‘Waze for currency exchange’ will stop travelers getting ripped off

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We all love vacations, but there’s one part of your holiday that’s always horrible – exchanging currency.

Common sense tells us to avoid exchange outlets at obvious places such as airports or hotels. In fact, the dingier the currency exchange booth, the better its rate. There’s nothing more annoying than exchanging a large amount of cash for the local currency just to discover an outlet with significantly better rates just around the corner. We like our vacations and we like them cheap. And it’s best if it stays that way.

That’s the problem Currenseek aims to solve. The startup helps travelers locate the best exchange rates close to them and avoid getting ripped off by crafty moneylenders. Through Currenseek’s mobile app, tourists can see updated, real-time information on current exchange rates as well as locate outlets closest to them.

Personal frustration

Amir Haghbin, co-founder of Kuala Lumpur-based Currenseek, says the idea behind the app came during his student days when he was looking to exchange a large amount of US dollars to Malaysian Ringgit. He noticed a huge disparity from one exchange outlet to another and asked his local friends to recommend a place where he could find the best rate.

Acting on their advice, he drove to a shopping mall and spent about an hour researching the rates offered by different kiosks. Satisfied by his thorough research, Amir proceeded to an outlet that had the best rate. There was a large queue of travelers waiting patiently for their turn – which further validated his decision to trust this money changer.

Amir spent about 20 minutes in line. But he didn’t mind the wait as he thought he was saving a significant amount of cash. After the transaction was over, he went back to his car. It was then when Amir spotted a small currency exchange outlet located inconspicuously inside a small convenience store. Out of curiosity he took a peek at the rates, and, to his horror, saw that the rates were much better than the ones he had got. And there was no queue either.

Amir Haghbin

“My excitement turned sour,” recalls Amir. “I realized I wasted almost two hours of my time for nothing and I got ripped off for more than 100 ringgit.” That’s more than US$20. “It was even more depressing when I found out the money changer was prepared to offer me a better rate because I was carrying a large amount of USD.”

Silver lining

But, as they say, behind every failure lies opportunity. Amir knew he wasn’t the only one looking for good exchange rates. “I wondered if there was an app which helped point people in the right direction. After all, there are apps for restaurants, events, and tourist spots. Why not for currency exchange?” he asks.

Amir claims he searched on both the iOS and Google Play stores, as well as on the web, but couldn’t find what he was looking for. The closest products were free currency exchange apps that would display the existing interbank conversion rate, but nothing more. “These rates are useless for travelers as they’re reserved for banks, institutions, and professionals dealing in millions of dollars at a time. They’re not applicable for currency exchange outlets operating on the ground,” explains Amir.

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