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

Banks don’t carry foreign currency and have to order it. They also charge crazy fees. A storefront won’t have the full variety of currencies that a bank will, but they can have a bunch of different currencies on hand because that’s the point of their existence.

Honestly, I’d think credit cards, which can be used basically anywhere in the world these days, would be what puts currency exchanges out of business, not banks.