Launches in Bali, Kuala Lumpur, Pattaya and Phuket.
SINGAPORE – Getting the best foreign exchange rates while travelling has never never been easier. 4xLabs announced that it is launching its Get4x service in 4 new cities: Bali, Kuala Lumpur, Pattaya and Phuket, in its quest to bring more price transparency to the foreign exchange market.
Get4x is a location-based application that can be used to search for the best cash exchange rates offered by money changers in various Asian cities. It is useful for travellers who want to save on conversion, as it tells them where the closest money changers with the best rates are. Currently, most currency conversion apps only display interbank rates, which are the exchange rates used by financial institutions. Get4x is different as it shows cash exchange rates that are actually being offered by the money changers in these Asian cities. Often these rates can be far better than those offered at banks and airports, with users being able to save as much as 10% of the amount exchanged when they get a good rate.
The above announcement marks the second phase of its global expansion for 4xLabs. Earlier this year, 4xLabs had ventured outside the shores of Singapore by expanding its service to Bangkok, Hong Kong and Mumbai. Bolstered by its success in these markets, it is now adding new cities in Thailand to the list, as well as entering Malaysia and Indonesia for the first time, bringing the total number of cities in which it is now present to eight.
“We’ve constantly been getting requests from our users for Get4x to be available in more cities. We see a lot of travel between Malaysia, Singapore and the rest of the region, so it made sense to get Kuala Lumpur on the list sooner rather than later. In fact, a survey earlier this year by Mastercard showed that Kuala Lumpur is the fourth most popular city for travel in the region with 11.3 million overnight visitors,” said Julien Labruyere, founder and CEO of 4xLabs.
That same survey ranked Bangkok as the most popular destination for international travellers with 21.9 million overnight visitors, a figure almost double that of Singapore who came in second place with 11.8 million visitors. Phuket (9.3 million), Pattaya (8.1 million) and Bali (7.2 million) also made the top 10 ranking at places 5, 8 and 9 respectively.
Aside from Get4x, 4xLabs also develops a SaaS platform for money changers called Biz4x to better manage their business operations, providing them with features such as a compliance service, live FX rates and the ability to list their exchange rates on the Get4x app. In Singapore 30% of money changers are already on a paid Biz4x subscription.
Get4x is available for download immediately on the Apple App Store and the Google Play Store.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
