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

Where I’m from, for retail customers, the bank tells you to wait maybe 30-90 mins…while they go find the nearest money changer with good enough rates and they pocket the difference. So in a way, they exist because banks do.