How to Start a Money Exchange Business

Money gives birth to money. This is the reason why one of the most in demand businesses today which is very ideal for you to venture into is the money exchange business.

In this article, you will read the helpful tips which can help you save more money on the bank as you prepare to establish a strong financial stability.

One of the industries which can provide you a large percentage of returns is no other than the money exchange. In this kind of business, what you need to get involved in is money and financial transaction. Through this, you will have large amount of gains which can pave the way for you to combat recession any time. If you know how to operate this kind of business properly, you will be able to establish your name in the money exchange industry. In the forex market, you will be given the chance to make up for the loss of the money you spent for the start-up costs.

Start a Money Exchange Service Business

Before you venture in this kind of business, what you need to have is the know-how because you will know the step by step procedures to take. In accordance with the world statistics, only 30% of traders only successfully make gains. This only implies that knowledge is still the main factor which can get you on top.

Just like any other kinds of business, the business plan is the thing which must come first. All the financial documents and marketing and competition analysis must be well-presented here because this will give you a reliable impression. You also need to check with your state in order for you to know and submit the necessary business requirements. You also need to know the tax and legal documents that must be filed including the business licenses and permits. When everything has been successfully done, the last phase of your business is the advertising and promotions.

In this kind of business, what you need to focus on is the kind of strategy which you will use to advertise and promote your service. For you to do this successfully, you need to make use of tools which can guarantee your success.

The relative strength index marketing strategy is a kind of indicator used to have an effective trade of the currency market. This will also help you identify if the market is oversold or overbought. When the readings are above 70, it indicates that there is an overbought market while when it is below 30, it implies that there is an oversold market. This can also be used in entering a signal for buy and sell.

Another indicator which you can use in your marketing plan is the stochastic oscillator. Just like the RSI, this can also be used in noting the status of the market.

