When you are about to travel to a country that uses a different currency, there is one important decision you will usually need to take in advance: should you obtain your foreign currency before you go and risk carrying wads of cash around with you? Or is it wiser to rely on your credit card and hope to find a cash dispenser when you need one? Now Singaporean firm Peerex is planning to offer an alternative approach.
The Peerex solution is a mobile app that will enable users to find out which local merchants are happy to provide them with local currency at the lowest cost, charging the required sum to their bank card. This way you no longer have to worry about finding an ATM that works with your card or being charged an exorbitant exchange rate. Peerex is collaborating with banks and will announce upfront the potential charges incurred, proportional to the sum you wish to withdraw.
The basic idea is that app users will be able to pick up a small amount of local money each time they need cash, which will at the same time encourage them to discover a number of local retailers – all without any anxiety, as the exchange rate will have been negotiated with a trusted partner. The service is not yet up and running but all those who are interested can already register on the Peerex website and will then be notified when it is officially launched. And those who do so can feel they are part of a movement that runs contrary to current main trends by creating a role for human beings that was previously performed exclusively by a machine.