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Money Changer | Biz

Miko2002Miko2002 PExer
My friend is thinking of putting up one.. any tips? infos? regulations he should be aware of? what makes a money changer business succesfull?

Comments

  • you may go to the bangko sentral and get application forms and other information about the regulations on foreign exchange dealer or money changer business. maybe these forms are still due to be filed:

    www.bsp.gov.ph/downloads/Regulations/attachments/2005/circ471.pdf

    you would also need to know this very important piece of legislation in your operations:

    http://www.lawphil.net/statutes/repacts/ra2001/ra_9160irr_2001.html

    good graces to your business.
  • thanks its not that easy pala.. im hoping to get more inputs from someone who has exerience in the business :)
  • miko how much your capital?because a friend of mine say's that it has to be M2 to put this money changer, is it true?
  • baludoybaludoy Nag me-meron PEx Expert 🎖️
    up ko lang 'to
  • Gusto kong malaman kung paano kumikita yung mga money changer. Kasi yung mga money changer gaya ng Sanrys at Czarina, mas mataas yung rates nila usually compared sa banks at pati na sa BPI Forex. Eh ang napansin ko, ang mga kliyente ni BPI Forex, money changers din. So paano sila kumikita?

    Example. Kung ang rate sa BDO 43.50, sa BPI Forex malamang nasa 43.70, yung Sanrys at Czarina, nasa 43.80. So kung bibili ng dollars si Sanrys at Czarina, saan nila dadalhin yung dollars. At paano kung kinabukasan yung dollar rate sa BPI naging 43.50, eh di lugi na sila.

    Gusto ko lang malaman kasi may regular supply ako ng dollars at parang gusto kong pasuking ang money changing.
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    They make money by selling for more than they bought.

    Kung bumaba ang rate at "lugi" na sila, pwede silang maghintay hanggang bumawi, o kaya bumili pa ng mura para ibenta ng mahal. Yung iba maliit lang ang puhunan; bumibili lang ng sapat na halaga para maibenta kaagad para konting pera lang ang natutulog. Pwede ring humiram muna at bibili na lang kapag naibenta na ang hiniram.
  • aaroncmaaroncm PEx Veteran ⭐⭐
    Gusto nila unstable ang rate. pag magalaw kasi ang rate maganda kita nila.

    "buy low sell high" ang concept ng money changers. mas mataas sila sa bank kasi kailangan may edge sila para sa kanila ka magpapalit. ang lamang ng bank is yung name nila and yung security na sa bank ka nag papalit.

    tsaka yung 50 centavos na difference eh malaki na kita noon kasi may mga clients sila na malaki ang pinapapalit.
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  • stepehenyan@12[email protected] PEx Veteran ⭐⭐
    matunog sa magnanakaw mga money changer at sa mga salisi gang kaya di nagtataka kung bakit ang kapal ng protection parang mga sanglaan.
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