Thomas Cook plans to launch forex ATMs
23 May 2005
Mumbai: Travel-related services provider Thomas Cook India Ltd is planning to install ATMs that convert foreign currency into Indian rupee and vice-versa, which will also double up as normal currency vending ATMs.
"We are working on launching ATM-cum-foreign currency converters that will enable conversion of any global currency into Indian rupee and also the other way round. This will also serve as ATM for users," Ashwini Kakkar, managing director and chief executive officer, Thomas Cook, said.
Currency of any part of the country can be changed through these ATMs, while travelers can also withdraw cash using credit cards, he said.
Thomas Cook intends to roll out the first forex ATM within the next one to one-and-a-half month time, once the technology sourcing from foreign vendors, is compete.
The company estimates it would have to incur an installation charge of somewhere around Rs50-60 lakh per ATM, and in the initial phase these would be put up at its 60 branchesin the country, he said.
Kakkar said the company has received necessary approvals from Reserve Bank of India (RBI) and withdrawing limit of the forex would be in line with central bank's guidelines.