Thomas Cook ties up with Saraswat Bank to expand Money Gram services to customers
Maharashtra, Mumbai March 25, 2010 -Thomas Cook (India) Ltd (TCIL), India’s largest integrated travel and travel related financial services company in India, today joined hands with The Saraswat Co-operative Bank Ltd. They signed an agreement to enter into a tie up to offer MoneyGram - International money transfer service across all The Saraswat Bank branches in India on 25th March 2010. The Saraswat Co-operative Bank Ltd., is the largest Urban Co-operative Bank in India.
This tie up will allow customers to avail of the Thomas Cook- MoneyGram services, through its large network across India.
Established in the year 1918, the Bank today, has total business exceeding Rs 22,000 Crore with interconnected network of 200 branches spread over the states of Maharashtra, Goa, Karnataka, Gujarat, Madhya Pradesh and Delhi. The Bank is also an authorised dealer in foreign exchange for more than 30 years.
The Bank aims to attain the dual goal of 250 branches and a total business exceeding Rs.25,000 Crores by March 2011.
Money Gram now has 22,000 agent locations in India. Its money transfer service is approved by the Reserve Bank of India (RBI) and has been available in India for more than eight years. MoneyGram has recently invested more resources in the Indian market and introduced special pricing on transactions received into the country.
On this occasion Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd. said “Reaching out to our customers is our key business policy and easing their dealings is very important to us. Our tie up with Saraswat Bank has aided our mission to reach our growing network spread across the country, where customers can complete their financial transactions from any of the Saraswat Bank branches close to their home due to its growing network. We as a brand constantly strive at providing a high level of convenience to the lives of our customers across all businesses.”
To receive money via MoneyGram in India, the receiver can simply walk into any MoneyGram agent location, complete a simple Receive Form and show a photo identification to receive funds in as little as 10 minutes, subject to agent availability and hours of operation.
“MoneyGram’s growth in India is a vital part of our global expansion plans. India represents one of the largest remittance markets in the world and a significant growth opportunity for MoneyGram. We are proud to associate with Saraswat Bank to offer our convenient, affordable and reliable international money transfer services to more people in more communities throughout India,” said Mr. Harsh Lambah, MoneyGram’s Regional Director, South Asia.
Current trends have seen a large number of NRIs settled in the U.S., U.K., Canada, Australia, Greece and the UAE, remittances of funds from these countries to their families in India is high. Also, tourist locations like Goa receive significant remittances for payouts to international tourists visiting into India. The Reserve Bank of India(RBI) has guidelines on the transaction value and number of remittances, where individuals cannot receive more than 12 remittances in a year; nor can a single transaction be in excess of USD 2,500. Thomas Cook India Limited has been the principal agent with MoneyGram for over 12 years now and has been helping to stream-line the flow of foreign exchange within the country.
Notes to Editor:
About Thomas Cook (India) Limited:
Thomas Cook (India) Ltd. 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, Leisure Travel, and Insurance. The Company has been into Indian operations since 129 years of world-class travel service. Thomas Cook India is renowned for operating in the following areas of business, namely: Leisure Travel, Corporate Travel Management, MICE, Foreign Exchange, SWIFT Network, Travel Insurance, Credit Cards, Pre-Paid Cards, Life Insurance and E-Business. For more information please visit www.thomascook.in
About Thomas Cook Group plc:
Thomas Cook Group plc, UK, is one of the world’s leading leisure travel groups with sales of £8.8 billion, 22.3million customers, 31,000 employees, a fleet of 93 aircraft and a network of over 3,400 owned and franchised travel stores and interests in 86 hotels and resort properties. It operates under five geographic segments in 21 countries, and is number one or two in all its core markets.
About MoneyGram International
MoneyGram International offers more choices for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. A leading global provider of money transfer services, MoneyGram International helps consumers to safely send money around the world with funds arriving at available agent locations in as little as 10 minutes. Its global network is comprised of 190,000 agent locations in more than 190 countries and territories. MoneyGram’s convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer at an agent location, please visit www.moneygram.com or follow us on Facebook.