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| *Ostroff, Fair and Company>>>Financial Services |
How do money changers make money? |
How do money changers make money? They make money by buying at a cheaper rate and sell at a higher rate.e.g If the bank rate is USD1:00 to N125.the Money changer will buy the USD1:00 at N124.5 and,if you are buying the USD1:00 ,they will sell to you at N125.5 Can you see their profits? by charging you a spread on the exchange rate....lets say you want to buy euros from them, the going rate on the wholesale market is $1.35 for one euro, they will sell you the euro $1.38 and keep the $0.03 as profit fo themselves. From the exchange rate system I think. Why you don't try another way to earn more money? I'v tried this site myworkathome.org and earned $200 dollars now. If you like, you can do it. |
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