How to Start a Money Changer Business

Money changer is a type of business that you will see in almost all countries around the world which is why it is one of the most popular types of business to engage with.

However, without a proper knowledge on how to handle one, you may easily lose everything.

Choosing the Location

Money changer business should always be located in a place where your customers can easily reach. If possible you can rent or buy a place near a commercial establishment since most of the money changer can be found there. However, before establishing your business in this location, make sure that you are not competing in two or more money changer business, or does the place need it. This means that there should only be one money changer or two in one place so that the competition is not that tough. Once you finalized the place that you can plan your next move. Well, this will of course depend to the amount that you are willing to spend in establishing the business.

Preparing the Requirements in the Business

If you think you have the sufficient amount to establish your own money changer business the next thing that you should do is to prepare the requirements that are needed in the business. You can start acquiring license from the agencies that are responsible in providing legality on a business. This is important because if your business is operating legally you need not have to worry about anything. You may also purchase gadgets that will make things much easier to you or to your employees. Some of the gadgets that you can use are computers, money counting machine, money converter program, and other helpful materials that can be used in money changer business. You must also use an internet for an updated release of the various types of currency. Just remember that before accepting any currency you already know its equivalent amount.

Understanding the Process

Money changer is not really a difficult business to understand since it requires simple analyzation. However, in order to be successful in this type of business it is important to understand the whole process, to avoid any difficulties when you are already operating. Just like in any type of business it is always important to understand the flow of the business in order for you to serve your clients well.
Ensuring the Security of Money Changer Business

Since you are dealing with money the security that it must have should be tight. You don’t want to lose your business just because someone from your office is stealing from you. With proper security system you might avoid being a victim of theft or scams.

