Thomas Cook (India) Limited, India’s leading omnichannel forex services company has earmarked the overseas education segment as a significant and growing opportunity. Foreign Exchange is a noteworthy driver of Company’s business and the overseas education segment having witnessed a strong YoY increase of over 162% for FY23, is displaying accelerated growth.

This is reiterated in data from the Reserve Bank of India (RBI), which reveals that the education segment with spends of USD 3.43Bn in FY23, represents approximately 13% of total overseas spends from India. With a strategic intent to expand its market share and address the needs of this high potential segment, Thomas Cook has launched a pioneering Study Buddy Card in association with Mastercard and Visa.

To reassure the parents, the unique Study Buddy Card empowers students with its range of significant features:

Thomas Cook Study Buddy Card – Key Benefits

Free International Student Identity Card (ISIC)
Free global SIM Card
Free ATM withdrawal once a month and surcharge free withdrawals at All Point ATMs in USA, Canada, Mexico, UK and Australia
Zero Mark up on transactions in base currency

Thomas Cook Study Buddy Card – Safety, Security Features

Comprehensive Fraud Protection Insurance
Free Card Replacement on loss of card
Free Emergency Cash Assistance on loss of card
24×7 Call Support

Thomas Cook Study Buddy Card – Special Benefits

Free Lounge Access at International Airports in India
KrisFlyer miles on every forex purchase

Trends in international education

  • Thomas Cook’s data reveals distinctive demand trends for the overseas education segment
  • Key source markets driving growth for the Company include Punjab, Delhi NCR, Kerala, Gujarat, Maharashtra, Tamil Nadu and Andhra Pradesh
  • India’s metros and mini metros are displaying continued momentum of approx. 26% vs. pre-pandemic
  • Strong uptick emerging from tier 2 – 4 markets: approx. 35% growth vs. pre-pandemic
  • Top student destinations for the Company in 2023 include UK (contribution of 32%), Canada (26%), USA (9%), followed by Australia, Germany, France and Singapore

Deepesh Varma, Executive Vice President, Foreign Exchange, Thomas Cook (India) said, “Our overseas education segment is power driving our growth story and we have witnessed a strong 162% YoY growth for FY23. We are bullish about this segment and the launch of our Study Buddy Card in collaboration with MasterCard and Visa, signals our strategic intent to expand this business.

The Study Buddy Card forms a valuable addition to our unique Study Buddy program – conceptualised to address the needs of the student segment and their parents. The Study Buddy Card has been inbuilt with a range of invaluable advantages including free International Student Identity Card (ISIC), free global sim card, zero mark up on transactions in base currency, comprehensive fraud protection insurance, free card replacement on loss of card, 24×7-call support, to empower students and offer parents that much needed reassurance. Our Study Buddy Card also offers additional benefits like airport lounge access in India, free ATM withdrawal.”

(Source: Press Release)