I am not familiar with the finance scene. Do currency exchange shop exist solely based on the specialized currency exchange profession?
In: 6
Currency shops aren’t particularly special in the business world or even finance world. I know they seem obscure or strange, but they’re just a buyer and seller of a specific type of good. They could be a cheese exchange shop and nothing would change.
From an outside perspective, you may think currency exchange booths operate in the finance world, but they don’t really do that. People who speculate on currency do that, and some complicated things for holding foreign currency by companies/banks/govts do, but currency exchanges aren’t really investors or speculators, they’re just a shop
Most banks don’t have much physical currency, and really don’t want much physical foreign currency anyways. Thats not the business they are in, its kinda a crappy business and really specialized. They make more money concentrating their efforts elsewhere.
So currency exchange shops fill a niche role. These are not really a “profession” they are just a buyer and seller of goods. The goods happen to be physical currency, but again it doesn’t matter what they sell, only that they kinda have the marketed cornered on it, because its a niche industry that big boys don’t wanna play in too much. Banks have happily conceded they don’t really have much interest to play this game with physical currency, that is highly volatile and low margin.
Latest Answers