Date: August 12, 2026

Report Overview

Thomas Cook (India) Limited launched its India Forex Report 2026, providing insights into how Indian consumers purchase, carry, and spend foreign exchange across leisure travel, overseas education, and corporate travel. The report is based on Thomas Cook India's forex transaction data for April 2025 to March 2026.

Key Demand Drivers and Geographic Distribution

  • Leisure travel remains the largest driver of forex demand at 57%, followed by corporate travel at 27% and overseas education at 16%
  • Geographic distribution shows Tier 1 cities (including metros) account for 47% of demand, Tier 2 cities contribute 41%, and Tier 3 cities contribute 12%
  • Tier 2 and Tier 3 cities together contribute 53% of total forex demand
  • Age distribution: 25-40 years (37%), 41-60 years (36%), 18-24 years (6%), senior travelers (21%)

Currency Preferences and Destination Trends

  • US Dollar dominates with 49% share of forex demand
  • European currencies account for 23% of demand
  • Asian currencies account for 11% of demand
  • Middle Eastern currencies account for 9% of demand
  • Australia & New Zealand currencies account for 5% of demand
  • Canadian currency accounts for 3% of demand
  • Growing demand for Thai Baht, UAE Dirham, Singapore Dollar, Malaysian Ringgit, and Vietnamese Dong

Digital Adoption Trends

  • 25% of customers now transact digitally across website, app, WhatsApp, and quick commerce platforms
  • Branch-assisted transactions account for 75% of forex purchases
  • DIY platform usage has grown 50% year-on-year over the last two years
  • Average digital transaction value stands at ₹76,000
  • Planning cycles have reduced from 10-14 days to 4-7 days before travel
  • Average age of digital users: Website (37 years), App (34 years), WhatsApp (32 years), Quick Commerce (31 years), compared to 42 years for branch-assisted transactions

Payment Behavior and Spending Patterns

Leisure Travelers:

  • Cash accounts for 75% of transactions but 61% of load value
  • Cards account for 25% of transactions but 39% of load value
  • Contactless card (Tap & Pay) and online transactions account for 57% of forex card usage
  • Merchant and retail POS transactions contribute 42% of card usage
  • Overseas spending breakdown: ATM withdrawals (26%), shopping and retail (20%), hotels and accommodation (15%), dining (11%), grocery and supermarkets (6%), transportation (5%)

Study Abroad Market:

  • Destination distribution: Europe (38%), United States (34%), Australia (10%), Canada (3%), UAE (3%), other destinations (12%)
  • Source cities: Mumbai (12%), Delhi-NCR (11%), Chennai (10%), Hyderabad (7%), Bengaluru (7%), with emerging demand from Pune, Surat, and Lucknow
  • University fees account for 81% of education-linked forex outflow, living expenses contribute 19%
  • For living expenses: forex cards account for 73% of transactions and 72% of load value, cash accounts for 27% of transactions and 28% of load value

Corporate Travel:

  • Sector distribution: IT/ITeS (45%), Auto/Auto-Ancillary (14%), Consulting (9%), Engineering, Procurement & Construction (7%)
  • Destination distribution: Europe (45%), North America (US, Canada and Mexico) (23%), Asia (19%)
  • Forex cards account for 84% of corporate forex usage, cash accounts for 16%
  • Multi-currency cards account for 76% of corporate card usage, single-currency cards account for 24%
  • Corporate spending breakdown: ATM cash withdrawals (31%), hotels and accommodation (23%), shopping and retail (15%), dining (9%), grocery and supermarkets (6%), transportation (5%)
  • EnterpriseFx sustainable cards account for 76% of corporate card issuance with 61% lower carbon footprint than standard cards
  • Sustainability initiative has contributed to planting 1,359 trees and absorption of approximately 680.5 tonnes of CO₂

Management Commentary

Mr. Deepesh Varma, Chief Business Officer – Foreign Exchange, Thomas Cook India Limited, highlighted the significant shift in consumer behavior including digital-first and self-serve forex journeys, growing participation from Tier 2 and Tier 3 markets, and increasing preference for destination-specific currencies. He noted strong momentum across App-led transactions, WhatsApp journeys, and quick-commerce-enabled forex fulfilment among younger travelers.

Industry Partner Perspectives

Sridhar Keppurengan, Head of Cross-Border Payments, India and South Asia, Visa, noted India's outbound travel becoming more digital, experience-led, and diversified beyond traditional corridors, with growing preference for secure, cash-light solutions.

Amarjit Walia, Senior Vice President, Account Management, South Asia at Mastercard, emphasized the rise of digitally confident Indian travelers expecting quick, seamless, and rewarding payment experiences with greater control and convenience.

Company Background

Thomas Cook (India) Limited is India's leading omnichannel travel company offering Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services, and Visa Services. The company operates across 28 countries spanning 5 continents and holds CRISIL ratings of 'CRISIL AA/Stable' for long-term bank facilities and 'CRISIL A1+' for short-term facilities.