A digital alternative to money exchange

Cashere, a pioneering digital alternative to “bricks and mortar” traditional money exchange business, launches in London.

Tourists picking up cash from a cafe with their morning cuppa. An unconventional thought, but that is what the Cashere team is enabling.

With a download of the Cashere app, tourists can buy local currencies at the rate you will find on Google with a transparent fee of 2%. Using local businesses such as souvenir shops as a new cash distribution network, Cashere can save tourists up to 20% in fees compared to traditional money changers.

“Outstanding option when it comes to foreign currency! Great rates!” said Jay Goolap, a Mauritian tourist visiting London.

The team behind Cashere is not your everyday FinTech developers – they are travellers by trait. Frustrated by the rates they are subjected to at traditional money changers, two actuaries, a banker, an accountant and a marketing executive joined forces to create Cashere.

Today, they have a strong launch base of Cashere partners in London, have been featured in retail magazines and are signing agreements with tour agencies. Rain or shine, you can spot them around London speaking to independent retailers about Cashere.

With their motto “Foreign Currency, Made Local”, Cashere is the start of making every tourist feel at home, even when they are abroad. Search “Cashere” on the App Store or Google Play.

About Cashere

Co-founder Ramesh Indran found himself being charged 22% over the mid-market rate at Heathrow for purchasing Rupees while travelling to Kochi. Kochi, like many cities, has a limited number of ATMs and alongside this constraint, international debit cards are not always guaranteed to work. Frustration turned into a drive.

Collaborating with Jabir Saleh and Zhou Chern, the team started developing Cashere – a mobile app that allows tourists to buy local currency from a select list of local businesses. Businesses are existing cash distribution networks which the team saw as an untapped opportunity and one that can be leveraged to bring the idea to fruition.

About money exchange and cash

There are a number of commentators that have been predicting the emergence of cashless societies since the start of the 21st century. Although this is true to an extent in Nordic countries, cash in circulation has been on the rise. Despite the emergence of many cashless FinTech propositions, the prevalence and success of businesses such as Travelex point to a large number of tourists who still prefers to have access to cash. The Cashere team believe the use of cash will continue to be strong among tourists due to its low cost, convenience, and fraud safety.

For more information on Cashere and other enquiries, please contact us at hello@cashere.co.uk or our PR counsel at chitrarajaram29@gmail.com