Travelers don’t know the locations of and the available exchange rates for most licensed money changers (LMCs) or banks’ bureau de changes (BdCs). Rates that can vary by 30% even within walking distance, and can be as much as 200% or more in extreme cases. Meanwhile, LMCs have poor customer acquisition strategies & insights, as well as cash management and “know-your-customer” (KYC) & other regulatory challenges. They do not have the know-how to automate their services resulting in low productivity & margins. In addition, retailers and service providers wish to advertise and sell their goods & services to travellers that, when they search for or exchange currency, have a high desire to purchase.
CurrenSeek is a platform connecting LMCs & BdCs to travelers and businesses so that:
- Travelers discover the best and most convenient currency exchange locations with the option to book and pay online, and even pickup at convenient third-party locations – e.g. airports;
- Businesses list their foreign currency requirements for LMCs to make bids, and offer delivery and e-payment options;
- LMCs are able to attract more customers, especially online, perform higher-value transactions, and better manage inventory, compliance and risk.
CurrenSeek works directly with LMCs & BdCs to obtain their rates and display them on a map or on their/third-party websites, allowing users to lock-in the rate and electronically purchase foreign currency. LMCs also have tools to offer promotional discounts, accept bookings & real-time e-payments and perform basic KYC. Travel partners are able to advertise and electronically sell their good & services via the app or the money changers' websites and branches – all facilitated by CurrenSeek.