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Thomas Cook India makes it easy to Send Money Abroad
Becomes the first non – bank entity to introduce global money transfers to over 120 countries from India
Mumbai January 29, 2013: Thomas Cook (India) Ltd, India’s largest integrated travel and travel related financial services company announces its new ‘Send Money Abroad’ services making it the first nonbanking entity in the country to enable users to transfer money globally to over 120 countries- directly to the beneficiary’s bank account. This new initiative is in keeping with Thomas Cook India’s pioneering heritage of over 132 years of consumer-centric innovation.
A recently conducted internal study by Thomas Cook (India) Ltd to identify trends in Outward Remittances revealed that consumers are looking for simple, fast, reliable and convenient ways to transfer money internationally. Another key observation was the latent and un-serviced need of consumers when sending money to countries other than the key markets of the US, UK, Canada and Australia. Indians are now global citizens and have begun expressing their need to remit money to various countries in the European Union, Africa, Middle East, Far East as well as South America and the Pacific region.
These insights formed the foundation of Thomas Cook India’s pioneering new ”Send Money Abroad” global money transfer service, addressing a vital market need for direct, reliable and convenient remittances from India to over 120 countries at lower rates and transparent charges
Introduction of this service comes close on the heels of the opening of two new counters of Thomas Cook India’s foreign exchange services at Thiruvananthapuram International Airport and the launch of its consumer empowering “Borderless Prepaid Card”, reinforcing its commitment towards expanding its foreign exchange portfolio coupled with its consumer outreach. At last count, Thomas Cook India’s footprint extended to 253 locations, 27 airport counters, 124 franchise outlets, 169 Preferred Sales Agents.
Commenting on the launch of ‘Send Money Abroad’ service, Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd. said, “At Thomas Cook India, our Foreign Exchange business has always been consumer led. As inventors of Travellers Cheques (1874) and today’s market leaders, we owe it to our valued customers to deliver empowering customer centric innovation. Post the launch of our unique Borderless Prepaid Card barely a month ago, we are delighted to announce our “Send Money Abroad” Service. This product will revolutionize the Forex market with quick, reliable and convenient outward remittance services for our valued customers.”
He added, “Indian customers are evolving rapidly and so are their needs, and our Foreign Exchange teams are delighted with the challenge of delivering exciting new products and services to live up to these expectations. Be it currency exchange, demand drafts, travellers cheques, remittance or prepaid cards, we ensure our products are unique, cutting edge and customer friendly.”
Key highlights of the Send Money Abroad service by Thomas Cook (India) Ltd:
- Addresses an important market need: Addresses the need to send money abroad for maintenance and for other reasons as specified by the Reserve bank of India. This is a huge potential for Thomas Cook (India) Ltd as over USD 3 Bn of outward remittance happens on a yearly basis from India for family and personal maintenance purposes. TCook Express service from Thomas Cook (India) Ltd addresses this segment and positions the company as an important player in this segment.
- First of a kind: First Non-Bank entity in India that offers the ability to consumers to send money in over 120 currencies directly to the beneficiary’s bank account. This addresses an important and growing consumer segment.
- Direct Remittance: Thomas Cook quotes the rate in the currency that the sender desires and ensures the money reaches the account of beneficiary in that currency directly.
- From India to the World: With Thomas Cook consumers have the ability to send money to be received in over 120 countries by simply walking into a Thomas Cook (India) Ltd branch and completing the relevant formalities and money shall be credited to the account of beneficiary in the relevant currency.
- Easy and convenient: Consumers enjoy a simple process whereby Thomas Cook (India) Ltd handles the entire process to ensure that the money reaches the beneficiary account in a simple and convenient manner.
- Lower and Transparent Charges – Rates and Converted value for the relevant currency (out of a total of over 120 currencies) are provided to the customer upfront and that money is what the recipient receives. Since it is a direct transfer, the consumers benefit as they pay lower and beneficiary gets more money.
About Thomas Cook (India) Limited:
Thomas Cook is the largest integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa & Passport services and E-Business. The Company set up its first office in India in 1881, and has been providing world-class travel service for 132 years.
TCIL’s footprint currently extends to over 253 locations (including 27 airport counters) in 102 cities across India, Mauritius & Sri Lanka and is supported by a strong partner network of 124 Gold Circle Partners and 169 Preferred Sales Agents in over 100 cities pan India.
Thomas Cook (India) Ltd has been honoured with the “Favourite Specialist Tour Operator" award at the Condé Nast Traveller Readers' Travel Awards 2011 & 2012 and was also conferred with the CNBC AWAAZ - “Best company providing foreign exchange” in India for the third year in a row. In addition, Thomas Cook (India) Ltd has been awarded the ‘Best Corporate Travel Management Company’ by World Travel Brands 2012, the ‘Most Trusted Tour Operator Brand’ by the Times Travel Honours 2011 and also recognized as a “Superbrand” 2011-2012 by consumers for excellence in travel services.
CRISIL has reaffirmed Thomas Cook (India) Limited with the ‘CRISIL A1+ and AA- rating. The Brand Trust Report™, India study 2012, has ranked Thomas Cook (India) Ltd as The most Trusted Brand in Services. Recently, TCIL was awarded the prestigious National Tourism Award (2010-2011) for ‘Outstanding Performance’ as an ‘Inbound Tour Operator’. For more information, please visit www.thomascook.in
About Fairfax Financial Holdings Limited:
Fairfax Financial Holdings is a Toronto-based financial services holding company with a global presence in insurance and reinsurance and a portfolio of assets in excess of $30 billion invested worldwide. The Company, founded in 1985 by the present Chairman and Chief Executive Officer, Prem Watsa, has over the past 25 years, demonstrated a strong financial track record to achieve an annual appreciation in Book Value per Share of 24.7% annually.
Fairfax has almost 20 general insurance subsidiaries and joint ventures globally, including ICICI Lombard (India). The portfolio also includes several market leading insurance companies such as Odyssey Re (USA), Crum & Forster (USA), First Capital (Singapore), Fairfax Brasil (Brazil), Gulf Insurance (Kuwait).
Fairfax is engaged in long term investments from its own resources, with a focus to delivering long term capital appreciation through a flexible and value oriented approach.
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