I used to travel to Lebanon a lot for work, and I used to exchange USD for a much higher rate than the official bank rate. How did those selling the USD at this much better make profits?
In: Economics
Its possible that they were using the money exchange as part of a money laundering operation, so they weren’t offering the service to make a profit so much as to make their money harder to trace, or for other illegal purposes like moving currency from one country to another. I imagine they also avoid all forms of taxes and regulations and fees that would make it cost more to get money changed at a bank,
Latest Answers