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Getting Started with Get4x
Get4x is a location-based currency exchange rate aggregator that provides a comparison of the best exchange rates from licensed money changers within cities. It gives you the best rates and the best places to exchange your money in global cities instantly.
Get4x lists exchange rates offered directly by money changers rather than mid-market rates which are only used by these financial institutions. It provides price transparency into a market that is extremely opaque when it comes to prices. Local licensed money changers tend to offer the best exchange rates as compared to banks, airports, hotels, ATMs or paying by card, but the exchange rates they offer change constantly due to the demand and supply of currencies, as well as the mid-market rates.
In cases where money changers have not updated their rates, Get4x uses a proprietary algorithm to calculate a predictive exchange rate offered by money changers based on a number of factors, which include historical data and real-time market data. We strongly encourage you to call money changers directly to confirm the rates before heading down to the money changer outlet to pick up your currency.
Get4x is currently available for download on iOS or Android anywhere in the world. You can also use the web application on www.get4x.com.
You can use Get4x to search for money changers and their offered exchange rates in Bali, Bangkok, Hong Kong, Kuala Lumpur, Mumbai, Pattaya, Phuket and Singapore.
None. Get4x is 100% free for users - there are no hidden costs from downloading and using the mobile or desktop application.
Get4x currently displays the exchange rates of more than 100+ currencies on the application. The availability of these currencies however depends on what the money changers have in stock.
Get4x only lists licensed money changers in global cities.
Money Changers and Exchange Rates
A money changer can be a person or organisation whose business is the exchanging of one currency ,for that of another. Generally speaking, when we talk about money changers, we are referring to traditional money changers, and people who are not associated with banks and financial institutions (aside from their relationship as buyer and supplier).
This form of currency exchange service is especially useful for people who are traveling abroad, as they are able to save more money by using the local currency, instead of incurring additional and hidden charges from credit cards, banks and other services. However do note that not all the currencies may be available for exchange, as money changers usually stock up their currencies based on the demand they receive.
A money changer generates profit from the difference between the Buy and Sell rates offered. This difference is often termed as the currency spread.
The Sell rate refers to the rate at which money changers sell foreign currency in exchange for local currency. For example if you were traveling to Malaysia, you would exchange your currency for the Malaysian Ringgit at the sell rate. Some money changer outlets may refer to the Sell rate as Holiday money rate or tourist rate. Think of it this way, the money changer is selling you the currency that you want.
The Buy rate, on the other hand,refers to the rate at which money changers ‘buy’ foreign currency back from travellers to exchange into local currency. For example, if you were returning from Malaysia, money changers would exchange your Malaysian Ringgit back into the designated currency (at the Buy rate).
Like any other businesses, money changers buy low, and sell high to earn their profits. So if a money changer buys a currency at the rate of 3.00, and sells it at the rate of 3.20, he makes a profit of 0.20 (of the sold currency). This translates to greater sums of profit earned, when a money changer engages in more transactions, and exchanges more money.
Of course, this may not necessarily be the case especially when the money changer lacks the right tools and software to monitor the foreign exchange rates - the profit margins he earns are determined by the prices he sets for the Buy and Sell rate and failure in keeping track of live FX rates may result in huge losses.
The quoted prices of the currency exchange (Buy and Sell rate) are based on the currency’s exchange rate. This exchange rate is determined by numerous factors, such as inflation rates, interest rates, current account deficits,term of trades, public debts, speculations and, political stability and economic performance. However do note that the online exchange rates or the spot rate (otherwise known as ‘interbank’ rates, which are usually shown in newspapers or the media) may differ from the money changer’s exchange rates, as the money changers may have to set their prices above the exchange rates to avoid making losses.
In setting their prices, money changers have to keep up-to-date and observe closely the changes in the foreign exchange currencies. The recent volatility of the exchange rate market means that money changers have to constantly update their pricings, while thriving on paper-thin profit margins, and money changers today rely on various software, in order to stay informed of the latest exchange rates.
Yet aside from exchange rates, the costs of obtaining their currency supplies is a determining factor in the pricing, and money changers may not lower their prices, despite the falling exchange rates, as they do not want to make losses.
The exchange rate is the value of one currency for the purpose of conversion to another. The exchange rates reflected in the money changer display are usually in 2 to 4 decimal places, and these exchange rates can be floating, fixed or managed. The floating exchange rates are determined by market force, which are the norm for most major nations, while some nations prefer to fix or peg their domestic currencies to a widely accepted currency like the US dollar. Whereas, managed exchange rate (otherwise known as dirty float) involves the government or central bank interventions. While there is a clear relationship between exchange rates and currency exchange rates of money changers, most money changers may not immediately set their prices based on the exchange rates, due to the impending uncertainties, as well as the rates given by their suppliers.
