How does currency exchange shops survive when banks exist?

Question

I am not familiar with the finance scene. Do currency exchange shop exist solely based on the specialized currency exchange profession?

In: 6

Answer 1

My mum was horrified when I just took some local currency out of an ATM while on holiday recently. ‘You will get charged a load by your bank for that’ – not on this account Mum.

‘Well this bank will charge a fees’ – Nope. Not this one or any of these others.

‘Well you must get a terrible rate’ – Nope, its the wholesale rate.

Of course that’s pretty dependant on the country/banks in question, and you do need to do a bit of research.