103 Comments

  • carlocloa said on February 12, 2011
    how to dispose the currency change by us.
  • michael said on April 2, 2011
    philippines pls give me some info how to start money changer business? detailed info
  • mayz said on December 5, 2011
    a money changer business can earn a 1 million within a year?
  • Ronnie said on December 13, 2011
    i m starting up the business. need more advise on how and where to get all this gadget to run it. Thank Ronnie
  • Mehboob Alam said on January 3, 2012
    Dear Sir, I, Mehboob Alam, want to engage in money changing business,The location is New Delhi,Nizamuddin West.But i do not have ideas, pls kindly guide me how can I start the money changing business and what is the required things needed to start? Thanking You. Mehboob Alam, 9891789572
  • Gina said on July 2, 2012
    Dear Sir, I am planning to start money changer business? Kindly provide me more information regarding this business.
  • jennifer said on July 4, 2012
    hi, i'm planning to put up a money changer business but i'm afraid to open up bcz i dont have any idea to manage this kind of business, could you pls tell me or give me ideas step by step how to manage this kind of business and where can i buy the things needed in this business. thank u, i'm from the phils.
  • gauri prasad said on July 22, 2012
    Dear Sir, I, gauri prasad, want to start money changing business,The location is New Delhi,adarsh nagar,azadpur.But i do not have ideas, pls kindly guide me how to start the money changing business and what is the required things needed to start? n most important thing is what are the the margins in this business.Thanking You. email- grha_y2k@yahoo.com
  • aina said on August 27, 2012
    Dear Sir, Can you please help me make a business plan of money changer. pls. send me at ainamujaal@yahoo.com. Thank you so much.
  • MANOJ TYAGI said on December 17, 2012
    Sir, Pls tell me procedure to apply money change license for any hotel industry. Thanks Manoj Tyagi
  • kanagendran said on December 28, 2012
    Dear sir can u pls give the business plan for money changer I am goon a open it but don't know when. pls be guide me tg
  • kanagendran said on December 29, 2012
    I need business proposal as soon as possible because I have no idea for doing the business of money changer I need your guide I have some money changer working experience. tg
  • raja mohamed said on January 1, 2013
    Hello sir, i want to start money changer in singapore. kindly provide me more information regarding this business.
  • kanagendran said on January 3, 2013
    I don't idea with the money changer business but would like and interested. so pls give more information I'm gonna open in my place
  • Khairul said on January 9, 2013
    Hello..can i know how to do money changer business at malaysia
  • nasir said on January 12, 2013
    Hello, I want to start money changer in singapore. pls give me more information asap. thank you.
  • Ikarishingi said on January 15, 2013
    Hi, I wanted to set up a money changer business in Singapore. Please do give me more detailed information on how I can successfully set up money changer business here in Singapore. Thanks.
  • sy said on January 16, 2013
    Hi, I am thinking of setting up a money changer business in Malaysia. But I am new to this industry, can you please help to provide more detailed information on this industry set up? Thanks!
  • David said on January 22, 2013
    Dear Sir, Hi, I am interested to set up a money changer business in Singapore. Could you kindly advice me how should I begin, and where can I change my money from for the prospect clients. Thank You.
  • Vikram sathish Asokan said on January 23, 2013
    IF ANY ONE IS INTERESTED IN STARTING MONEY CHANGER IN HONG KONG DO email me vikram@aarasiacoltd.com we provide complete package for Company & License
  • Harry said on January 31, 2013
    Hi, I am interested to start money changer business as well. I have capital prepared. So, I need to know the procedure, risk and detail information. Kindly message me. All the people ask the same question, just wonder how many people get reply? Thanks.
  • kanagendran said on February 11, 2013
    I would like to have business proposal for money changer. kindly pls send me the information to my kanagendrank@yahoo.com
  • BHAI said on February 23, 2013
    i wish to set up money changers business in any city wi good business for this biz, please guide me. yabarc@yahoo.com
  • joseph dcosta said on April 1, 2013
    I want to start a Money changing business in Margao, Goa. I am new in the business but have some knowledge of Foreign Excahange. Need your help in helping me set up the business in terms of infrastructure, technology and security and risk management
  • Yen said on April 3, 2013
    Dear Sir, I'm yen from Malaysia. I'm interested to set up a money changer business in Malaysia. I would like to have the business proposal and the guidance from you please email me the information. I'm still new to this business.
  • aivy wong said on April 5, 2013
