New app helps tourists exchange currency without getting ripped off

There's no need to worry about getting ripped off with this new app. Pic: Wikimedia Commons

GETTING ripped off by airport moneychangers or banks are now a thing of the past for travelers thanks to Singapore-based exchange rate aggregator app, Get4x, which is now live in eight countries around southeast Asia.

The app gives users the best rates and best places in the city they’re in to exchange money. The difference between Get4x and other currency conversion platforms is that the app displays live rates that users can “lock in” to exchange, rather than showing current interbank rates that are used by large financial institutions such as Yahoo!, Reuters or XE global market rate.

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This means that changing money at the airport and banks could cost travelers anything between 15 and 20 percent more compared to licensed money changers. Get4x connects travelers with these better rates to help them get a better deal.

Get4x just launched in Bali, Pattaya, Phuket, and Kuala Lumpur, and is already available in Singapore, Bangkok, Hong Kong, and Mumbai.

Julien Labruyere, founder and CEO of 4xLabs, was quoted by Tech in Asia as saying the company got constant requests from users to make the app available in more cities.

“We see a lot of travel between Malaysia, Singapore and the rest of the region, so it made sense to get Kuala Lumpur on the list sooner rather than later,” he said.

The app also offers a paid feature to moneychangers, which offers them live rates and software to help deal with regulatory compliance and reporting. Twenty five percent of moneychangers in Singapore were signed up to the app by May this year.

This article first appeared on Tech Wire Asia