How to transfer Money from Forex card to bank account?

If you've just returned from an international trip or you're wrapping one up, chances are you're looking at your Forex card balance and wondering about your options. Can you withdraw money from your Forex card or transfer whatever’s left to your bank account? Maybe you've got a good chunk of funds left and you don’t want it sitting there.

A lot of people who use prepaid Forex cards face the same question once their travel plans are over. So, if you're in that same boat then this guide will help you understand how the transfer works, what you should keep in mind before doing it and how to go about it easily.

Can you transfer money from Forex card to bank account?

Yes, you can. Forex cards are primarily designed for international use like swiping for payments abroad or withdrawing local currency at ATMs overseas. However, if you have leftover balance once you're back in India then you can request a transfer to your domestic savings bank account.

How to transfer money from Forex card to your bank account

If you’re using a Kotak Forex Card then you have two convenient options:

• Refund through Kotak Mobile Banking App

If you’d rather not go to the branch then this method is perfect. It’s fast, secure and you can do it anytime.

1. Open the banking app and log in with your credentials. From the home screen, head to the "Forex Card" section.
   
   
2. Tap on "Service Request," select Forex Card and you’ll see the option to "Refund Money".
   
   
3. If you have more than one currency loaded then pick the one you want to refund. Enter the amount you’d like to transfer. And if you want to empty the card then use the “Refund All” option.
   
   
4. If you have received a promotional refund code then this is when you enter it.
   
   
5. Choose the savings account where you want the refund credited.
   
   
6. Review the terms, accept them and hit "Confirm". That’s it—your refund request is submitted.

Once it’s processed then the money gets credited in INR, based on the current Forex rate.

• Visit the branch

If you prefer offline methods or don’t have access to the app then this option works too.

1. Carry your Forex card, a valid ID proof and your bank account details.
2. Fill out the refund request form.
3. The bank will convert your balance into INR and deposit it into your savings account.

Whether you go digital or offline, Kotak Mahindra Bank ensures that the refund experience is smooth and reliable.

Things to consider before you make the transfer

Before you go ahead and request that refund, there are a few things worth knowing:

• Exchange rates apply

The bank will convert your foreign currency balance into INR at the current exchange rate. That means the final credited amount might be slightly higher or lower than what you expect.

• Charges may be applicable

Some banks apply a small service charge when processing refunds. The Forex card fees at Kotak Mahindra Bank are transparent. You can them before confirming your request, so there are no surprises later. 

• Check card validity

Most Forex cards are valid for a couple of years. However, the Kotak Forex Card stands out with a 5-year validity and no dormancy charges. So, if you're planning to travel again soon then you can choose to hold the balance. Avoid delaying the refund unnecessarily if you’re not going to use it.

Getting the hang of transferring funds from your Forex card to your bank account can make things a lot smoother. It really helps sharpen your financial planning especially when you're managing global travel or expenses. By understanding the process thoroughly—right from currency conversion to applicable charges and withdrawal limits—you’ll feel more in control. Always make sure you’re using reliable services and keeping an eye on the fine print. With the right knowledge, managing leftover balances becomes simple, safe and stress free.