17 Dec
2003
17 Dec
'03
11:17 p.m.
At 12:48 4/8/96, Timothy C. May wrote:
There are people and companies who make a nice business in currency exchange, ranging from the large companies one finds in international airline terminals and banks to the smaller, "Mom and Pop" moneychangers one finds in barrios and other such places.
These moneychangers attempt to make a "profit" on each exchange (else they'd hardly stay in business).
But they make their profit by charging a fee for the transaction not just by the float in the exchange rates. For example, if the current official rate is $1=¥125 and you are converting Dollars to Yen, they may only give you 115 Yen keeping the other ¥10 as a processing fee.