Tag Archives: Foreign Exchange

Thomas Cook (India) has identified Rajasthan as a significant growth market for its Foreign Exchange business and to leverage this opportunity, it has opened two new counters at Jaipur International Airport. The outlets were inaugurated by J S Balhara, Airport Director, Jaipur International Airport, in the presence of Deepesh Varma, Sr Vice President – Foreign Exchange. Industry data highlight that Jaipur International Airport has witnessed strong growth in passenger numbers – from 2.20 million passengers in 2014–2015 to 4.80 million passengers in 2017–2018. In addition, Thomas Cook India’s internal research has reiterated the strong and growing potential of India’s tier II and III source markets and based on this high potential, Jaipur airport was selected for its new Foreign Exchange outlets. The two new airport counters extend Thomas Cook India’s Foreign Exchange distribution and reach for Rajasthan to a total of 11 consumer access centres: 6 owned branches and 5 Gold Circle Partner (franchise) outlets. Deepesh Varma, Sr Vice President & Head – Sales & Relationship Management Foreign Exchange, Thomas Cook (India) said, “Being a prime gateway airport for the cultural tourists, Jaipur is a key and high-growth opportunity for our Foreign Exchange business.  We have identified Jaipur as a powerful source market given strong growth continuum of 18 per cent YoY for our Foreign Exchange business. Our two new Foreign Exchange outlets at Jaipur International Airport, will offer travellers easy access to Thomas Cook India’s range of Foreign Exchange products and services – right at the airport on arrival or departure.”

Travel Money, the flagship foreign exchange brand of FCM Travel Solutions, Indian subsidiary of Flight Centre Travel Group Australia, strengthened its presence in South India with an inauguration of its first owned retail store at one of the key locations in Vijayawada. The outlet was inaugurated by Gagan Malhotra, Vice President, Foreign Exchange, FCM Travel Solutions India. This expansion augments total number of outlets to the 34 stores across India, out of which 14 are in South India. Spread over 1,000 sq ft at M G Road, the store offers a range of foreign exchange services such as forex, travel cards and outward remittances for education or close relative maintenance. Malhotra said, “According to the BCG report titled ‘Demystifying The Indian Online Traveller 2017’, the Indian travel market is projected to grow at 11 to 11.5 per cent to the tune of $48 billion by 2020. Indian travel given the significant outbound tourism growth in South India market, we aim to deliver quality and convenience in all aspects of foreign exchange including remittance for students, Leisure & Business travel, Prepaid Travel Cards, and much more to our travellers.” Travel Money’s current footprint extends to a total of 34 stores across India in all major cities including Delhi, Gurgaon, Mumbai, Pune, Ahmedabad, Chandigarh, Bangalore and Cochin via a combination of owned branches and franchise outlets.

Thomas Cook (India) has opened a new branch at Jubilee Hills, Hyderabad to leverage the growing potential of Telangana. Present at the inauguration were Romil Pant, Senior Vice President- Leisure Travel, and V Pradeep, Associate Vice President, Foreign Exchange, Thomas Cook (India). This expansion extends Thomas Cook India’s presence in Telangana to 10 consumer access centres (4 owned branches and 6 Gold Circle Partner franchise outlets) across Saifabad, Begumpet, Hitech City, Gachibowli, Kukatpally, Banjara Hills, Attapur, Sainikpuri and Malakpet; with five additional outlets in Andhra Pradesh. Rajeev Kale, President & Country Head – Holidays, MICE, Visa & Passport Services, Thomas Cook (India) said, “At Thomas Cook, Telangana State has been identified as a prime driver and continues to deliver strong growth of 25 per cent YOY for our leisure travel business. Our new branch at Jubilee Hills, Hyderabad (a key residential, commercial and retail centre), gives our consumers convenient access to a wide range of travel and foreign exchange services. Innovative products like our Holidays and Forex apps with doorstep delivery of foreign exchange; equally our cutting edge prepaid cards (Borderless and One Currency) are of great value to Hyderabad’s tech savvy travellers and we are confident of seeing a strong uptake.” Deepesh Varma, Senior Vice President– Sales & Relationship Management, Foreign Exchange, at Thomas Cook India said, “Given the impressive increase of 45% across our key Forex product-segments, we have identified Telangana State as a strategic source market. Telangana is also a significant outward remittances market for us; our Send Money Abroad service seeing increased uptake.”    

Cox & Kings opened its first dedicated foreign exchange branch at Panjim in Goa. The branch designed as a one-stop-shop for all foreign exchange requirements was inaugurated by Ravi Menon, Head, Foreign Exchange, Cox & Kings. The flagship store located at Magnum Centre, First Floor, Shop 20, MG Road, Panjim will offer a slew of products – buying and selling of all frequently traded foreign currencies, sell pre-paid cards, enable Money Transfer business where tourists can receive money from overseas, as well as provide domestic money transfer facilities.  Students who desire to travel overseas from Goa for further studies can avail Foreign Currency Draft and Outward Remittance facilities through this outlet. According to Menon, “Goa is a key market as it receives a large number of foreign tourists. Our bouquet of foreign exchange products and services are designed to cater to this segment. Our branch will cater to all the requirements which are allowed under Authorised Dealer CAT II activities.” It has been observed that foreign tourists need help to exchange and exhaust their money when on their holiday. Cox & Kings will cater to both these needs, where these guests can exchange their money as well as use the money transfer facility to receive money from overseas. In case foreign tourists need help with their domestic holiday they can approach this branch, which in turn will refer them to the nearest Cox & Kings store. According to data released by the department of tourism, government of Goa, in 2015, Goa received 5.40 lakh international tourists, an increase of 5 percent over 2014. This year the state is expected to attract even more tourists especially from traditional markets such as …

FTAs during the period January-May, 2016, were 36.36 lakh with a growth of 9.1% as compared to the FTAs of 33.32 lakh with a growth of 4.0% in January- May, 2015 over January- May, 2014. 3.7% growth has been recorded in Foreign Tourist Arrivals (FTAs) in May 2016 over the same period in 2015, according to data released by Ministry of Tourism. Bangladesh accounts for highest share of tourist arrivals followed by USA and UK in April 2016. Rs.10, 285 crores Foreign Exchange earned through tourism in May 2016. FTAs during the Month of May, 2016 were 5.29 lakh as compared to FTAs of 5.1 lakh during the month of May, 2015 and 4.65 lakh in May, 2014. Foreign Exchange Earnings (FEEs) during the month of May, 2016 were Rs.10,285 crore as compared to Rs.9,505 crore in May, 2015 and Rs. 7,936 crore in May, 2014. FEEs from tourism in rupee terms during January- May 2016 were Rs. 62,333 crore with a growth of 14.4% as compared to the FEE of Rs. 54,471 crore with a growth of 7.3% during January- May, 2015 over January- May, 2014.