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This depends on the provider. The Kotak Forex Card allows loading of 15 foreign currencies on a single card.
Always review the terms before using. Kotak Mahindra Bank clearly outlines applicable Forex card fees and keeps them minimal to ensure transparency.
Yes, in most cases. Forex cards usually have lower charges, better control over expenses and fixed exchange rates. This makes them ideal for travel purposes.
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.
If you’ve just started planning your trip abroad then you’ve probably come across the term Forex card a few times. Whether it was your travel agent, a friend who recently travelled, or even your own research on how to carry money internationally — you’ve probably come across this term. But what are Forex cards and do you really need one? Let’s break it all down and simplify it for you.
A Forex card is short for foreign exchange card. It’s a prepaid travel card that you can load with one or more foreign currencies. Think of it like a debit card but one that’s specifically made for international use. You preload it with money before you leave the country and then swipe, tap or withdraw cash just like you would with a regular card—but abroad.
Forex cards are designed to save you from fluctuating currency rates and heavy international transaction charges. Your regular Indian card may work internationally but it often comes with hidden fees and unpredictable exchange rates. Forex cards help you avoid that.
Why use a Forex card while travelling abroad?
Let’s look at why more and more travellers especially students, frequent flyers and first-time vacationers are opting for it.
Once you load the card, the exchange rate is locked in. This means even if the currency rate changes tomorrow, your rate stays the same. It helps avoid surprises later.
You can load more than one currency if you're travelling to different countries. So, whether it's dollars for the US or Euros for Europe, you’re well equipped.
Walking around with a bundle of notes is risky. A Forex card comes with a PIN and if lost then it can be blocked instantly and reissued. You also get emergency cash assistance in some cases.
Since you’re loading a fixed amount, you always know how much you’re spending. It’s like budgeting but smarter.
These are accepted at most international stores, restaurants, ATMs and online platforms. It’s no different from using your local card, just way more travel friendly.
Some banks include complimentary insurance if your card is misplaced. The Kotak Forex Card offers a complimentary lost card liability insurance cover up to Rs. 2,00,000 for added peace of mind while you’re abroad.
Documents required for a Forex card
The process is simple but having the right documents in place helps avoid last minute delays. Here’s what you require to submit whether you have a Kotak Mahindra Bank account or not.
Your passport serves as your primary identity document for international travel. Ensure it’s valid and the copy is clear and legible.
This includes your personal and travel details. You can collect the form at a Kotak branch or even initiate the process digitally if you prefer.
Proof of identity and address, such as Aadhaar, passport, or driving licence, may be required depending on your profile. Make sure they’re current and valid.
If you’re travelling for work or applying through a company, then a Letter under Liberalised Exchange Rate Management System (LERMS) is needed. This should be printed on your company’s official letterhead, clearly stating the purpose and duration of travel.
Important factors to consider before getting a Forex Card
Choose a card that supports the currencies of the countries you plan to visit. You can also opt for multi-currency cards if you're covering more than one country in a single trip.
If you return with unused funds, know how the refund process works. Kotak Mahindra Bank makes this process seamless through its branches or digital platforms.
Even though swiping the card at POS terminals is mostly free in the loaded currency, ATM withdrawals may carry a nominal fee. Review these charges before you use the card abroad.
If you prefer having a secure and hassle free way to manage your travel expenses abroad then a Forex card is worth considering. These cards help you avoid fluctuating exchange rates, eliminate unnecessary international charges and give better control over how much you spend.
Unlike credit cards, there’s no risk of interest charges or overspending, since you only use the amount you’ve preloaded. And compared to cash, the safety and global usability of a card bring a lot more convenience. Whether you’re travelling for a short holiday or a long business trip, Forex cards suit all types of international travel needs.
Check the Forex card eligibility, features, fees and apply if it fits your travel and spending needs. A little planning now can save you from currency hassles later.
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