Peer to Peer vs. Brick and Mortar Currency Exchange
Some very interesting currency exchange news that came out of Atlanta this week.
It was announced that ATL (Hartsfield-Jackson International Airport) is reducing the rent that it charges Travelex to operate its currency exchange shops at the airport. By itself, a rent reduction wouldn’t be big news. The newsworthy aspect of the story is the revelation of just how much rent Travelex can afford to pay in the first place.
ATL is reducing the rent for Travelex from $6.6 million to $4.3 million per year.
$4,300,000 Per Year
Let that number sink in. Then remember that this is the cost for only one airport.
This is why brick and mortar businesses are always going to lose in the long run to peer to peer (P2P) services. Brick and mortar businesses have tremendously high costs that need to be paid. Expenses like rent, facility construction, staffing, uniforms, etc. are higher than anyone would ever expect. The money to pay those costs has to come from somewhere and that somewhere is the pockets of unsuspecting travelers. On every currency exchange transaction at a brick and mortar business like Travelex or Moneycorp, travelers will lose as much at 30% of their currency in fees.
With CashSwap’s peer to peer network, travelers instead connect directly with each other to exchange currency. There is no rent to be paid at every airport in the world. There is no staff to hire, train, and dress to service customers at any of those airports either. CashSwap removes the high priced middleman from the currency exchange process so that travelers can keep all of their cash to spend on their actual travel experiences.
On top of their high costs, brick and mortar businesses also need to charge enough to make a profit which can be as high as several hundred million dollars per year for each business.
Download the app on Google Play now! Join the peer to peer currency exchange revolution and check out your savings in less than 60 seconds. There’s no need to sign up to check the rates.