174 Comments

  • anil kumar said on June 7, 2011
    I WANT TO OPEN A MONEY EXCHANGE OFFICE IN SADAR BAZAR GURGAON
  • Renata Guerra said on July 18, 2011
    I want to open a money exchange business in Australia.
  • David Holguin said on August 21, 2011
    Hello, I was wondering if you could orient me. I live in El Paso Texas, USA and I would like to start a money exchange business for only dollars and pesos. Here in the border these businesses are commonly known as "Casas de Cambio". Do you know where I have to go in order to find out about the requirements? Thank you very much in advance and hope to hear from you. David Holguin
  • David Gimbel said on January 5, 2012
    I am working with a friend on opening a storefront Currency Exchange near the Mexican border in Chula Vista, California. Can you help me or give me direction?
  • Atma Asset Recovery & Salvage Solutions(P) Ltd. said on March 14, 2012
    We want to set up a Money exchange/Foreign Exchange business in Hoshiarpur/Jalandhar cities of Punjab in India.Guide us where and whom to approach in this connection. A.R.INDORIA, Chandigarh
  • Salman shaikh said on March 28, 2012
    How do i start this money exchange business what should i do first plz he me. help me out for every thing. mumbai, maharashtra, india
  • Jack Suneson said on May 3, 2012
    I would like to open a money exchange business in San Antonio, Texas. What do I need to do? Thank you, Jack Suneson 210-223-9100
  • fred said on May 25, 2012
    I would like to open a money exchange business in san fernando valley, ca
  • Sudha said on July 9, 2012
    I would like to know the business plan for attracting customers as we have started an exchange company in United Arab Emirates.Please advice what strategy should be followed to increase the footfall.
  • Ahamed said on August 14, 2012
    I want to start money transfer business in Melbourne, Australia. Pls write me regulatory requirement and other necessary steps to do so. I am a PR
  • Satheeshkumar said on September 6, 2012
    I would like to start a money exchange business in U.A.E, please let me know the requirements for that and how to establish the company. Appreciate if you can able to give me the whole procedures .
  • Cortland Jones said on October 5, 2012
    I would like to start a money exchange business in Austin, TX and would like to know how to get started and what the startup cost usually are. The entire procedure would be great or if you can point me in the right direction I would really appreciate that.
  • tracy said on November 1, 2012
    I would like to know the requirements and necessary steps to open a foreign money exchange business/agent in Australia.
  • VOF said on November 7, 2012
    Seden, Stockholm city, Hello, I would like to start a money exchange business here in stockholm city in Sweden ,please I will like you to give me the whole procedure and what it will take me to start this mention business here in stockholm, sweden,
  • sudhir kumar said on November 7, 2012
    i want start a money exchange business in delhi (berderpur) pls tell me the full details because we are having experience in export / import of 12 year my cell no 0091 9540681821
  • Jatinder Singh said on November 13, 2012
    I want to start business of money exchange in Chandigarh. Having no experience in it but i have been listen about it a lot. Kindly suggest me out. And let me know the total expense to b start this, thanks you Contact: Jatinder Singh, 09417214650, jitujatinder748@gmail.com, India
  • sue said on November 14, 2012
    I would like to open a money exchange business in Dubai.Please advise on how it works
  • alan said on December 22, 2012
    I would like to start a currency exchange business in tarpon springs florida or pinellas county florida. i would love to know how this works?
  • helene said on January 4, 2013
    Hi. I am currently looking to open up a currency exchange business in Vancouver British Columbia. I would much appreciate some insight on start up costs, procedures, requirements, etc, from someone familiar with the industry. I can be contacted at helene_115@yahoo.com
  • sagar said on March 4, 2013
    i want to open money exchange business in goa and what are the formalities to start the business please tell me. Thank you
  • carlos saul said on March 19, 2013
    hi all u kindly hear me, i am a worker in a hotel in paracas pisco peru and i d like to start a money exchange business . paracas is a well visited place of tourism around the world and i have seen they frequently need of money exchange so i need some orientation about how could i start this business. i would appreciate your help . write me on my email.
  • Avtar said on March 24, 2013
    How to Start a Money Exchange Business in adelaide south australia.
  • hannah said on March 26, 2013
    Melbourne Victoria. How can I start money exchange business in melbourne
  • subhro majumder said on April 9, 2013
