Thomas Cook (India) Limited, market leader in global transaction of foreign exchange solutions, has today announced a strategic tie up with Xpress Money, a service offering of the UAE Exchange & Financial Services Limited. Thomas Cook India has been contracted as an agent across its network in over 72 cities for Xpress Money.
This new service provision will give Indian families the opportunity to receive money via a safe mode through Xpress Money, from any UAE Exchange & Financial Services Limited branch in the UAE. The two power brands Xpress Money & Thomas Cook India, in the foreign exchange space, share an immense network reach in their center of operations respectively - UAE & India.
Thomas Cook has experience in providing travel and travel related financial operations in India for 130 years and has been granted an authorized dealers' license (category II) by Reserve Bank of India (RBI), to deal in foreign exchange through its designated branches. Currently, Thomas Cook India operations are spread across 180 locations in over 72 cities as a one stop shop for all travel services in India. This is one of the largest network service offerings in India.
Statistics estimate that Indians constitute 33% of the total population and over 50% of the work force in the UAE. Further, remittances from UAE stand close to US$ 2 billion through normal banking channels annually into India every year. India was therefore a prime consideration for Xpress Money. Individuals working abroad needed a trustworthy and organized format of sending money back into their home country and Thomas Cook India has provided the perfect solution!
On achieving this service provision milestone, Mr. Madhavan Menon, Managing Director, TCIL said, "Our partnership with the UAE Exchange and Xpress Money ensures a reliable and trusted service provision to Indian citizens and global travellers in the UAE. Traditional Indian values require regular remittance to the smaller parts of the country. Our network in India touches over 72 cities making it a popular choice for all individuals. Moreover, as a travel company we are constantly attempting to enhance our service offerings to our customers. This is our first initiative for 2011 and we are hoping it will be any individuals first choice".
In a briefing to the Press, Mr. Y. Sudhir Kumar Shetty, COO, Xpress Money said "Thomas Cook India is a prestigious partner for Xpress Money, and the new association would help both the brands to benefit from each other's goodwill. Both the entities have grown into formidable forces in their respective fields, and we are sure that this would immensely benefit Xpress Money customers by improving their choice for fund payout. Indians form the biggest diaspora, spread extensively across the world, making the country the top recipient of remittances in the world. This association, which is in line with Xpress Money's global mission to further improve upon the value proposition by associating with partners who can bring in sustainable benefits to its customers, would thus benefit the Indian disapora significantly."
The Thomas Cook (India) Limited - Xpress Money alliance reiterates the company's goal of increasing their financial services across India and the International market.
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