South Africans coin world's first currency exchange kiosk

2016-04-06 12:30 - Louzel Lombard
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Cape Town - Avid travellers would know that you can do nothing with foreign currency coins. Banks and exchange offices won't accept them, and because they're of no real value outside the country used in, foreign coins often serve only as pieces of memorabilia for their keepers.

But, as South Africans would well know... foreign coins are actually worth something, especially if they are British pounds.

Luckily, London-based South African entrepreneurs, Jeff Paterson and Oliver Du Toit, have solved this global dilemma, inventing the world's very first currency exchange unit.

Fourex, as the kiosk and initiative is called, allows used to exchange coins and notes from hundreds of countries and get cash paid out in either pounds, euros or dollars.

Hopefully, South African Rands could be added to the payout currencies if the Fourex kiosk is ever set up in South Africa. 

The Fourex kiosk resembles something of a parking ticket pay bay, and can be set up in major transfer hubs like airports and train stations worldwide. 

What makes the new device even more appealing, is that Fourex exchanges money from over 150 currencies, at exchange rates which are updates by the minute. Fourex also exchanges foreign currency at no extra fees, at a 0% commission rate. Plus, there is no minimum amount to enter into the kiosk and you can add a mix of coins from various countries simultaneously. 

You can see how it works here: 



Currently, there are only four Fourex kiosks set up in and around London in the UK, but inventors Jeff Paterson and Oliver Du Toit come to soon send the initiative around the globe. 

The two originally financed their idea by winning Sir Richard Branson's "Pitch to Rich 2015" competition, which provided them with over R1 million, or £50 000. 




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