tuition and housing to groceries and weekend trips, managing everyday expenses in another country isn’t always simple. That’s where a Forex card steps in. It’s a prepaid travel card that offers a convenient and secure way for students to carry and spend foreign currency. You swipe it abroad just like a debit card for purchases or use it at ATMs to withdraw local currency.
A student Forex card provides more favourable exchange rates compared to regular credit or debit cards. It’s designed to make spending easier, safer and more convenient while you’re away from home.
Why do students need a Forex card?
You might be wondering why you can’t just use your Indian debit card or credit card abroad. Technically, you can but there are a few things to keep in mind:
Using a domestic card abroad often comes with high foreign exchange markup fees.
If the rupee drops while you’re using your card then you end up paying more.
Carrying cash is risky and linking your regular account abroad can open up your main funds to fraud.
How to pick the right Forex card?
Now let’s talk about a common question—which forex card is best for students? There’s no one-size-fits-all answer but there are a few things you should look for before you choose one:
Many students travel between countries or have layovers. A card that supports multiple currencies like USD, EUR, GBP, AUD, etc. saves you the hassle of carrying multiple cards.
Make sure the card can be reloaded online or by your family from India. That way, if you run out of funds, you won’t be stuck waiting.
Visa or MasterCard forex cards are usually accepted worldwide—make sure your card provider offers this.
Choose a travel card that gives you peace of mind in case it gets misplaced or stolen. The Kotak Forex Card comes with round the clock global assistance services for emergencies such as card replacement or reporting theft while you’re abroad.
Key factors while applying for a student Forex card
How do you apply for a Forex card online?
Getting a Kotak Forex Card is quick and hassle free. You can apply online and have it delivered to your doorstep or visit the nearest branch to pick it up.
A Forex card is an important financial tool for students who want to study abroad. While many banks and providers offer them, it's essential to choose one that balances convenience, security and value. Find something that truly supports your journey overseas by comparing the Forex card fees, features and flexibility.
The Kotak Forex Card ensures security with its embedded chip. Plus, the convenience of multiple currencies on a single card helps students manage their expenses efficiently and safely.
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