JuzExchange is a platform to facilitate a foreign currency banknotes exchange transaction between two individuals.
Buyers and sellers are matched based on:
- actual global SGD/forex rates (without the bid-ask spread)
- type and amount of foreign currency banknote involved
- relative distance of the buyer and seller from each other
- once there is a match, the exchange is expected to be completed within the same day
- Actual global SGD/forex midrates are sourced from a very broad base of commercial sources and banks around the world.
- All 152 currencies with banknotes in the world are available on JuzExchange.
- All midrates displayed to you (the user) are valid from the point you see it, till 1159pm on the same day. If your selling request remains unsold at 1159pm, it will be automatically relisted should the midrate changes to your advantage. If the midrate decreases, you will be given an option to continue listing the selling request at the prevailing rate, or to delete it permanently.
- Before selling or buying foreign banknotes, we require all users to put a compulsory deposit of 600 points, so that if one party fails to show up, we can forfeit his/her deposit and compensate the other parties with S$5 for his/her lost time. However if the transaction is successfully completed, the 600 points will be fully refunded back to the user.
JuzExchange protect users primarily by requiring compulsory mobile phone number registration with SMS identity verification. It is a requirement by the Infocomm Development of Singapore that all Singapore mobile phone numbers are duly registered to an identity. Additionally, JuzExchange also protect users by:
- providing a “specimen banknotes library" with the latest banknote photo samples of all currencies and their security features (as well as photo samples of out-dated and invalid banknotes etc)
- implementing a robust and easy-to-use community-driven feedback system
- limiting every transaction to S$ 4999.99 (as per existing money-laundering laws)
- providing an instant NRIC/FIN verification tool
- providing a link to make a police report online
- providing S$5 compensation for no-show case
JuzExchange envisions itself to be a viable alternative to money changers and banks in the long run, utilizing disruptive GPS-assisted people-matching technology to bring individuals together to trade at forex mid-rates for all foreign currency banknotes.