Bureau forex

Europe and French Speaking Canada, where it is common to find a sign saying “exchange” or “change. A bureau de change is a bureau forex which, in competition with other similar businesses, makes its profit by selling currency at a higher exchange rate than a rate at which it buys the same currency, as well as any commission or fee it may charge. The exchange rates charged at bureaux are generally related to the spot prices available for large interbank transactions, and are adjusted to ensure a profit.

So the bureau sells at a lower rate from that at which it buys. 3, but in practice this would be hard if not impossible for average consumers to get. 60, the 20 pence difference contributes to expenses and profit. The business may also charge a commission on the transaction.

Commission is generally charged as a percentage of the amount to be exchanged, or a fixed fee, or both. Some bureaux do not charge commission but may adjust their offered exchange rates. Some bureaux offer special deals for customers returning unspent foreign currency after a holiday. A bureau de change at a Thai airport. In recent years together with emergence of online banking, currency exchange services have appeared on the Internet. This new model allows more competitive exchange rates and threatens traditional bricks-and-mortar bureaux de change.