This Startup Is Taking On The Inefficiency Of Currency Exchange

This Startup Is Taking On The Inefficiency Of Currency Exchange
Banks, Insurance & Financial Services

TravelersBox is adding automatic kiosks to airports that facilitate quick and seamless transfer of currency while traveling

Ido Lechner, Home Editor
  • 19 january 2017

Rather than hauling 362 Belizean dollars back from your adventure in Caye Caulker, startup TravelersBox looks to offer something a bit more useful in your native country in exchange for some of that foreign coinage of yours. The company’s conveniently located airport kiosks can convert leftovers from your trip to iTunes credits, Starbucks vouches or even digital currency via PayPal. And while domestic flights in the United States and a good chunk of Europe don’t pose much of a problem in terms of spending freedom, journeying throughout Asia is another story altogether. With the many differing banknotes present in the region, TravelersBox has set its sights on the Asian market as a means of growth and plying its trade.

10405438_535850339881499_1060705563656656206_n

According to TavelersBox’s CEO Tomer Zussman, roughly 70 percent of worldwide travel expenses occur in Asia. China alone saw 120million citizens travelling overseas in 2016. As such, the company’s kiosks offer reimbursement through some of the country’s common e-payment services – Baidu Wallet and WeChat – with support for the nation’s largest online payment platform Alipay having been announced for some time in the near future.

The company makes its money by taking a seven percent fee while facilitating the cash swap, which Zussman mentions is still cheaper than the fees associated with licensed currency exchanges at the airport. Additionally, there’s no minimum sum required to take advantage of the conversion, so users can swap peanuts regardless if they’re Korean or Vietnamese.

As of right now, the company has stations in airports in Canada, Turkey, Israel, Italy, Georgia, Japan and the Philippines. Plans to install further kiosks in Hong Kong, India, Australia, Indonesia and Malaysia will soon take effect.

TravelersBox

Rather than hauling 362 Belizean dollars back from your adventure in Caye Caulker, startup TravelersBox looks to offer something a bit more useful in your native country in exchange for some of that foreign coinage of yours. The company’s conveniently located airport kiosks can convert leftovers from your trip to iTunes credits, Starbucks vouches or even digital currency via PayPal. And while domestic flights in the United States and a good chunk of Europe don’t pose much of a problem in terms of spending freedom, journeying throughout Asia is another story altogether. With the many differing banknotes present in the region, TravelersBox has set its sights on the Asian market as a means of growth and plying its trade.

+cash
+conversion
+Currency
+exchange
+financial services
+paypal
+technology
+travel

Learn About Our Membership Services

Need Research Help?
As a member you can ask us any research questions and get complimentary research assistance with a 4-day turnaround. Reports inclde stats, quotes, and best-inclass examples on research topics.
Remain Informed & Strategic
We publish several trends reports each month. By becoming a member you will have access to over 100 existing reports, plus a growing catalog of deep topical analysis and debrief-style reports so you always remain in the know.
See Trends Come To Life
Meet your peers and immerse yourself in monthly trend and innovation webinars and discounted conferences.
No search results found.