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The Uber for Currency Exchange Has Arrived

The revolutionary app for currency exchange in Argentina

By | [email protected] | August 16, 2018 12:11pm

pepi-stojanovski-509192-unsplashPhoto by Pepi Stojanovski on Unsplash

Druber is the app that allows you to buy and sell currencies at the best exchange rate, all from the comfort of your own home. Thanks to the founder behind this idea, Juan Manuel Pereyra Murray (he’s also the CEO of Inclufin), we’ll now be able to get cash delivered via electrical scooters – or Drubers. Hooray, technology!

Pereyra Murray realized that exchanging money needs be as convenient as taking an Uber or getting empanadas delivered via Rappi, which is why he invented Druber, a mobile app that will allow the trading currencies in a safe, reliable and comfortable way – all in alignment with the Banco Nación’s exchange rate and all the regulatory requirements of the Central Bank and the FIU.

One of the objectives of this new app is to create platform for tourists so that they can order their money before even getting on the plane, and have the cash delivered as soon as they arrive arrive at Ezeiza. As dollars aren’t as universally accepted at many local businesses, there’s an opportunity in the market to capitalize on this new landscape. Druber plans to make exchanging money a breeze, as customers will no longer have to queue up in long lines for their cash or have strong working insider knowledge of where to go or whom to contact.

The app’s operation will rely on both the Drubers and the exchange agencies registering with the service, which has already been uploaded to the market, but is currently being approved by Apple.

Like Uber, there are two apps: one for users and another for those delivering the service (Drubers), which will be active in 10 days. The public is already able to access the app, but it will not be fully operational until the delivery service component is up and running (naturally).

All parties involved, i.e. the Drubers and the exchange and travel agencies, providing the service must be authorized first by BCRA before they can operate.

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OK, let’s break it down. How does the app actually work?

  • Cash-cash: The user exchanges cash for the foreign currency. They will then be charged a minimum commission and delivery fee via credit card. Drubers use electric scooters, which are not only easier on the environment, but also a quick mode of transport, meaning you get your cold, hard cash just like that.
  • Bank-bank: Home banking where Argentines send a direct wire transfer, and within the hour receive a transfer in the other currency. This operation has no commission. Easy peasy.

Pereyra Murray has the vision of transforming it into a regional and global service. According to the INDEC, 2.5 million international tourists visit Argentina and on average stay 11 days. Of course, all these tourists need to access money, especially in local currency. He adds: “Assuming a potential average consumption of US $70 from tourists, this gives the need for a market of US $2.1 billion in foreign currency.”

The company also hopes not to just be at the center of currency exchange in Argentina, but also to expand to other neighboring countries like Brazil. Pereyra Murray explaineds: “We have the vision of doing financial business in a responsible way, supporting inclusion, which is very low among young people and students, Druber see it as an opportunity to include them financially, and also provide them with an opportunity of flexible work, to be able to do the delivery of dollars.”

The app is expected to compete with Balanz, which already sells dollars to its clients for a much better price than the banks.