Travel service provider, Thomas Cook is planning to foray into remittance business through its foreign exchange wing . The company is planning this venture seeing the rising inward remittances to India.

"Till now money transfer was just another product, like currency exchange, offered to our customers in our foreign exchange portfolio. However, the two products are completely distinct and we would like to make money transfer a separate vertical in our product offering over a period of time," Thomas Cook India's Managing Director, Mr Madhavan Menon said.

Remittances currently form 4.5% of the total profits of the company on which the company wants to grow and build, said Menon.

Going ahead with its plan, the company has tied up with remittance provider, XPress Money. Thomas Cook will act as agent of XPress Money through its network across 180 locations and more than 72 cities in India.

Xpress Money's COO, Mr Y. Sudhir Kumar Shetty, said, "India was a prime consideration for Xpress Money as statistics estimate that Indians constitute 33 per cent of the total population and over 50 per cent of the workforce in the UAE. Further, remittances from the UAE through normal banking channels into India stand close to $2 billion annually."

Currently foreign exchange contributes 60-65% of the overall revenues for Thomas Cook India.