Thomas Cook India Forex Report 2026 Highlights Shift as Emerging Cities Drive Diversified Forex Demand

Thomas Cook India Forex Report 2026 Highlights Shift as Emerging Cities Drive Diversified Forex Demand​

Thomas Cook (India) Limited has released its India Forex Report 2026, providing detailed insights into how Indian consumers are purchasing, carrying, and spending foreign exchange across leisure travel, corporate needs, and overseas education. Based on forex transaction data collected from April 2025 to March 2026, the report underscores a rapidly diversifying Indian forex market, driven by emerging cities and increasing adoption of digital payment solutions.

The report reveals that leisure travel remains the dominant driver of forex demand (57%), followed by corporate travel at 27% and overseas education at 16%. The geographic base for this demand is also expanding beyond traditional metropolitan centers.

Forex Demand Trends and Consumer Profiles​

The company found that while Tier 1 cities account for 47% of the demand, Tier 2 (41%) and Tier 3 (12%) cities contribute a combined 53%, signifying the next phase of growth in outbound travel aspirations across India.

Consumer demographics show continued strength from experienced travelers: consumers aged 25–40 years (37%) and 41–60 years (36%) constitute nearly three-fourths of Thomas Cook India’s forex usage. Conversely, younger travellers aged 18–24 years, representing 6% of users, are noted as the fastest adopters across digital channels like the app, website, WhatsApp, and quick commerce platforms.

The utilization of destination-specific currencies is gaining significant ground against the US Dollar. While the USD still holds a 49% share of forex demand, Europe-linked currencies account for 23%, Asia at 11%, the Middle East at 9%, Australia & New Zealand at 5%, and Canada at 3%.

Key demand breakdown across travel categories:

Digital Adoption and Payment Behaviour​

Digital forex adoption is accelerating, with 25% of customers utilizing digital channels such as the website, app, WhatsApp, and quick commerce platforms, compared to 75% using branch-assisted transactions. The company notes that usage of DIY (Do It Yourself) platforms has grown by 50% year-on-year over the past two years.

The average age for forex transaction varies significantly across channels: those using branch services averaged 42 years, while digital consumers on the website were 37 years old, app users were 34, WhatsApp users were 32, and quick commerce users were 31.

Indian travellers are also shortening their planning cycles, with forex purchase periods reducing from a previous range of 10–14 days to just 4–7 days before travel. Furthermore, the average digital transaction value stood at ₹76,000.

A Hybrid Consumer Emerges in International Spending​

For holiday travellers, cash accounts for 75% of transactions while cards account for 25%. However, when measured by load value, the share of cards rose to 39%, compared to 61% for cash, indicating increasing confidence in forex cards.

The point-of-use experience is highly digital: contactless card (Tap and Pay) and online transactions account for 57% of forex card usage, with merchant and retail POS transactions making up the remaining 42%. Overseas spending habits are diversified, with ATM withdrawals at 26%, followed by shopping and retail at 20%, hotels at 15%, dining at 11%, grocery at 6%, and transportation at 5%.

Focus on Study Abroad and Corporate Mobility​

International Education Market​

The study abroad market is diversifying beyond traditional corridors. Europe accounts for 38% of demand, followed by the United States (34%), Australia (10%), Canada (3%), UAE (3%), and other destinations (12%). Regarding finance, university fees make up 81% of education-linked forex outflow, with living expenses accounting for 19%. Forex cards are consistently relied upon for students’ everyday spending, covering 73% of transactions and 72% of load value for living expenses.

Corporate Travel​

Corporate forex consumption is primarily driven by IT/ITeS at 45%, followed by Auto/Auto-Ancillary (14%), Consulting (9%), and Engineering, Procurement & Construction (7%). Europe remains the leading destination at 45%, with North America (US, Canada, and Mexico) at 23% and Asia at 19%.

Business travellers show a strong preference for card-based solutions, with forex cards used in 84% of corporate forex usage, compared to 16% cash. A growing trend is the adoption of sustainable options; 76% of corporate card issuance utilizes EnterpriseFx sustainable cards, which contribute to the planting of 1,359 trees and the absorption of approximately 680.5 tonnes of CO₂.

Industry Response​

Responding to the findings, Deepesh Varma, Chief Business Officer - Foreign Exchange at Thomas Cook (India) Limited, stated that the report provides a unique perspective on India's evolving forex consumer, highlighting shifts toward digital-first journeys and greater participation from Tier 2 and Tier 3 markets.

Sridhar Keppurengan of Visa noted that India’s outbound travel is becoming "more digital" and increasingly diversified beyond established corridors, citing the rising travel aspirations from emerging cities as a key factor in this shift.

Amarjit Walia of Mastercard commended the report, noting that the growth is being driven by consumers outside major metropolitan areas, with a clear preference for quick, seamless, and reassuring payment experiences through the growing adoption of digital forex and card-based solutions.

THOMASCOOK Stock Price Movement​

Shares of Thomas Cook (India) Limited today slipped by 2.22% in post-market trading, settling at ₹107.08 after shedding ₹2.43 from the previous close. The equity traded within a range defined by a low of ₹106.49 and a high of ₹110.35, with more than 1.2 million shares transacted today.