New kiosks have been launched which immediately convert foreign coins into pounds, euros and dollars, claiming a world first.
Fourex kiosks have been installed at Kings Cross, Blackfriars and Canary Wharf underground stations and will be rolled out nationwide in due course. They will also launch in Westfield Stratford this month.
The kiosks accept unsorted coins – whether they are still in circulation or not – as well as notes, have no minimum amount (above 1p) and can process more than 150 currencies.
Founders of the business, Jeff Paterson and Oliver du Toit, won Sir Richard Branson and Virgin Media Businesses’ ‘Pitch to Rich’ programme this year and have received more than £671,450 worth of investments through crowdfunding.
Paterson describes the Fourex idea as “currency exchange on steroids”.
“There are no hidden fees or commissions” he said.
“We buy and sell the currency and we have managed to make our margins a lot less – we have no staff for one thing.”
The Fourex kiosks can process 10 coins per second, meaning a visit should take longer than a few minutes.
“We fill the huge gap in the market for the leftover coins and notes found in wallets and purses after holidays that no big company is willing to take.”
Paterson said although the company will consider installing the machines in airports, rent for space is very high and the business is primarily targeting those who may have large quantities of unwanted currency at home.