    i'm planning to put up a money changer business but i dont have any experience on this kind of business, pls tell me how to get the license and teach me step by step on how to operate the business. Where and when can i buy the forex . thank you.
  • preet oberoi said on May 4, 2013
    i started money changer business in karol bagh new delhi how i expand the business. plz guide me.
  • Mohamed said on May 14, 2013
    if anybody interested in money changing. Pls add me at whats app this my malaysia phone no.. +60169730221
  • Mohamed said on May 14, 2013
    Currently i am working in money changer in singapore.... I plan to open a money changer in malaysia so. i need investor. If anybody interested pls call me or whats app me on this no. +60169730221
  • John Louise said on May 22, 2013
    I am a third generation employee at my grandpa's pawnshop and i am planning to open a money changer as an additional tie-up for our business here in the Philippines. i am a fresh college graduate but i know a lot about pawning and buy and sell but i don't have enough information on how to start a pawnshop. i need some advice. thanks
  • Musa Aman said on June 17, 2013
    I'm planning to setup a money changer in Sabah, Malaysia. Please email me the business proposal by applying for the license from central bank. Thank you
  • Srini said on June 22, 2013
    Hi Mohamed, I am interested in money exchange business and I have money right now to invest. Trying to reach at 60169730221 but is going to voice mail please send me detail and contact number to discuss about this business I can be reached at srinu_222@yahoo.com .. Thnx
  • vincent michaels said on June 27, 2013
    I am in Papua New Guinea (PNG) and since the rate of foreigners arriving in my country is rapidly increasing each day, though starting a money exchange business would really assist one way or the other. Appreciate if you can provide an insight on how I can take take the first step in establishing this business? Vincent Michaels
  • Valerie said on July 21, 2013
    Dear Sir, I am interested in money changer business. I need to have a business plan and advice on how to set up this business successfully. I need your advice.. Pls help. Thanks a lot
  • Vincent said on July 28, 2013
    Hi, I am seeking right coaches and guidance to start up money exchange business. I come from M'sia and is there anybody able enlighten me? Appreciated by positive replied. vincenttan8858@gmail.com
  • milhan said on August 5, 2013
    I'm Sri Lanka .I'm well established. I wanted to start a money service business abroad. I needed to make a business plan as well. please guide me.
  • Amy said on August 25, 2013
    Pls advise ..on starting a money changer biz in Singapore. Kindly email me @ amykoey_88@hotmail.com
  • Bharart Bhushan Verma said on September 5, 2013
    Pls advise I want to establish money changer business in CHUNGKING MANSION ,HONGKONG. There are already lot of money changer app 20-25.
  • jitendra said on October 7, 2013
    Hello sir, i want to start money changer business in delhi/ncr. Please let me know the procedure margin
  • tonny430 said on October 23, 2013
    Hi, is there anyone want to be my partner for investing in thailand or vietnam?
  • Rosh said on November 8, 2013
    Hi there, I am intending to start a money changer business in Singapore... Anybody with the knowledge & suppliers can help/guide me? I welcome honest & serious people who intend to partner up to contact me also... Please e-mail me @ sandiyerr@hotmail.com Thanks in advance..!
  • Caroline Liew said on November 17, 2013
    Search sir, can You give me more idea for starting this business step by step? Kindly email me carolineliew_0330@Hotmail.my. thank you very much.
  • Usman said on November 18, 2013
    Sir, Please help me providing information on how to start a money changer business. I'm currently reside in Indonesia and i'm eager on starting up the business. thank you
  • Rengarajankavitha said on January 6, 2014
    Dear sir, Am looking for the money exchange business. How to start the business. How to contact the person. can u pls give me all the details. Thanks, Kavitha
  • Larry said on January 16, 2014
    Hi, I'm from Singapore.
    (1)Apart from fulfilling the requirement stated by the authority and getting the license from them, do we deal with the bank/institute on a daily basis to buy/sell currencies?
    (2)Is there a department in a bank that deals with money changer as the rate is slightly lower than the consumer's market rate?
    (3)as money changer deals with hard cash, does that means they will have to carry the big amount of money to and fro the bank in order to buy/sell currencies daily?
    (4) who provide the real-time exchange rates of varies currencies? and does the money changer keep update the rates every now and then?
    (5) How about over the weekend when the bank are closed but the money changer are still operating, do they keep all the currencies until Monday and take the risk of the exchange rates fluctuation?
    Thanks.
  • SULEMAN said on January 16, 2014