Money changers may source their supply from a wholesaler supplier or a bank. Wholesalers usually provide more competitive rates, and money changers may procure their currency supply from wholesalers within the country, or across the country, depending on their preferences. If the money changer wishes to minimise the associated risks of buying from the wholesaler, he may approach the banks or other financial institutions that offer a more secure option, in exchange for a less favourable rate.
Under the jurisdiction of different regions, Money changers are required to obtain a license based on the requirements set by their authority. For example, licensed money changers in Singapore have to adhere to the requirements set by the Monetary Authority of Singapore (MAS) and fulfill the prerequisites before being permitted to operate their services. This is part of an effort to not only protect the customers, but to curb money laundering and terrorist funding, as money changers have to strictly adhere to the Anti- Money Laundering (AML) and Counter-Terrorist Funding (CTF) regulations or risk losing their license. For more information, you may visit the MAS Website, or you may refer to the respective authority for information about licensing requirements in other country.
Money changers have to renew their license every 6 months, or every year, depending on the regulations set by their authorities. In Singapore, the money changers have to renew their license annually, as their license will expire on the 31st December of each year, together with a renewal fee of $100.
As part of the "know-your-customers" guidelines, money changers may require you to show a proof of identification to protect themselves and prevent identity theft, financial fraud, money laundering and terrorist financing. Different jurisdictions have their own sensitivities regarding the amount which triggers record keeping for AML/CTF purposes. For instance, it is mandatory for Money Changers in Singapore to record amounts of SGD$5,000 or above,with the verification of Identity Card or Passport with full name, address, date of birth and nationality, when proceeding with the transactions.
While in India, exchanging an amount of R$50,000 would require a proof of identification. Do visit your relevant authority’s website to find out about the type of identification proof needed before heading to the money exchanger outlet, if you are exchanging a large sum of cash.
You may refer to the below table for more details.
|No.||Jurisdiction||Local Currency (As of 04 July 2016)||USD or Equivalent (As of 04 July 2016)||Documents Needed||Effective Date|
|1||Indonesia||~ IDR 327,750,112||$25,000 (Previous: $100,000)||Document supporting underlying transaction such as health treatment and school tuition fees||28 Aug 2015|
|2||Thailand||~ THB 17,5271||$5,000||Passport or other travel documents||11 Aug 2004|
|3||Malaysia||MYR$3,000||~ USD$752||Particulars of customers and duplicate copy of identification documents||26 Aug 2011|
|4||India||R$50,000||~USD$742||Identity Proof||1 July 2013|
|5||Singapore||SGD$5,000||~ USD$3,721||Identity Card or Passport with full name, address, date of birth and nationality||1 Jan 2006|
|6||Australia||AUD$10,000||~ USD$7,481||Financial transaction document|
Account and Signatory Information (identity)
|12 Dec 2008|
|7||Hong Kong||HKD$8,000||~ USD$1,031||Identity Card and record of transaction||20 Dec 2006|
|8||New Zealand||NZD$10,000||~ USD$7,180||Identity and source of funds||30 Jun 2013|
Typically, a rate board would feature the Buy and Sell Column, alongside the currency shown. Let’s assume you are traveling to UK soon, and you wish to exchange your money in Hong Kong for the UK Sterling Pound (GBP).
As seen above, the "WE BUY AT" Column features a figure of 10.980, while the "WE SELL AT" Column shows 11.080.
In this case, if you are changing your HKD currency for the GBP currency, you are 'buying' the GBP currency with the HKD currency. Since that makes you the buyer, the money changer is the seller, and you should be looking at the rates under the "We Sell" Column. So if you exchange HKD$1000, you will receive approximately £90.25 (1000/11.080).
Alternatively if you are returning from your trip from UK to Hong Kong, and you want to exchange your leftover GBP currency for the local HKD currency. you should be looking under the BUY column since you are 'selling' your GBP for HKD currency. In this case, since you have £10 left, you would be getting HKD$109.80 (10 x 10.980).
