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Retail Forex- World Travel Card

Autor:   •  July 31, 2018  •  Essay  •  385 Words (2 Pages)  •  98 Views

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Retail Forex- World Travel Card

“Let every holiday be a memorable experience. Enjoy life’s moments with a card that is convenient and hassle-free”

What is it?

Kotak World Travel Card is a prepaid card enabled with a chip, ensuring high level of security, loaded with multiple currency which gives global convenience and unmatched security.

Validity of card – 3 to 5 years.

Available Currencies- 13 currencies - US Dollars, Euro, Pound Sterling, Australian Dollars, Singapore Dollars, Swiss Franc, Hong Kong Dollars, Canadian Dollars, Japanese Yen Swedish Krona, South African Rand, United Arab Emirates Dirham, Saudi Riyal.

Benefits of World Travel Card

When international Debit card is used it converts the currency at a current rate. So there is a probability that at the time of conversion we may have to pay more due to currency changes. While in case of World Travel Card currency gets converted on that day when you load the card. So it avoids the risk of currency fluctuation.

Charges are kept low for ATM withdrawal at 2 USD.

This card also provides various kind of insurance like lost card liability insurance, purchase protection insurance, air accident insurance and covers the loss of passport, travel documents and luggage.

Also 24*7 assistance services is provided by the Visa for inquiry and issues related to card.

Also Kotak Mahindra Bank are amongst the first banks in India to offer the convenience of emergency card replacement services.

Liberalized Remittance Scheme (LRS)

In India, any money you send overseas is subject to controls, as the government is wary of excessive outflows of foreign exchange draining its reserves and destabilizing the rupee. But there has been an effort to gradually liberalize these controls.

The window that was opened up in 2004 for individuals to remit money across the border, without seeking specific approvals, was called the Liberalized Remittance Scheme (LRS).

It allows an individual to freely remit $250,000 overseas every financial year for a permissible set of transaction like education, travel, medical treatment, purchase of shares & property. However, the rules do not allow remittances for trading on the foreign exchange markets, margin or margin calls to overseas exchanges and counterparties and the purchase of Foreign Currency Convertible Bonds issued by Indian Companies Abroad.  Also remittances to some countries are not allowed which are identified as ‘non cooperative’ by the Financial Action Task Force or identified as posing terrorist risks.

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