Forex Card Eligibility & Required Documents - Multi Currency Prepaid Card

Q: 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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Eligibility & Documentations

The Forex Card is available to Indian nationals traveling abroad and Foreign nationals residing in India. It can be issued to customers who maintain an account with Kotak Mahindra Bank, as well as non-customers.

The ForexCard can be purchased/loaded instantly over the counter at Kotak Mahindra Bank branches by submitting the following documents as per travel category:

Documents	Salaried Concerns	Self Employed Firm
Private visits to any country 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.	Forex Application Form LERMS Letter on Company letter head.

Important Note:

To avail ForexCard, existing customers have to mandatorily mention the PAN Card number on the application form with passport copy and non Kotak customer have to provide the KYC and copy of the PAN Card & Passport copy.
Forex Card cannot be issued to NRI/NRE/NRO/non KYC compliant customers. It can be issued to Indian residents and Foreign nationals residing in India only.
In the case of additional requirement of forex to the prescribed limit for Private Visit / Business Visit/ Study abroad & Medical Treatment, RBI approval needs to be sought and to be provided by the customer.
No Forex shall be issued over the Forex Card for the Travel Category as mentioned below:
- Maintenance of Close Relatives abroad/Gifts and Donations/Any other Current Account Transaction / Capital Account Transactions.
Out of the overall foreign exchange being sold, Foreign Currency Cash limit is,
- For travelers to countries other than Iraq, Libya, Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States - up to USD 3000 or equivalent.
- For travelers to Iraq or Libya - up to USD 5000 or equivalent.
- For travelers to Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States - Full Exchange

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)

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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:

Iran, North Korea, Cuba, Syria, Crimea region, Afghanistan, Venezuela, India, Nepal, Bhutan, Myanmar (Burma).

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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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Kotak Forex Card