How to open a currency exchange office

It is known that in our country the majority of the population prefers to keep their savings in foreign currency. Basically, the preferences of our citizens concerns the US dollar and the euro. They can be exchanged safely and profitably at the обменка Харьков. It is believed that these two currencies are the least subject to inflation. And besides, our citizens often travel to the countries of the European Union and various popular resorts where it is always important to have these two currencies available.

Currency exchange points in our cities are growing by leaps and bounds. Exchange offices earn from the difference in the exchange rate between buying and selling currency, as well as by exchanging old banknotes for a large commission. It is believed that this is a very profitable business in any event in the economy, although few people know the nuances due to which this business exists.

In order to open your own currency exchange office, you will need a large amount of money. Of course, this amount will depend on the region and city. But on average, start-up costs will be in the range of $5,000 to $15,000. However, such costs can be more than offset in the fastest time.

A typical currency exchange point in a large city can generate income from $3,000 to $5,000 per month. If we take into account a small town, then you can earn from 1000 to 1500 dollars a month. The difference in profit is primarily due to the number of exchange transactions. In large cities, this number will be much higher than in small towns. But the amount of monthly expenses in large cities will be much higher. In order to successfully run a business, you will need, in addition to start-up capital, a rather large amount of working capital. In small towns, 5,000 – 7,000 dollars will be enough for you, in large metropolitan areas, 25,000 – 30,000 dollars for one point.

In order to legally correctly register your business, you will need, in addition to purchasing equipment and renting premises, to issue a license for non-banking financial institutions. It is not so easy – you will need to fulfill the necessary requirements for premises, equipment, cash registers. In addition, your account must have an amount of at least 5 million hryvnia. Therefore, it will be easier to conclude an agreement with a company that already has a license.

However, with all the nuances, this business has a large number of advantages. The payback period for the initial investment is very short. There is a possibility of rapid expansion through new exchange offices.

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