Depending on the region you are in, money changers might not necessarily be termed as such. Refer to the table below for the list of different terms used in different countries.
|Countries/ Regions||Terms for money changer|
|Some parts of Europe, Canada||Bureau de change, Bureaux de change (plural)|
|UK||Holiday money/cash exchanger|
|India||Money exchange dealer|
|South America (Mexico, Chile, Uruguay), Spanish-speaking countries||Casa de Câmbio|
If you are looking to get more value for your currency exchange, a money exchange outlet situated downtown is almost always better than those in the airport. Money changers in the airport offer far less favourable exchange rates, and customers may have to pay numerous fees (such as a commission fee) when using their services. You should exchange your money at an airport only if you are in a hurry, or if you simply do not mind the additional costs. Other similar currency exchange services which offer less favourable rates can be the hotel money changers, ATMs or using a prepaid debit card.
For example, you can get USD$73.88 for SGD$100 in a money changer in The Arcade (situated in Raffles Place), while you can expect to get approximately USD$71.90 for the same amount at an airport money changer. To put that into perspective, you lose almost USD$2.00 for every SGD$100 exchanged. This may not seem much at first, but when you take into account your overall traveling expenses and budget, you may lose up to USD$60 for exchanging SGD$3,000 (assuming you set aside SGD$300 per day, for your 10 day-trip in the US).
While licensed money changers in the city can provide far better rates than exchanging cash at banks, airports or hotels, these cash exchange rates can differ greatly between money changers. Money changers set their rates according to a number of factors which include the mid-market rate, current demand for a particular currency and the amount of currency they have in stock, and this means that the exchange rates they offer tend to fluctuate. Many of them do not display their rates online either and so the only way to get actual rates is to travel from outlet to outlet comparing physical rate boards. To compound the problem, you might come across illegal money changers who might give you counterfeit bills that could potentially land you in legal trouble. When confronted with all these problems, making a smart choice when it comes to getting the best exchange rates can seem rather impossible, but the solution may just be an app away with Get4x.
Besides exchanging your money, money changers may provide other services such as remittance and money transfer services for people who want to send their money overseas. Besides the cost, transferring your money through a money changer is more convenient as compared to banks, as some banks may require you to set up an account with them in order to have access to the service, or they may require more details from you. Not to mention, bank wire transfers may take a longer time for the money to be transferred to another party, taking up to 3-5 working days as compared to just a few hours in money changers.
In light of the increasing competitiveness in the money changing industry, some money changers even offer delivery services to step up their value proposition, and you may purchase the currency online. This allows you to get the best rates from the money changers, regardless of the distance, and such services are more prevalent in larger countries, where travelling can take few hours. Money exchange services such as banks, Travelex, Nafex, FairFX and FXkart provide these services so travelling can be hassle-free.
You may even find some money changers selling maps, magazines, drinks, prepaid cards, wifi cards and other miscellaneous items, to cater to visitors and tourists travelling to their country.
Conduct a simple search online for the best currency conversion rates, and what you'll find most of the time are mid-market rates. These rates however, do not reflect the actual exchange rates you get when you pay for products and services at your travel destination whether you use credit or cash. If you choose to go with cash, you have a number of options from getting the currency through an ATM at your destination to exchanging cash with banks and money changers, but whatever your choice, all options will come with a hidden transactional cost. This hidden transactional cost can vary from 0.2% to 12% for commonly traded currencies, which is a difference of USD $590 if you were exchanging USD $5000. The difference could even be much higher ranging from 2% to more than 20% for exotic currencies, and this cost applies whether you exchange your money before you travel, or when you arrive at your destination. In short, choosing how, where and at what rate you change your money, is crucial for cost savings.
Once you have opened the Get4x mobile app, click on "My account" on the menu to the left of the mobile app. The sign up link is located just above the blue "Sign in with Facebook" button. On the desktop, the "Sign Up" button is in blue on the upper right corner of the page.
Fill in your email and password (minimum 8 characters) on the sign up page. Get4x will request for your phone number in order to send you an OTP (One-Time Password), which is a verification code to confirm your account. You can also sign up with your Facebook account.
Creating your Get4x account will allow you to access more details about the money changers so you can contact them directly.
Once you have opened the Get4x mobile app, click on "My account" on the menu to the left of the mobile app. On the desktop, the "Sign In" button is in red to the top-right of your screen.
Enter your email address and password in the fields as indicated to sign in.
You can also sign in with your Facebook account.
On the Sign In page, tap on "Forgot your password?". This will take you to a page where you can enter your email. A link to reset your password will be sent to you.
On the mobile app, you can see your email under the Get4x logo that is on the menu to the left of the app once you have logged in. Tap on "edit" to update your personal information such as name, email, password and mobile number.
No, you can’t have several accounts. Each account is associated with a phone number and an email address.
We are sorry to see you go, but if you would like to close your Get4x account, send a request to us through the feedback form here.
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