Thomas Cook India has relaunched its One Currency Card as the Zero Markup Forex Card with zero forex mark-up and zero cross-currency conversion charges. According to reports from Business Standard, the card allows travellers to preload US dollars, lock in the exchange rate before travelling, and spend in other currencies without additional conversion costs. This development addresses a significant pain point for international travelers who face multiple fee structures when using traditional forex cards. The card is accepted in over 200 countries and territories wherever Mastercard is accepted, providing global acceptance for international travelers. As per Business Standard, Deepesh Varma, chief business officer – foreign exchange at Thomas Cook (India), explains that "it produces immediate savings when foreign exchange is loaded onto the card," removing the major cost component that is typically applied over the prevailing interbank exchange rate.
Zero forex markup removes the additional charge that is normally applied over the prevailing interbank exchange rate. As reported by Business Standard, forex markup generally ranges from 0.75 per cent to 2 per cent, depending on the provider, currency, and transaction value. The average is typically around 1.5 per cent, making this a major cost reduction for forex card users. Additionally, zero cross-currency conversion charges of 2–4 per cent typically apply when using US dollar-denominated cards for payments in local currencies, but this new card eliminates these additional costs. The card offers up to 10 per cent cashback on eligible spends across popular global brands including Starbucks, McDonald's, KFC, Uber, Grab, Careem, and 7-Eleven. According to Business Standard, Vishal Dhawan, CEO and founder of Plan Ahead Wealth Advisors, notes that "zero cross-currency charge removes the additional cost that may arise when a US dollar-denominated card is used in another local currency," allowing travellers to load US dollars and use the same card across multiple destinations without needing to load different local currencies before every international trip.
The card's key benefit is combining exchange-rate lock with zero cross-currency charges, which can reduce the cost of multi-country travel. According to Business Standard, travellers can load US dollars and use the same card across multiple destinations without needing to load different local currencies before every international trip or multiple currencies before multi-country trips. This feature is particularly useful for multi-country travelers who want to avoid the hassle of managing multiple currency balances. The card supports contactless payments through Google Pay's Tap & Pay feature, reducing the need to carry cash for everyday purchases abroad. As per Business Standard, Vishal Dhawan, CEO of Plan Ahead Wealth Advisors, explains that "combining an exchange-rate lock with zero cross-currency charges can reduce the cost of multi-country travel," while Gagan Malhotra, Chief Operating Officer at BookMyForex.com, notes that "a good forex card reduces the need to carry cash" and allows travellers to lock in the exchange rate when the rupee is expected to depreciate, protecting them from exchange-rate movements during trips.
Forex cards offer more competitive exchange rates than most debit or credit cards, with many debit and credit cards levy forex markup or cross-currency charges of around 3.5 per cent plus applicable taxes. As reported by Business Standard, a good forex card reduces the need to carry cash and allows travellers to lock in the exchange rate when the rupee is expected to depreciate, protecting them from exchange-rate movements during trips. However, travellers should consider multiple charges for loading, cross-currency usage, or inactivity that can raise the overall cost of forex cards. The launch comes as India's outbound travel market continues to expand, bringing growing demand for financial products tailored specifically to international travel. According to Business Standard, Taneia Bhardwaj, South Asia Expansion Lead at Wise, recommends that "the exchange rate should be as close as possible to the mid-market rate" with a spread of around 1 per cent as a reasonable rule of thumb, while Gagan Malhotra from BookMyForex.com emphasizes that "a low forex markup fee should be a top consideration."
The card includes complimentary insurance coverage of up to ₹7.5 lakh, along with emergency cash assistance and free replacement if lost or stolen during international trips. According to Business Standard, the card is available exclusively through Thomas Cook India's digital platforms, including its official website, the TC Pay mobile application, WhatsApp, call centre, and Blinkit. The prepaid format helps travellers stay within a planned budget by limiting spending to the amount loaded on the card, making it attractive for families, students, and those looking to manage travel expenses efficiently. The card offers digital onboarding, app-based card controls, and real-time spending notifications for enhanced security and convenience. As per Business Standard, Deepesh Varma from Thomas Cook (India) notes that the card should offer effective security controls allowing users to change the PIN, lock and unlock the card, and enable or disable ATM transactions easily, while Vishal Dhawan from Plan Ahead Wealth Advisors emphasizes that card-replacement support can be valuable if the card is lost or compromised.
