Peerex is an app that lets you pickup local currency and have it charged to your credit card. Find out how it works today in our Peerex review.
What is Peerex?
Peerex is an app that helps you get cash easily while traveling. The app enables you to pick up local currency from a nearby Peerex merchant, then charge your credit card with that amount of currency. You get local currency in your hands at your bank’s exchange rate.
The platform promises to be convenient, trustworthy, safe, and compatible with all credit cards.
Why would you use Peerex? The advantage is that you avoid the high costs of ATMs or foreign exchanges. You also don’t have to rely on local money changers – many of which offer exorbitant commissions. ATMs charge high fees, and not all ATMs accept all cards. Peerex, on the other hand, works with all major credit and debit cards and displays the fee upfront.
The other advantage is that it’s typically expensive to withdraw cash with your credit card. You need to pay immediate interest fees of 20% or more, which is why many people withdraw cash with their debit card instead. Peerex allows users to turn their credit card balance into usable, local cash.
Peerex was initially created as a student startup project as part of ALPHA Camp, a Singapore-based camp where students learn web and app development strategies. A video explaining how Peerex works first appeared on the internet in February 2017.
How Does Peerex Work?
Peerex lets you buy local currency from Peerex merchants using your credit card. As the company explains, “It’s like having a network of human-powered ATMs around you when you are in a foreign place”.
The Peerex ecosystem revolves around the Peerex mobile app. Here’s how to use that mobile app to access local currency:
Step 1) Open the app and search for nearby exchange merchants.
Step 2) Choose a merchant and check for more info, like their reviews, rates, service fees, and reputation.
Step 3) Click the “Request Cash Now” button
Step 4) Follow the app’s map-based directions to the store.
Step 5) After collecting the money, users are encouraged to rate the merchant based on their experience
In the video linked above, we see Peerex merchants at hostels and other travel-oriented outlets around town.
On the merchant side of things, Peerex has a web app where merchants can track their current cash balance, pending requests, and total number of completed offers today, along with the day’s receivables.
Merchants can scroll through a list of requested transactions from clients. Then, when the client arrives in the store, the merchant can complete that transaction through the web app. Merchants can also top up their account through the app.
Ultimately, through this system, Peerex aims to enable micro-money exchanges around the world.
Peerex advertises all of the following benefits:
Works with all major credit cards. Instead of going to ATMs and finding they don’t accept your card, you can rely on Peerex to accept all types of credit and debit cards.
Fees Displayed Upfront:
After selecting a Peerex merchant, you can view their fees and rates upfront, so there are no surprises after you complete a money transfer.
Standard Exchange Rates:
All transactions are charged to your credit card, so you get to enjoy the standard exchange rate offered by your trusted bank. That means you can use your bank’s exchange rate – instead of the arbitrary and expensive exchange rates used by money changers on the streets.
Access Local Currency:
Obviously, the core benefit of Peerex is that you can access local currency without messing with money changers, ATMs, or other financial institutions. You work with trusted local merchants and receive cash in your hand at a low rate (the same exchange rate charged by your bank).
Who’s Behind Peerex?
Peerex is made by a Singapore-based team. The company is led by Founder Chi-Kai Huang. The project launched as part of Singapore’s ALPHA Camp, an immersive class focused on app and web development.
Aside from a YouTube video, a brief explanation on Peerex.co, and a waitlist email signup, there’s limited information about the company or Peerex available online.
Ultimately, Peerex is a new platform that allows travelers to access local currency without relying on money changers or ATMs. You find local cash merchants through the app, then pay those merchants with your debit or credit card in exchange for local currency. You walk away with local currencies in your hand while enjoying the same exchange rate charged by your bank.
There’s limited information about Peerex available online at this time. However, you can signup for a waitlist at Peerex.co to stay up-to-date on the latest news about the company and its cash exchange platform.