Hi, my name is Mark and I’m from Canada. I was recently at the Sao Paul airport and was stunned to discover that the exchange office charged a commission of 25$ to trade Brazilian Reales to Euros. In Europe, they charged almost the same fee, about 15 Euros. This is in addition to the 4% markup on the exchange rate. So on the stop-over in Lisbon, I stood at the gate of a departing flight to Rio de Janeiro. Luckily, the EU gate was not separate from international flights as it usually is. It wasn’t ideal but it worked to get me some pocket change to get me from the airport to the city.
I thought, there must be a better way. Still in 2016, there was no peer-to-peer service that enabled people to turn to each other to exchange money without having to use banks or currency exchange offices. Both of those “solutions” charge you a lot, either in the form of a commission, or a markup, or usually both! The only thing available was peer-to-peer transfers to banks. But how would I, as a Canadian, receive Euros, in my Canadian bank account. Impossible. And even if it were, the transfer fees would defeat the purpose.
Some countries don’t even offer the currency you need. A friend travelling from Poland to Brazil said she had to exchange her currency to USD in order to then get Brazilian Reales. A site like Cambexo would have enabled her to get the currency she needed without the financial loss of two conversions.
So I set out to create this peer-to-peer website that connects travellers all around the world looking to avoid unnecessary fees. On 1000$, you can save 55$. That goes a long way when travelling on a budget.
We would love for you to share this page! The more shares, the more likely you are to finding a trading partner at your next destination. Yes it’s cliché, but it IS a small world we live in.