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While small forex kiosks were struggling, online services were doing better than ever as Covid-19 accelerated the declining rate of travellers cash conversion.
Lotus had 17 kiosks nationwide, and with the help of the wage subsidy it had not fired staff or closed any of its stores yet, he said. “So far we haven’t had to let go of staff. There're no signs of opening anytime soon, we're holding off until April, hopefully once the vaccine arrive our borders will open again.” supplied Lotus Foreign Exchange country manager Nada Ramanathan says revenue had dropped 90 per cent since borders were closed because of Covid-19. But other major banks had continued to offer the service, despite demand falling. A Westpac spokesman said demand for foreign...