How Covid-19 affected Exchange Currency and Transfer Money Business and Importance of P2P Apps during coronavirus outbreak.
Money changers here are reeling from the impact of the coronavirus outbreak.
Business has been down by about 60% for all currencies, but the South Korean won and Chinese yuan have suffered the most.
The Local Newspaper visited five money changers at Bishan City on Monday (9 March 2020) evening and at Raffles Place yesterday.
While short queues formed at a few shops around noon at The Arcade in Raffles Place, money changers said it was a far cry from the normal crowded scene at lunchtime.
“It has completely stopped,” said Mr. Abdul Haleem, a managing partner of City Money Changers in The Arcade, about the sales in won during the last couple of days.
Another money changer at The Arcade said business in won has dropped by about 80%, while others see just one customer a week for yuan.
A travel advisory issued by the Ministry of Health on Sunday against non-essential travel to Daegu city and Cheongdo county in South Korea has prompted many holidaymakers to cancel or postpone their trips to the country.
Because the Covid-19 Pandemic people don’t want to go out to crowd places and don’t want to touch money which are changed hands several times a day.
Mr Hussein Ahmed, who runs AR Money Exchange in Junction 8 in Bishan, said: “On a normal day, we close the shop between 9pm and 9.30pm.
“Since the virus struck, we close around 8pm on most days. People just stopped coming.”
Precautionary measures taken by establishments housing some of these shops have also affected their business.
At The Arcade, linkways to the adjacent Clifford Centre were closed over two weeks ago, after an employee working in Clifford Centre tested positive for the virus on Feb 6.
The linkways were re-opened on Monday, a move that some tenants of The Arcade said came after feedback they submitted to the management about the adverse impact the closure had on their businesses.
Ms Khor, 25, a money changer for E-Globex Money Changer at The Arcade, said: “The closure affected us badly because our shop is at the end of the building.
“However, we understand why The Arcade’s management had to take these steps to protect its tenants.”
Mr Oli Mohamed, secretary of the Money Changers Association, said: “Initially, it was just the yuan (that saw a drop in sales). Now, the slowdown is fluid and it is happening across the board.”
He said he has received numerous calls and e-mails from members requesting assistance in seeking reduced rentals.
However some other services for money exchange are increasing after the Covid-19 pandemic outbreak. But how and why?
P2P Services like foodpanda, Uber, Airbnb, Gloco provides less contact with crowds during the coronavirus outbreak. So its more healthy and more safe.
Food delivery services was life saving option for the people living in Wuhan during th eoutbreak.
For example Winngie Exchange Currency and Send Money Abroad Mobile App p2p finance service, enables people to match with other ones around you or in cross countries to exchange local currencies or sending money abroad. So the people who wants to exchange money or send money abroad do not have to go out to crowd places like bank or shopping mall or airport exchange offices to change currency or transfer money anymore.
According to official website info here is How it works and What’s Winngie?
Winngie is a social platform for travelers, foreign students, expats, business people, and anyone travelling internationally. We help you transfer money abroad and exchange local money with real people. There are no hidden fees, no commissions, and no differences between the currency exchanges.
You decide the exchange rate and you find a solution that suits your needs.
We connect people with currency needs and help foster a mutually beneficial exchange. By cutting out the middle man, Winngie can help you drastically reduce the amount you pay while exchanging currencies. Say goodbye to your bank!
Thanks to Winngie, you can fully maximize the value of every currency exchange and every money transfer. We work with all currencies – including crypto-currencies – providing a new way to send money abroad. By taking a complex process and making it simple and effective, we help millions of people every day. Whether it’s helping children go to school, helping family members receive medical treatment, or just helping people pay their bills, we believe in helping our customers’ hard work go further.
That’s why Winngie is different: we’re on a mission to make fintech fair.
Tags: Coronavirus outbreak, Covid-19, Pandemic, Money Exchange, P2P mobile apps, Winngie, P2P fintech