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Currency converters to be installed in tube stations

Kit Klarenberg
Written By:
Kit Klarenberg
Posted:
Updated:
05/06/2015

Machines that convert unwanted or defunct foreign currency into sterling will be installed across London’s tube network before the end of this year, it has been announced.

The currency converter machines, dubbed Fourex kiosks, will accept money from 150 countries, and convert their value into pounds, euros or US dollars. Out of circulation currencies such as the French franc, German deutschemark and Spanish peseta can also be exchanged.

Fourex claims fees and commission are not charged, and exchange rates will be competitive, as the company does not pay for staff or premises in the manner of a traditional bureau de change. Exchange rates will be displayed on the kiosks, and customers can use a rate calculator to determine how much they will receive in return for their foreign currency.

Users will also be able to opt to donate some or all of their exchanged currency to charity, including UNICEF, The Railway Children, Guide Dogs for the Blind and the UK Stroke Association.

Fourex launched on CrowdCube in March, and secured £670,000 in investment in under a fortnight. The firm has gone on to secure contracts with both Transport for London and Westfield Shopping Centre.

The move is likely to be a popular one with consumers; peer-to-peer lender Zopa recently calculated that UK citizens hold around £3bn in unused foreign currency.

“We have been completely humbled by the interest, excitement and investment we have received so far for Fourex, not only from multi-million pound companies such as TFL and Westfield, but from the people who invested through CrowdCube,” said Jeff Paterson, co-founder of Fourex.

The first wave of currency converter machines will be installed at Blackfriars, Canary Wharf and King’s Cross St. Pancras underground stations by August this year.

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