    HELLO, I WANT TO OPEN MONEY CHANGING BUSINESS BUT I HAVE NOT ANY IDEA THAT HOW SHOULD BEGIN PLEASE LET ME KNOW? DESCRIPTION AS WELL AS REQUIREMENT OF DOCUMENTS.
  • Bhanu Adhikari said on January 30, 2014
    Dear All, I am planning to establish a small money exchange business in Bhutan. Highly appreciate if someone who has successfully established such business can assist me in sharing the detail procedures/information. I am very new in this field and have limited knowledge of the business. kindly help me in understanding this business properly, methods for managing risks and preparing a business plan. My email address is bhanutsirang@gmail.com. Thank you in advance for your kind understanding and assistance in this regards. with best regards, Bhanu
  • San Tun Oo/WE ARE ALL FAMILY said on February 7, 2014
    I would like to become a good money changer. Please, guide to me, please.
  • elma slough said on March 5, 2014
    I want to Start a money changer bussiness, where to sell dollar for me to have profit?
  • MANIMALA MANAKAM said on March 10, 2014
    Dear sir, I need to now how to open money changer business. please let me know procedure. thanks,
  • Rahman said on March 13, 2014
    Hi. it's money changer is good business? Where can i buy the money to change for the business
  • nick said on April 1, 2014
    for those in Malaysia, i think we should gather up for discussion. here is my contact no. 0143286467. just a small potato started to start new biz. need fellow of investor and the one with sufficient knowledge. shareholder welcoming
  • Teena said on April 8, 2014
    i want to open a remittance centre in Singapore. Can you help?
  • yannis said on April 10, 2014
    Dear sir, I need to know how to open money changer business. please let me know whole procedure. thanks,
  • Michael said on April 19, 2014
    I am planing to setup a Money Changer in Perak. I would like to have the business proposal and advice on how to set up the business. Thank you.
  • KOMATI said on June 23, 2014
    planing to start this business in Malaysia, Selangor, Puchong
  • wong said on July 19, 2014
    I am interested in setting up a Money Changer in Perak. Please advice on how to set up the business. Thank you.
  • Azlan said on August 12, 2014
    I am planning to start a money changing business. Anyone from Indonesia and nepal, pls contact me at azlan.amirul@gmail.com
  • jimmy seo said on August 19, 2014
    I'm planning to start a money exchange business in the Philippines. If anyone can help, i'm seeking any useful information and the know how.... if you are in the Philippines and help with the setup and everyday operation. I can offer a consultation fee in return. Hear from you soon. Cheers
  • JACKY BALOBO said on August 28, 2014
    I need to know how to open and run the money changer business
  • Tang said on September 1, 2014
    Hi would like to start a money changing business in Auckland. Appreciate if you can provide some information on how to start.
  • Nielsen said on September 21, 2014
    Hi, I would like to open at Woodland centre, please advise, thanks to your reply asap.
  • Pam said on September 24, 2014
    How much is the capital needed for a money changer business and idea of profit or ROI ? Could I also have an idea , step by step on how to start and run the business? And all safety precaution ?
  • Sory said on September 27, 2014
    hey Money exchange is a very good business in new York city. If you are interested send me an email at thiamdiof@gmail.com.
  • Kenny said on October 30, 2014
    I plan to start a new trend on Money Changer. We could work something out at the airport.
  • Adrian Tho said on December 19, 2014
    Miri, Sarawak, Malaysia.
  • evecheong said on December 28, 2014
    Hi sir, i am planning of doing money changed, can u email me more details. Thanks a lot
  • azri said on December 30, 2014
    need coaching on start up money changer business
  • arif said on January 7, 2015
    Hi, we want to start a Money Exchange businesses at kulalampur. We want to run it under fully owned foreign company. But want to know the details step by step procedures. We think to take some help from professionals but before that we want to know how as much details as possible. We want to start it in a near by twin tower and big setup.
  • jac said on January 18, 2015
    Hi @Ariff, Noted your interest run by foreign own company , if interested in Jv with Singapore based company please mail me License form the local authority is the first step.
  • Macie Sican said on March 14, 2015
    What are the requirements in setting up this kind of business ?
  • Benny said on March 18, 2015
    where all the Foreign notes come from, when to dispose the foreign notes, how much capital need for the business? Thanks
  • Maru said on March 23, 2015
    Hi Sir I want know how to set up and operate a money changing business. Manila, Philippines
  • Edwin Poh said on April 5, 2015
    Hi Sir, me and my friends would like to start a money-changer and remittance company. Please advise.Location in Singapore
