Fourex launches in London to turn unwanted and useless foreign coins into real cash

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Time to rummage down the back of the sofa and dig out the French francs you came back with from school trips.

A new piece of kit arrives in London on Monday, October 26, to turn the foreign currency that’s no longer accepted or that can’t be converted into usable cash.

Start-up Fourex has devised technology that will change over 150 currencies, including those that were replaced by the arrival of the euro, in a matter of minutes.

And as well as clearing out clutter, it’s designed to help save Britons millions of pounds.

According to Money Advice Service, UK travellers fritter away £941 million at airports trying to spend spare holiday money they think they can’t exchange afterwards.

Meanwhile, in UK homes, it’s estimated that there is £2.3 billion of travel money that’s gathering fur. 

Fourex works by reading the face of the coin to identify the currency and checking it against its weight and metal value. Notes are recognised separately.

It means there’s no need to separate a collection of foreign cash before you get to the Fourex kiosks, which will be placed in Canary Wharf, Blackfriars and King’s Cross stations, under a deal with Transport for London.

They will also be placed in in Westfield shopping centres from November.

Users can check the exchange rate offered before taking the plunge and as there are no humans involved, there are no commission fees.

Money can be converted into pounds, euros or dollars and a portion or all of it can be donated to a range of charities, including Unicef and the Stroke Association, at the touch of a button.

The idea came to entrepreneurs Jeff Paterson and Oliver Du Toit after they became frustrated at not being able to convert five Aussie dollars after a trip Down Under.

Within three and a half years and after a couple of attempts, the machine was finished.

It impressed Sir Richard Branson, winning the “New Things” category in Virgin Media Business’s Pitch to Rich competition, and has picked up over £670,000 through crowdfunding along the way. 

Paterson and Du Toit have plans to expand and will analyse the user data from the first machines in operation before deciding where they might put the next batch.

Source Article from http://www.standard.co.uk/business/fourex-launches-in-london-to-turn-unwanted-and-useless-foreign-coins-into-real-cash-a3098061.html

October 23, 2015 |
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