Clinton Moodley
Clinton Moodley

Travellers can exchange foreign currency at self-service kiosks

By Supplied Time of article published Sep 24, 2019

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Most travellers return from foreign trips with notes and coins in various foreign currencies and land up storing them in drawers. 

Fourex, developed by South Africans, provides an innovative self-service kiosk for exchanging 150 currencies in both coins and notes.

Already at 67 locations, Fourex says it plans to be the interface between cash and digital, and is rolling out in the UK and internationally.

“Forex retailers have limited multi-currency acceptance, especially for coins. As a result, if the currency is not donated to charities on the plane or spent on souvenirs, it is generally rarely used again. The kiosks allow travellers to exchange money from over 150 currencies into cash, paid out in major currencies (pounds, euros or dollars) without paying any commission or fees. Even out-of-circulation coins and notes are accepted," Fourex says..

“An estimated £2.5 billion (R45.7bn) in leftover foreign currency returns to the UK each year. Fourex gives customers a convenient way to cash in all their leftover money instantly, regardless of the currency,” Fourex says.

The operation has expanded from 10 locations at the start of last year, and it plans to have 80 sites live by the end of this year.

Fourex has won innovation awards from Virgin, Lloyds Bank and Amazon.

Expansion is focused on international gateways; airports, rail terminals, ports and high-footfall retail locations. More than 153 million passengers at Heathrow, Gatwick and Stansted airports now have access to Fourex kiosks.

The kiosks can process 300 coins per minute without you needing to separate them. With their high-speed image recognition technology and a database of more than one million reference points, the kiosks can exchange both coins and notes in the same transaction using real-time pricing, Fourex says. 


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