![]() ![]() At the same time in an effort to give a competitive quote it could even force you to at times compromise on your margins as well. ![]() It can rob you off the bargaining position.Having to compete with too many competitors, will have some serious problems sometimes: The first and foremost, like all other businesses, involves deciding on a venue to set up your money exchange business. You should target a location keeping the customers in perspective. Some place that can accessed easily and is never too far from any corner of the town.Ī place that has the potential to attract maximum clients, is the best. Also the presence of a potential competitor needs to carefully analyzed. Ensure that you are not competing with too many other money exchanges. The starting capital might not be huge for establishing a money exchange business. However, it is one which needs strict adherence to norms and regulations, especially give the huge amount of money involved. However, the starting capital is not huge. You could kick it off with as basic facilities as a spare room, an additional computer and one internet connection. There are conditions at certain times about the necessity of having a minimum net worth and even providing a surety bond.īut, it does not have a limiting role. Rather the scope and the opportunity gets the required push backed by these conditions. This is significantly different from money transfer companies that are involved in international remittances. You have the option to set up store or conduct business solely online depending on your preferences and opportunities. The criterion for starting a money exchange business might vary from state to state. What Is a Money Exchange Business?Ī business of exchanging currency involves transfer of money from party A to party B in exchange of another currency of equal value. This is what the regular banks and travel companies like Thomas Cook do. However, there are some popular money exchange firms like of Western Union and PayPal. The question that confronts us now is how do you capitalize on this opportunity?įor that I think first and foremost we need to get a grip on the basics of the money exchange business.
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