Money & Banking

Thomas Cook eyes airports to set up forex counters

Our Bureau Kochi | Updated on May 15, 2018 Published on May 15, 2018

Given the surging business opportunities in the air travel segment, Thomas Cook India is focussing on opening forex counters at airports in the country.

Growth in leisure travel has seen a rise in the number of walk-in customers at airport counters for meeting last-mile forex needs, which prompted the company to look at airports for a retail presence. Multiple airports are in the process of starting operations, especially in Tier II and III cities, offering good business opportunities.

The company is in the process of bidding to open counters in these facilities, said Deepesh Varma, Senior V-P, Foreign Exchange – Sales & Relationship Management, Thomas Cook India.

The remittance business – both inward and outward – has been witnessing a spurt in the recent past on account of factors such as travel, education forex and money transfer. “We have seen increase in student portfolio to countries such as China, and Philippines for medical courses,” he said, adding that the company is looking at a 15 per cent growth in its turnover. Its pan-India business was to the tune of ₹15,000 crore and, of this, Kerala’s contribution was in the range of ₹3,000-3,500 crore.

Varma, who was here for the Grand Forex Festival, told reporters that there has been a clear consumer shift from cash to cards in Kerala, and that the State is witnessing high demand for the company’s Borderless prepaid card and One Currency card. The festival was conceptualised as a viable platform for the forex business, and it was strategically timed to coincide with the peak holiday season, he said.

Published on May 15, 2018
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