Is it safe?
When defining a meeting place to exchange currency through Cambexo, only you and your trading partner know the location of this exchange. Conversely, when exchanging at a bank or currency exchange office, you are exposing yourself to thieves and pickpockets as it is clear that you are carrying money on you. So we believe this method is actually safer than going to your downtown currency exchange office.
Furthermore, with the use of a feedback system as well as SMS verification, the platform will offer some level of confidence when establishing a trade.
Is it legal?
In many jurisdictions, currency exchange regulations apply to businesses rather than individuals. That being said, it is always recommendable to do some research on the location you will be setting up an exchange. For instance, Venezuela prohibits the practice due to large inflation rates and US Currency black markets.
Since both parties will be exchange currency at the official market rate, or par value, there is no profit made on either end, therefore no “business” is being conducted.
Is there a chance of receiving counterfeit money?
Travelling to a new country, the risk of being slipped a counterfeit bill is always present, whether from a taxi driver, or local waiter. On our site, you can find resources where you can learn to be an alert tourist. Being able to recognize counterfeit money will not only make your currency exchange run smoothly, but you will also be able to avoid any unpleasant situation during your trip outside of the currency swap.
How much should I change?
The amount you are willing to change depends entirely on you. If you feel safe and need to change 2000$ in a single meeting, you may do so. If you feel you prefer changing a small amount on multiple meetings, you can also proceed this way.
Why do I have to upload my picture?
Uploading a picture will give travellers more confidence in dealing with you, thus increasing your chances of finding an exchange partner. This will also facilitate the meeting in order to recognize each other.
Why should I have to provide a picture of my ID?
Uploading a picture ID to your account is an extra measure of safety. Only the admins of the site will have access to this documentation. This is to ensure everyone’s safety and increase confidence in the exchange process. The use of SMS verification achieves the same purpose.
How is Cambexo different from other peer-to-peer exchange sites?
Other peer-to-peer currency exchange sites cater to expats working abroad and who want to transfer their newly acquired currency to their home bank account. They deposit their earnings in an online account and receive the equivalent in their home currency from another member, minus some fees retained by the website. They money doesn’t actually leave the country. This type of service does not cater to tourists travelling abroad as their banks will not allow reception of foreign currency. The money will be received and converted, including a usually high transfer fee.