Why Currency Exchange Needs a Revolution
A lot of people ask us, “Is there really a need to come up with a new way to exchange currency?” We also get, “Doesn’t everyone just use credit cards now?”
The reality is, physical currency exchange accounts for billions and billions of dollars per year in PROFITS for the big currency exchange firms. We’re not talking about the amount of money being exchanged. We’re talking about profits.
How on earth can that be? Someone simply exchanges currency from United States Dollars into British Pounds (for example). Where’s there a profit to be made on that? If you have ever exchanged currency, you absolutely know the answer. If not, let us explain.
When you ask a 3rd party to exchange currency for you, they make money in 2 ways:
- Currency Exchange Fees: These shops charge you either a flat rate or more commonly a percentage of the exchange amount as a fee. This can be quite high as the amount of exchange increases.
- Lower Exchange Rates: This is the sneakier of the two. Exchange shops and even banks will reduce the conversion rate in order to provide the transaction service.
When these two costs are combined, you could end up losing as much as 30% of the value of your money. Don’t forget that this happens on both ends of your trip!
With CashSwap, we are still offering completely free currency exchange without any fees whatsoever. And when you exchange directly with other travelers, you are getting the real market exchange rate. We’ve helped you to cut out the high priced middleman so there is no more skimming off the top. It’s your money and we think you should get to keep it.
It all comes down to a simple question for ANY industry, Are the primary providers merely high priced middlemen? If so, technology will eventually replace them with a cheaper alternative.
And that’s what we believe CashSwap can do. We cut out the middlemen and pass all of the savings on to you, the traveler.
Download the app on Google Play now and see the savings in less than 60 seconds. There’s no need to sign up to check the rates!