In an economic climate that is overshadowed by looming world events with far-reaching implications, FX and market rates can fluctuate rapidly. We’ve seen this happen in Brexit, where the pound took a hit, plunging to a low that had not been seen in the last three decades and we’re seeing it again in the 2016 US Election. Today, lines at the money changer retail stores at The Arcade were snakingly long.
Already, there are reports of money changers running out of cash and contacting their suppliers, as well as other shops for more cash to cope with the increased amount of demand for foreign currencies. Pound, swiss franc and Euro are up while Asian currencies are falling in the wake of the unexpected turn of events as the US votes, although the Euro markets are expect to fall as well once they open. The Mexican peso is now down by 12.18% at the time of writing.
— Caroline Hyde (@CarolineHydeTV) November 9, 2016
In times of economic uncertainty, customers are eager to exchange their currencies before more market volatility occurs. Today, customers queuing in lines reported rapid changes in money changers Buy / Sell rates even as they were waiting for their turn.
From the perspective of money changers, a system with accurate, real-time FX rates is not just a luxury, but an essential necessity to ensure the fine balancing act between customer demand and supply, supplier prices and cash exchange rates, which ultimately means the difference between profit and loss. Today’s events serve as a reminder that historic events come hand-in-hand with market volatility, and with the future being so unpredictable, money changers need a platform they can truly rely on.
In the wake of the US Election 2016, and with the above in mind, we’d like to provide a first look at the new upgraded version of Biz4x today which includes a real-time FX rates dashboard that has been beautifully designed to cater to the needs of money changers globally.
The upgraded version of Biz4x will soon be rolled out to all our existing customers, and is an all-in-one integrated console, so money changers do not need to switch between separate disparate programs to perform compliance background checks, set their Buy / Sell rates, and accept customer bookings from Get4x while keeping an eye on the live FX rates.
Download and use Get4x to help you save on currency exchange.