What is a Forex Card for Student?

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:

• High international transaction charges

  Using a domestic card abroad often comes with high foreign exchange markup fees.

• Fluctuating exchange rates

  If the rupee drops while you’re using your card then you end up paying more.

• Security concerns

  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:

1. Multiple currency option

   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.

2. Reloading convenience

   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.

3. Global acceptance

   Visa or MasterCard forex cards are usually accepted worldwide—make sure your card provider offers this.

4. Security features

   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

• Many countries prefer tap-and-pay transactions, so ensure your card supports contactless payments for added convenience.
• In case of loss or theft, a student Forex Card should allow instant blocking and easy replacement without excessive fees.
• Some cards have daily or monthly spending limits. Make sure the limits align with your estimated expenses abroad.
• Choose a Forex card with continuous support across call, chat, or email. It’s especially helpful when you're in a different time zone and need quick assistance. Kotak Forex Card offers 24x7 global support via Visa GCAS for lost cards, replacements and miscellaneous inquiries.

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.

1. Log in to Kotak Net Banking, click on ‘Apply Now,’ and select ‘Forex Card.’ If you don’t have a Kotak account then you can still apply by visiting a branch.
2. You can also apply via Kotak Mobile Banking App by logging in to your account. Tap on Forex cards, choose your preferred currency, enter the amount and provide the mandated details.
3. Opt for home delivery or visit the nearest branch to pick up your Forex Card.
4. Review your details, confirm and make the payment.

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.