We do not see many money changers other than in certain places. For example, we can see money changers in tourist areas. Indeed, because the market share is quite limited, then this business needs a special location to be able to run its business.
Furthermore, you must know the target market and set up in the right location. Then, this money changer business can be one of the promising businesses that make you succeed.
Money Changer Business
The business system of money changer itself is a currency exchange service. The culprit needs to provide a variety of currencies that the tourists need. For example, the US dollar, Hong Kong dollar, yen, euro, and so on. You can obtain the profit from the difference in the value of money exchanged currency purchases from consumers at lower prices.
For example, a tourist wants to exchange his dollar for Euros. Then, the money changer will have a benchmark value of the purchase price of dollars whose value is below the exchange rate at that time in order to sell it back at a higher normal price. The price difference will later be a profit.
Therefore a money changer business actor must have updated information about the prevailing exchange rate. Because as we know, this exchange rate can change at any time for various reasons. In addition, if the businessman is reliable in predicting the ups and downs of a currency, it can be a distinct advantage from selling results at the right moment.
According to Biz4x, there are some rules that you should follow before starting this business. You need a permission or business license from government to open a money changer or organizer of non-bank foreign exchange activities. For those who run this business without permission, of course, there will be sanctions in the form of termination of business activities.
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