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Tuesday, 14 May, 2019, 19 : 15 PM [IST]

Travel Money to add 4 more states, 15 new locations in next one year

To launch 'The Unbeatable Forex Festival' from May 18 to July 31
Travel Money (, the Foreign Exchange arm of FCM Travel Solutions, will be embarking on a strategy to enhance its offline and online presence in India in the coming years. The company, which has presence in 14 Indian states and 40 locations today, will be taking the number of states covered to 18 and number of locations to 55 in the next one year.

According to Gagan Malhotra, Brand Leader, Travel Money, Foreign Exchange brand of FCM Travel Solutions, they will be expanding their operations to states like Rajasthan, Madhya Pradesh, Assam and Chhattisgarh by June next year and opening new centres in the existing states as well. Foreign exchange business, he said, is poised for phenomenal growth in India with strong appetite for outbound travel for leisure and business, and also increasing student travel for studies to overseas destinations.

“Foreign exchange has transformed from a ‘travel extra’ to ‘travel essential’ for Indians. We have just started. We are yet to penetrate the bigger cities completely. Therefore, priority is to enhance our distribution footprint across India,” he said.

Although FCM always had a forex licence (FFMC), he said that the company has started looking at it as a business opportunity only in 2014. In early 2017, the company upgraded the licence to Authorised Category II to provide all sorts of services including wire transfer (remittances). “We started with 8 branches in 6 states with INR 200 crore turn over in 2014. Today, we have 40 branches in 14 states and have a turnover of INR 4,000 crore,” he said.

Malhotra said that the target is to become a USD 1 billion turnover business by 2020 and grow at a CAGR of 20% thereafter.

Travel Money  has launched its online foreign exchange service – – last year and has built it into a seamless product by combining it with their offline services for customer satisfaction.“For us it is ‘phygital’ way of creating customer experience,” he said explaining the online platform.  Customers can avail Forex services online and the last mile fulfillment will be done by the nearest branch. “We have been able to generate half a million dollar business per month consistently since we launched our online platform. 40% of our online customers are repeat,” Malhotra said.

In order to promote and encourage customers to use the online and offline services, Travel Money will be launching a special 'The Unbeatable Forex Festival' – from May 18.  The festival will go on till July 31 and there will be prizes for every transaction done during the festival period. There will be a lucky draw, by which three couples will be offered ‘Dream Cruises’ holiday in Singapore and Hong Kong, Malhotra informed. 
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