In a strategic move to tap into emerging markets, Thomas Cook (India) Limited has inaugurated its first foreign exchange outlet in the historic city of Varanasi. The launch, announced via a stock exchange filing on 5 December, marks a significant expansion of the company's omnichannel forex services network within Uttar Pradesh, bringing its total count of outlets in the state to five.
Why Varanasi is a Key Market for Forex Growth
The company has identified Varanasi as a high-potential market for its foreign exchange business. This decision is driven by the city's unique demographic and economic profile. Varanasi attracts a significant number of international tourists throughout the year, with a notable surge during the winter season. Furthermore, it is a major education hub, home to prestigious institutions like the Banaras Hindu University, which results in a large student population seeking overseas education and exchange programs.
The new store, strategically located in the Nadesar area, is designed to serve not only local Varanasi residents but also inbound travellers, Non-Resident Indian (NRI) visitors, and customers from neighbouring cities such as Bhadohi and Jaunpur.
Comprehensive Forex Solutions Under One Roof
The Varanasi outlet functions as a one-stop hub for a wide array of foreign exchange products. Customers can access currencies for 26 global destinations and send overseas remittances to over 120 countries. A highlight of their product portfolio is the innovative range of prepaid travel cards, which includes:
- The Borderless Travel multi-currency card
- The FX Enterprise Card
- The Study Buddy Card tailored for students
Additionally, the company promotes its Thomas Cook One Currency Card, touted as India's first prepaid card with zero cross-currency conversion fees. For tech-savvy users, digital services like the TC Pay forex app, Online Forex, and 24x7 Forex on WhatsApp are available, supported by Video KYC (V-KYC) for convenience.
Launch Offers and Commitment to Customer Convenience
To celebrate the opening, Thomas Cook is offering an exclusive promotion of zero transaction fees. Emphasizing accessibility, the company has also committed to its "Ghar pe Forex" service, promising two-hour doorstep delivery of forex products.
Commenting on the expansion, Deepesh Varma, Executive Vice President - Foreign Exchange at Thomas Cook (India) Limited, stated, "Varanasi is one of India’s most vibrant spiritual and cultural hubs... With a significant number of students travelling overseas for higher education and exchange programs, combined with holidaymakers and a steady influx of tourists, Varanasi represents a high-potential source market for our forex services."
He added that this expansion reflects the company's dedication to extending its secure and seamless forex services beyond metropolitan cities, catering to the evolving needs of a rapidly changing India.
