Currency exchange has always been somewhat of a problematic issue, due in large part to the fact that so many complaints and criticisms have been levied against allegedly predatory practices occurring in both independent exchange brokers as well as more reputable high street banks. Central to these complaints have been issues of accessibility and affordability. For some, currency exchange is an absolute must, as money must be transferred to friends and relatives around the world. For business professionals, instant access to currency exchange solutions can shave off hours of commuting to their preferred foreign exchange service.
Recently, it was announced that “Fourex” machines would begin appearing in tube stations across the London Underground. According to information provided by the machines central creators, Jeff Paterson and Oliver du Toit, commuters will be able to instantly convert over 150 different currencies into British sterling. This is likely to be welcome news for the myriad of tourists who visit London throughout the year and are caught without the money they need for shopping and tourism.
Unique to the Fourex machine is the ability to return currencies that are no longer in circulation, including the Peseta and the France. Additionally, the machines will not levy commission fees against users, meaning that some may find this service much more agreeable and attractive than others in the foreign exchange industry today. Although individuals will likely receive relatively low exchange rates for now defunct currency, the ability to return this money for usable financial resources will likely prove to be invaluable for many.
In a statement regarding the future of Fourex, co-founder Jeff Paterson stated, “We have been completely humbled by the interest, excitement and investment we have received so far for Fourex, not only from multi-million pound companies such as TFL and Westfield, but from the 436 people from every corner of the globe who invested through CrowdCube”.
More information about this exciting new foreign exchange service will likely be made available in the upcoming months. These machines will likely begin to appear in various Underground stations, beginning with the heavily trafficked Blackfriars, Canary Wharf and King’s Cross stations. The Westfield Stratford shopping centre will begin to feature one of the new Fourex machines in August of this year.