Disclosure: This article was sponsored by Merchantrade Asia.
If you can book your flight tickets and accommodation online, why can’t you do the same for currency exchange? eForex aims to do just that, by offering real-time foreign currency exchange with convenient pickup locations.
Those who travel regularly will understand the hassle and the amount of time it can take just to head to a money changer to convert our Ringgit to the destination’s currency (even more so if you work in Mid Valley, where lunchtime lines at the money changers usually stretch well into the dozens).
eForex may not be familiar to many, but this isn’t some startup with no experience in fintech. eForex was actually launched in 2016 by Merchantrade, Malaysia’s largest money services business provider, whose notable shareholders include Celcom Axiata and Japan-based Sumitomo Corporation. eForex is also the first such service in South East Asia.
The idea behind eForex is simple. Users are given an account on eForex, which allows you to exchange currency in real-time from the eForex website or mobile app. You can hold the converted amount for up to six months in the account – during this time you can continue exchanging money and lock in better exchange rates when they occur.
When you’re ready, you can schedule a pick up at selected Merchantrade outlets or Celcom Blue Cube branches at Nu Sentral and TTDI. The service is only available in the Klang Valley for now, but a nationwide collection service is expected to roll out in 2018.
The service has 20 foreign currencies available, and the platform is completely free to use. More importantly, Merchantrade is confident that eForex’s exchange rates are more competitive due to it operating from prominent locations in the Klang Valley, such as Pavilion, MyTown and KLCC.
Security is also an important advantage of eForex. Because transactions are done online, customers do not have to carry large amounts of Ringgit to the money changer – eForex customers need only arrange a pick up location and time as and when they wish to. Also, for users who have exchanged over RM10,000 worth of foreign currencies, eForex also offers premium delivery services to their office.
The full suite of features are unlocked with the eForex app for Android and iOS. App users can not only pin preferred currencies for faster viewing and monitoring, the “Rate Alert” feature notifies you in real time when a preferred currency hits your desired rate, allowing you to lock in the rate and exchange via the app.
Besides that, the app also has a “Travel Reminder” which updates you on your upcoming travel dates. This helps users plan their currency changing ahead of time, and to always be updated on the best rates before their trips. Plus, eForex also allows multiple currency exchange at a time, so you can plan well ahead of time if you have several overseas trips.
Best of all, because these can all be done from the app, you can change money anywhere, and anytime. There’s no need to head to a money changer and be at the mercy of long queues and the possibility of the money changers running out of your desired currency.
The world of startups has brought upon many disruptive and genuinely useful features in our daily lives. From ride-sharing, cashback, and even affordable accommodation overseas, innovative new companies have made our lives that much easier. eForex sounds like yet another convenient feature to add into our lives.
Check out eForex for yourself here.
eForex is a product of Merchantrade Asia, a leading home-grown Money Services Business (“MSB”) operator, conducting money transfer, money exchange and wholesale currency services. Merchantrade has 82 money services branches within Malaysia. Other products of the company include eRemit (online money transfers) and eRemit business (online money transfer services tailored for Malaysian SMEs).