How do money changers make money?

How do money changers make money?

  • Answer:

    If you are referring to a currency exchange, then they make money by selling you one type of currency at a percentage under the value. example: 1 Euro is currently equal to 1.35 US dollar. When you give them 1 euro they will exchange it and give you $1.27 US dollars. When you factor in the amount they change it equals a lot of money. Some places also charge and extra exchange fee or service fee on top of the discount exchange. Hope that helps.

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Other answers

they buy at a lower price and sell at a higher price in accordance with the current currency exchange.

GarisHalus

2 way to make money. 1. Make from the buy/sell differences. 2. Money laundering.

new_once

They also don't make money, Bank Negara does.

minimumdefect

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