What Does a Money Changer Do?

Money changers are those who are specifically responsible for handling currency exchange business and charging fees from it.

Money changer

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Money changers are those who are specifically responsible for handling currency exchange business and charging fees from it.

At first, money changers only exchanged money for merchants, but later they developed to keep money for merchants, receive and pay cash, handle settlement and remittances, but do not pay interest, and charge storage fees and handling fees. With the development of industry and commerce, the business of money changers has further developed, and they have gathered a lot of funds. In order to make more profits, when currency exchange companies use the money gathered in their hands to issue loans to earn interest, the currency exchange industry has developed into a bank.