Frequently Asked Questions

What is MeX ?

MeX stands for Meet – Exchange. One person gives a specific amount of a currency and the other person meets his needs on the other currency as posted.

It is a peer-to-peer exchange mechanism where no institutions are involved.

Why should I use MeX ?

There are few advantages in using MeX. When you are ready to travel, you always go to money changer and get foreign currency exchanged for your local currency. In every SGD 1000 transaction there is roughly about SGD 50 lost to customer from both buy and sell side on charges levied by money changer. That is roughly about 5%. This is the lowest you can lose. In case of some currencies, you may lose up to 10%.

At MeX we created a platform where the buyers and sellers of different currencies can meet and exchange at the live rate (i.e., the one you see in google or Xe app – which is the rate at which banks deal and has very minimal spread).

Who should use MeX ?

Anyone who needs a foreign currency (to a country where you are planning to travel) can post an order and use MeX if the profile is complete.

What’s the difference between MeX and money changers ?

MeX is an open marketplace where buyer and seller of currencies meet online. If you have SGD and want THB before traveling to Thailand and another user has THB after returning from Thailand and now needs it to be converted to SGD, can meet and exchange. No Spreads, no commissions. If you go to a money changer for same transaction, you will end up losing around 5% (both sides are put together). This percentage can vary depending on the currency you exchange and can go upto 10%.

How do I post an order ?

Select the currency you have/want and type the amount in the Home screen. Use the search option for a quick look. If you find a matching order, click on the same and start chatting with the person to arrange for a meetup and exchange.

If you did not find a matching order or even if you find, the rate and logistics are not agreeable, Post the order for others to see by clicking the Post button. When other users search, your order will now be visible. Wait for someone to pick up the order and chat for an agreeable date/time and location.

What are the list of currencies available ?

Major G7 currencies and majority of the Asian currencies. The currencies will be added based on demand in future.

Does money get transferred to my bank account ?

MeX does not offer escrow services currently. Look forward for this feature in near future.

Currently, the exchange happens when two users meet. They may decide to transfer the local currency (say SGD) to be transferred through FAST or Paynow and exchange the foreign currency (say THB) physically.

Can I exchange cryptos here ?

Not at the moment.We expect to add it soon.

How do I know that the rate given here is best for me ?

MeX displays the live rates (almost the same as shown in google or Xe). The rates are refreshed every hour to show live rates. By using this rate, you will save easily around 5% (up to 10% for some currencies) as indicated earlier on your money changing.

Are there any limits while posting an order ?

There is hard limit of SGD 1000 (or equivalent) on posting an order. There will be small variations when it gets converted to other currencies. All of these are within MAS approved limits for money changing.

Is it safe to do Mex ?

MeX is currently launching peer-to-peer service only in Singapore and it is pretty safe to meet and exchange due to the law enforcement and CCTV monitoring in public places. We suggest users to meet only in public places like MRT and Shopping malls to exchange and not around the apartment blocks etc. Our Maps does not allow users to select any place other than these. However, if the users are well known to each other, they can decide to do otherwise.

MeX will not take responsibility of issues in delivery at any stage. The app will only assist in connecting people who have opposite needs on money changing.

Is this licensed ?

According to Money changing and Remittances Act in Singapore, MeX does not need a license yet as the app does not guarantee money changing or provide liquidity on the opposite currency to users. Nor is this service chargeable currently. Hence there is no need to get this licensed currently. We are looking at getting this licensed for our next stages of release where addon services will be provided.

How do I start using MeX app ?

Download the app from App store https://xxxx and create a user id password (using your Facebook or email account). Update your picture, passport/Identity card along with your name, date of birth, gender and phone number. All above information are mandatory for KYC purposes. You are ready to post orders !

What happens if I don’t get my currency delivered as agreed ?

MeX advises users to make sure they chat and agree on a correct delivery place and time, and also to check the user rating before entering into a deal. There is no liability on MeX for non-delivery of currencies originally agreed between users.

Which version of iOS/model do MeX support ?

MeX works well on all existing versions of iOS. However please note that the screen alignment might not be great if you use anything lesser than iphone 6 model. We will be releasing the Android version in couple of months from now.

I have technical problem or a question on how to use the app, what is your support email?

Mail your queries/concerns/questions to askus@firstinfintech.com