    i want to open a money exchange business in mathura, goverdhan.
  • Johnny said on April 18, 2013
    El paso tx. Is where I want to start a money exchange what do I need and how much money do I need?
  • tony said on May 2, 2013
    i want to start currency exchange business in india, (GOA) please help me how and what i need ?
  • Biju said on May 6, 2013
    I can assist to get Money Exchange license with or without business in Dubai/UAE, Bahrain and Qatar. Please Contact bmjdxb1@gmail.com. Also I want a Money Exchange license in India
  • Lujo said on May 22, 2013
    I want to start a money transfer/foreign exchange business in Juba/South Sudan. please help me on how to develop a detailed plan, projection and the risk that might involve in this business
  • kana said on June 7, 2013
    my business location in Malaysia which is in my own country. pls help me to give me the requirement for opening new money changer business thank you. your sincere reply much be hear soon
  • swapnil hiwrale said on June 24, 2013
    how to start a money exchange business what are the steps are come in this plz help me sir, plz reply me. Aurangabad, Maharashtra, India.
  • SANTOSH KUMAR said on June 27, 2013
    current i worked with domestic remittance, i want to take business of foreign exchange, so pls. advise to me as early as possible. Thank' santosh kumar. 01125060075, 9650485212, 7827983790. delhi
  • ziad said on July 16, 2013
    I WOULD LIKE TO OPEN MONEY EXCHNAGE IN RAMALLAH , WESTBANK IN PALESTINE.
  • Srinivasa Yanaparti said on July 22, 2013
    I am looking for some help to setup currency exchange business in india. i am ready to pay compensation. please email me with details are srinu_222@yahoo.com
  • Abo Rashed said on August 1, 2013
    i have trade license in UAE - Dubai for Money exchange , but i need strong business plan to convince the partner to start inject in money exchange project. please advise if you have success stories or smaller business plan for UAE or GCC market. please contact me on the following email. info@businessgate.ae. regards
  • Arman Ali said on August 3, 2013
    Hi, I want to open a money exchange in Abu Dhabi, can you please advice me the procedure and investment requirement. Thanks, Arman Ali armanaliali@yahoo.com 0507725786
  • Achilles said on August 6, 2013
    I have a new good location and amount to start up, but I do not know how money changing works. Example, if I buy US$ where I send to GAIN an amount in Peso. Mandaluyong city Philippines
  • A Jaris said on August 13, 2013
    Hi, I want to open a currency exchange and precious metal buying business in Costa Del Sol, Spain. Can you help with legal requirements etc, have healthy capital and business acumen. Thanks
  • fidel Rutwaza said on August 16, 2013
    Hi, i would like to open a currency exchange in studio city, Los Angeles, Ca.
  • Anil Aggarwal said on August 23, 2013
    Hi, I WANT TO OPEN A CURRENCY EXCHANGE OFFICE IN PASCHIM VIHAR DELHI SO, PLEASE ADVICE ME HOW TO START BUSINESS. WHAT DOCUMENT ARE REQUIRED. Thanks & Regards Anil Aggarwal 8527762847
  • busisiwe said on August 27, 2013
    i want to start this money exchange business how do you go about. i live in south africa kwazulu natal
  • bahram said on September 5, 2013
    Dear Sir, What is the requirement for opening a money exchange office in Dubai. how much money we should pay to government and how much we should keep with government as a security balance. thanks Fazel
  • sukhjit sidhu said on September 16, 2013
    sir/mam i want to start money exchange and air ticketing business at garhshankar distt. hoshiarpur. kindly guide what i have to do first
  • Jagadeesan Raju MR said on September 24, 2013
    Hi, I want to open a money exchange in Dhabi, can you please advice me the procedure and investment requirement. Thanks, Jagadeesan Raju MR, jagadeesan_raju@hotmail.com 971507567125
  • Chan said on October 17, 2013
    Hi, i would like to start a currency exchange in Hong Kong, thx chanchungfu@hotmail.com
  • rashid mahmood said on October 19, 2013
    i would like to start a currency exchange business but i do not. how to start my own business. please can you help me about this business. i am from azad kashmir pakistan. thanks
  • Jose l said on November 2, 2013
    Hi, I would like to receive information about Money exchange and transfer money, to south America ,Filipinas. I am locate in Melbourne Au. Thanks.
  • ashraf said on November 4, 2013
    Hi, I would like to start a money exchange business in Uttara, Dhaka, Bangladesh. please give a details information about necessary paper, bank deposit, govt. rules, capital and others as early as possible. And kindly guide what i have to first.Thanks. Ashraf from dhaka.
  • Rizwsn said on November 8, 2013
    I want to open currency exchange agency in delhi. kindly mail me the procedure.
  • sandy said on December 11, 2013
    hi i'm registered with FINTRAC but the banks are not opening my account for a money transfer business .What to do I reside in Canada Toronto.