  • irish said on April 16, 2015
    Hi sir, I'm planning to open a business like this a money changer but I don't have enough knowledge how the business works. can u help me please. Thank you
  • Red said on April 19, 2015
    Hello! I wanted to start this kind of business. Kindly help on how to start with the information that you will teach me. Thank you so much!
  • Ryan said on April 20, 2015
    If anybody are interested to have a guide for money changing business (to open a new money changing business or any guide about money changers) in MALAYSIA pls do email me at mohdrizwanm0@gmail.com
  • Subhendu Das said on April 21, 2015
    Hi i am from India, How to get started this money changer business in term of how the whole process of this business work including where to get the stock of difference currencies at cheapest rate, gadget needed, licensing matter, capital requirement, All in all, step 1 to step 10......etc on how to go about it
  • sarah said on April 26, 2015
    Please give me info and details how much budgets to open the $ changer business.
  • Gurpreet singh said on June 23, 2015
    Dear sir/mam i just wanted to know the minimum age required to open a ffmc(full fledged money changer) business? Is there any minimum agr criteria?
  • Cynthia said on July 30, 2015
    I would like to get started with the money changer business in indonesia. Kindly please send me the proposal .
  • Ashley Fernandes said on September 1, 2015
    Hi my name is Ashley and I want to open a money exchange business in goa -panjim, I have my on shop in panjim let me now what should I do to open it thanks awaiting for reply
  • Lars Sorensen said on September 21, 2015
    Hello I would like to know if it is possible to start a money changer business in Malaysia? Requirements for a foreigner like me living outside Malaysia. From Europe.cheers
  • Kailash Maheshwari said on February 13, 2016
    Dear Sir, I m From Gujarat, I would like to know the legal procedure to start HAWALA in india, like which act cover this business, to start this business as register so to whom we have to submit your all required document, how much charges of this for registration, In this business which other points to be note before starting business And What is the other legal rules & regulation of this business... Please Replay As soon as possible... Thank You...
  • PRAMOD KAPOOR said on February 13, 2016
    I WISH TO BE A MONEY CHANGER IN DELHI
  • James Larry said on February 26, 2016
    Please give me info and details how much budgets to open the $ changer business.
  • irfan said on March 19, 2016
    Hi, i like to do money changer business . Now license hard to get . If anyone interested to run busines together please let me know 0179923727
  • ak jain said on March 24, 2016
    I like to do money changer business . Now license hard to get. If anyone interested to run business together please let me know 09811559966
  • Syed said on April 15, 2016
    Anyone going to start up money changer in malaysia wts app me. +60176233455
  • Tony chen said on May 20, 2016
    I would like to start up money changer too at singapore n malaysia. possible to advice. +6581817555 email:kamkinchen@yahoo.com, hope to work in this industry-money changer business.
  • Edelina Beros said on June 1, 2016
    I would like to start up money changer in Borongan City Please give me details and requirements for application
  • Jimmy said on July 1, 2016
    I looking to start up money changing business in 3 months time. Already gotten the venue. Would appreciate if you can fill me with more information and give me a helping hand during my starting up.
  • Lisa Gan said on July 10, 2016
    currently, i am looking up for opening money remittance services as agent. I'm from Malaysia. Could u give me more information on this . Thanks and appreciate.
  • CT Soh said on October 8, 2016
    Hi, interested to start up money changer in KL Malaysia, requirement conditions & Budget?
  • Eve said on October 15, 2016
    Dear Sir , I would like to start money changer business in Malaysia. Pls assist to guide the business start up and proposal .
  • Eve said on October 15, 2016
    Dear Sir, I would like to start money changer business in Malaysia. Kindly pls guide for business start up
  • felix said on December 1, 2016
    Dear Sir, I would like to start money changer business in Malaysia. Kindly pls guide for business start up
  • Anis said on December 28, 2016
    How to own money changer business in Malaysia? Pls give more details.
  • david said on February 18, 2017
    Hi, I want an open money changer in Indonesia in Jakarta but I don't know how which procedure for taking the license and how much must span for start this business any one know any detail thanks so much share with me .
  • Iqbal Jahangeer said on April 3, 2017
    Hello, Planning to launch money changer outlet in Port Louis, Mauritius. Can you please forward any business plan relative to the launch? Thanks for an early attention! Kind regards, Iqbal Jahangeer

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