Thomas Cook India opens first foreign exchange outlet in Varanasi, expands distribution network
Thomas Cook (India) Limited, an omnichannel forex services provider, announced the expansion of its distribution network with the opening of its first outlet in Varanasi on Friday. The move is part of company’s strategic expansion into emerging markets and increases its total number of forex outlets across Uttar Pradesh to five, it said in a stock exchange filing on 5 December.
Strategic Focus on Varanasi Market
The new store is located in Nadesar and is positioned to serve local customers, inbound travellers, and Non-Resident Indian (NRI) visitors, the company said. Thomas Cook identifies Varanasi as a high-potential market due to a significant number of international tourists, particularly during the winter season, and a large student population traveling overseas for higher education from institutions such as Banaras Hindu University, it added. The outlet will also serve the consumer base in nearby cities, including Bhadohi and Jaunpur.
Services Offered at the New Location
The Varanasi outlet offers a portfolio of foreign exchange products and services, the company’s official statement noted. These include 26 global destination currencies and Overseas Remittances to over 120 countries. Prepaid Travel Cards offered are the Borderless Travel multi-currency card, the FX Enterprise Card, and the Study Buddy Card. The company also features the Thomas Cook One Currency Card, which it states is India’s first prepaid card with zero cross currency conversion fees. Digital services provided are the TC Pay (Forex App), Online Forex, Forex on WhatsApp for 24×7 services, and V-KYC. For the outlet’s launch, the company is providing an exclusive offer of zero transaction fees. Thomas Cook also commits to a “Ghar pe Forex” service, offering two-hour doorstep delivery.
Deepesh Varma, Executive Vice President – Foreign Exchange at Thomas Cook (India) Limited, said, “Varanasi is one of India’s most vibrant spiritual and cultural hubs, witnessing year round demand from travellers, with a significant number of international tourists. The city also serves as a thriving education center, home to renowned institutions like Banaras Hindu University and several colleges, resulting in a large student population. With significant number of students travelling overseas for higher education and exchange programs, combined with the holidaymakers travelling to international destinations and steady influx of tourists, Varanasi represents a high-potential source market for our forex services.”
“Our new outlet is designed as a one-stop forex hub, offering convenient access to trusted and seamless foreign exchange solutions right in the heart of the city. We’re excited to bring our full range of innovative solutions, including our Borderless Travel, Study Buddy Cards, and mobile-first forex services, to serve our customers in the region. This expansion reflects our commitment to ensuring access to our seamless, secure forex services – beyond metro cities, meeting the needs of a rapidly evolving India,” he added.
Disclaimer: This article was generated using AI tools and has undergone editorial review for clarity and coherence.
