Thomas Cook Muthoot partnership expands forex card services to Tier II–IV cities in India with Study Buddy and Borderless Travel Cards, supporting students and travelers with secure and eco-friendly features.
Thomas Cook (India) Limited has formed a strategic alliance with Muthoot Forex — the foreign exchange arm of the renowned Muthoot Group. This partnership enables Thomas Cook’s Borderless Travel Card and Study Buddy Card to be available across Muthoot’s extensive network of over 7,000 branches, including 43 dedicated forex outlets throughout India’s metro, mini-metro, Tier II, III, and IV markets
Enhanced Reach into Tier‑II to IV Markets
By leveraging Muthoot’s deep rural and semi-urban presence, Thomas Cook bridges the gap between travel-related forex needs and customers in smaller towns. This expansion ensures seamless access to prepaid forex services beyond metropolitan hubs
Features of Thomas Cook’s Forex Cards
- Borderless Travel Card: Supports 12 global currencies, offers zero ATM withdrawal fees, complimentary global SIMs, airport lounge access, and travel insurance up to ₹7.5 lakh
- Study Buddy Card: Tailored for students, includes free ISIC card, zero markup on base currency transactions, monthly free ATM withdrawals, fraud protection, and KrisFlyer miles on forex expenses
Sustainability & User Benefits
Both cards are made from recycled plastic, promoting eco-friendliness. They also come with 24/7 customer support, and Edge Reward Points for travel bookings, offering additional value to travellers
Corporate Synergy
Deepesh Varma, Executive VP (Forex), Thomas Cook India, emphasized the synergy: “Combining our expertise in travel and forex with Muthoot’s network… making international travel and study abroad more convenient and accessible”
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Why This News is Important
Boost for Financial Inclusion
This partnership directly contributes to financial inclusion by making modern forex solutions accessible in underserved Tier II–IV regions, benefitting remote travellers and students.
Strategic Market Expansion
By tapping Muthoot’s expansive outreach, Thomas Cook strengthens its position in the domestic forex landscape, offering competitive products outside urban centres.
Value‑Added Services
For students and travellers, the added convenience of perks like zero-markup, ISIC cards, lounge access, and insurance significantly improves user experience and financial safety.
Sustainability & Rewards
Use of recycled plastic cards and loyalty rewards reflects growing environmental awareness and customer-centric strategy, a notable shift in fintech approaches.
Implications for Competitive Policies
This move elevates industry standards — pushing other forex providers and banks to enhance services, prompting evolution in India’s travel-finance sector.
Historical Context
Forex Cards in India
Prepaid forex cards emerged in the mid-2010s to replace cash and traveler’s cheques, offering convenience and security. They’ve since gained popularity with global travel and international education growth.
Thomas Cook’s Forex Legacy
Thomas Cook India has been a leading forex provider, known for Borderless and Study Buddy cards targeting travellers and students abroad.
Muthoot’s Financial Presence
The Muthoot Group, established in 1887, is a financial services giant with a wide reach through gold-backed lending; its forex vertical leverages this trust and accessibility.
Growing Demand from Tier II–IV
Increasing travel and educational mobility from smaller cities have created demand for reliable forex services — this partnership strategically addresses that gap.
Rising Competition
Banks, fintech firms, and standalone forex providers have intensified service-level competition in travel finance, making accessibility and perks critical differentiators.
Key Takeaways from Thomas Cook–Muthoot Forex Partnership
| # | Key Takeaway |
|---|---|
| 1 | Thomas Cook partners with Muthoot Forex to expand forex card reach across India |
| 2 | The deal covers over 7,000 Muthoot branches, including 43 forex centres, improving rural access |
| 3 | Borderless Travel Card offers 12 currencies, zero ATM fees, global SIM, lounge access, and ₹7.5 lakh insurance |
| 4 | Study Buddy Card includes free ISIC card, zero markup, monthly free ATM, fraud protection, and KrisFlyer miles |
| 5 | Both cards are made from recycled plastic, feature 24/7 support, and offer loyalty rewards |
FAQs: Frequently Asked Questions
Q1. What is the objective behind the Thomas Cook and Muthoot Forex partnership?
A: The primary objective is to expand the availability of Thomas Cook’s forex cards through Muthoot’s wide branch network, especially in Tier II–IV cities and rural areas.
Q2. What are the main features of the Borderless Travel Card?
A: It supports 12 global currencies, offers zero ATM withdrawal fees, complimentary global SIM, airport lounge access, and travel insurance up to ₹7.5 lakh.
Q3. Who is the Study Buddy Card designed for?
A: The Study Buddy Card is specifically designed for students studying abroad and includes benefits like zero markup on base currency transactions, ISIC card, and free monthly ATM withdrawals.
Q4. How does this partnership benefit rural and semi-urban customers?
A: Through Muthoot’s over 7,000 branches, even customers in non-metro areas can now access forex services and prepaid travel cards without needing to visit urban centers.
Q5. Are the forex cards environmentally friendly?
A: Yes, both the Borderless Travel Card and Study Buddy Card are made from recycled plastic, aligning with eco-friendly practices.
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