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Product crack: Foreign Exchange App by Thomas Cook
The app could be useful for frequent travellers, especially since other apps offer only conversion rates
Thomas Cook (India) Ltd recently launched a foreign exchange (forex) app with features such as live rates of 26 currencies, buying and selling facility, currency alerts and converter, and reloading Thomas Card Borderless forex card with up to eight currencies.
HOW DOES IT WORK?
After downloading the app, to buy forex, simply click on the ‘Buy Forex’ option on the homepage. You will have to select the purpose of travel (personal, studies or business), number of travellers (maximum of 4), travel date, and give your mobile phone number. After this, you have to select the product—forex card, cash, or traveller’s cheque—and the currency. Cash can be purchased in multiples of 50.
You can pay in full or a part advance payment, in which case the balance has to be paid within 48 hours at a company branch. Not paying on time will mean forfeiting whatever you had paid.
If you make a full payment (via Internet banking, credit or debit card), you can choose to collect the foreign currency or get it delivered (for a fee of 500).
In the app, the login comes after you have chosen the payment amount and method. You will have to enter the address where you want the currency delivered and then make the payment. The currency will be delivered within 48 hours. If you choose to collect, you can do so at certain locations only. For instance, through the app, in Delhi you can pick up the money at three branches (company website states there are 15 branches), and in Mumbai, at 13 out of the 29 in the city.
To sell currency, you need to put in a request through the app, and also visit a branch. Once you key in the amount, you have the option to make an advance or a full payment. By making an advance payment, you can block the currency rate. If you choose to pay fully, you will get the prevailing exchange rate of the day you visit the branch.
For buying and selling, you can choose to get alerts by email or SMS for the 26 currencies on offer. The alert will active only for a month.
The app also allows remittance, but you can only put in a request through the app; you still need to visit the branch.
MINT MONEY TAKE
The app could be useful for frequent travellers, especially since other apps offer only conversion rates. While there are added benefits like cash delivery at home, do compare exchange rates with banks also. For instance, on 30 November, Thomas Cook was selling US dollars at 66.10, and HDFC Bank Ltd at 68.58. Added to this, when you are buying forex, the rate at the time at which you are putting in the request is the rate that you will get.
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First Published:30 Nov 2015, 09:01 PM IST
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