Let’s face it - one of the most frustrating elements of international travel is the vast assortment of foreign coins and bills that find their way into our bags, wallets, and purses when we return. Given the lofty commission rates and exchange fees that are often found in both high street banks and local exchanges, many individuals simply do not attempt to convert this money back into local currency, effectively rendering it useless. The times are changing, however.
Recently, a series of new kiosks are being installed throughout London which will allow users to convert a variety of foreign currencies into dollars, pounds or euros. Given the fact that these three currencies are considered staples within the money exchange industry, these kiosks allow for simple, no-hassle transactions for those seeking some of the more common exchanges.
When asked to describe the reasons why these kiosks were originally developed, co-founder Jeff Paterson explained, “The idea was born out of frustration...I had a whole lot of money lying in a drawer that I could do nothing with as the value of exchanging it outweighed the value of the money."
Although it seems as if the need for a kiosk such as this has been around for as long as anyone can remember, the actual development of this machine is ground-breaking. The new kiosks will, literally, be the first of their kind.
The company behind the development of the kiosks, Fourex, has received valuable support and publicity from a number of high-profile organisations, one of the most noteworthy being Virgin Media. In fact, Fourex recently won Virgin Media’s acclaimed “Pitch to the Rich” competition using this kiosk.
In the upcoming months, kiosks will be installed in various tube stations, beginning with King’s Cross and Blackfriars. Fourex’s plans on have at least 400 kiosks in London by the end of 2017. Although the process of installing and fine tuning these money exchange machines will likely take some time, the fact that Fourex has remained focused on their singular goal is proof enough that this operation will be a resounding success. Although some customers and foreign exchange experts remain curious as to exactly what rates these machines will offer, most are in agreement that they will likely be far more affordable than more traditional money exchange businesses. Believe it or not, the world of money exchange is about to become significantly more convenient.