  • S.P.Meraleetharan said on December 13, 2013
    I would like to open a money exchange business in UK, London please advise the whole formalties associated with it.
  • p.kesaf said on December 13, 2013
    I would like to open a money exchange business in Chennai, India please advise the whole formalities associated with it.
  • Afzaal kazi said on December 14, 2013
    I would like to open a money exchange business in Navsari, Gujarat India please advise the whole formalities associated with it. please contact me urgently
  • suhel said on December 17, 2013
    I want to start money exchange business in ratnagiri Maharashtra India so pls suggest me .
  • Biju John said on January 6, 2014
    Business setup in Dubai/UAE. Reliable service. Assisting for any type of business. Arranging Sponsor. LLC/Free Zone/Offshore company formation. Please contact bmjdxb1@gmail.com
  • Mayank Bhargava said on January 9, 2014
    I want to start a money exchange office in ajmer what is the requirement for starting the office and how can i obtain the license
  • gopinath said on January 14, 2014
    I want to start a money exchange business in vellore. Kindly help me
  • Javad said on January 17, 2014
    I want to open a currency exchange in Canada. What is requirements? and what is steps That I have to start it.
  • Jyotirmoy Misra said on January 22, 2014
    I want to start a money exchange office in Perth, Australia. I would like to know about the requirement for starting the office and how can i obtain the license to run my business
  • makara said on January 22, 2014
    i wanna start a money exchange service in Cambodia, Phnom Penh. I would like to know step by step on opening this service successfully
  • Kushagra Bhatnagar said on January 29, 2014
    I would like to open foreign exchange business in Brisbane, Queensland, Australia. Please advise the subsequent steps.
  • tony c said on February 1, 2014
    hi pls advise want to open money exchange business in australia. can you tell me how much minimum capital is required and other steps. thank you
  • syed said on February 8, 2014
    Hi, I would like to start exchange office(currency hand to hand & bank transaction), how to start can you let me know. thanking you.
  • Leryl said on February 26, 2014
    I would like to open a money exchange business in Sydney, Australia but I have no idea where to start with and what qualification / license that I need. Could you please kindly help in this? Thanks.
  • Amer khaled said on March 17, 2014
    I would like to open a money exchange business in Pei canada , but I have no idea where to start with and what qualification / license that I need. Could you please help in this? Thanks. Amerabualsoud@gmail.com
  • stephen said on March 24, 2014
    i would like to open a money exchange business in Nigeria, but I have no idea where to start with and what qualification / license that I need. my emails is
  • bellalhossain said on April 4, 2014
    I want to start money exchange business in narayanganj. so pls suggest me .
  • anil said on May 7, 2014
    I would like to start the money exchange business in delhi,india. Would u suggest me how to start this business in delhi? Thanks anil poddar
  • H.S.DHIMAN said on May 20, 2014
    i want to start money exchange business in goa.
  • Christine Choi said on June 4, 2014
    Hi, I would like to start money exchange business for Peso+USD in San Diego, CA. Please suggest me how it works. Do I need to open an account in Peso in USA? Please email me~ christine@hanalabel.com
  • MALIK said on June 20, 2014
    I want to open in Toronto and Pakistan plz advice the procedure THANKS
  • SUNIL PENDURKAR said on June 23, 2014
    HI, I WOULD LIKE TO START MONEY EXCHANGE BUSINESS IN MUMBAI OR IN DUBAI. WHAT ARE THE FORMALITIES? IS ANY LICENSE REQUIRE FOR THE SAME. IS BANK PROVIDING FUND FOR THE SAME? PL ADVICE.
  • SHIVAPRAKASH RAI said on June 26, 2014
    I would like to start money exchange business in Mangalore or Bangalore. I would like to know the details how much capital required and also the other formalities like getting licenses, procedures etc.,
  • Abhay singh said on July 26, 2014
    Hi, I am in pune and would like to start currency exchange business. Kindly guide on licenses required and initial investment required.
  • mukesh kukreja said on August 2, 2014
    hey, i am from ulhasnagar(kalyan, mumbai)would like to start business of currency exchange at respected add..kindly guide on required licenses, formalities, initial investment, and if banks providing funds for same business. thanking you..
  • GURMEET SINGH said on August 5, 2014
    i want to start money exchange business in kashmir plz call me 09419005662
  • vaibhav said on August 8, 2014
    I would like to start money exchange business in india, all setup is ready, where can I get trying, software and license for same.
  • r.sutton said on August 9, 2014
    HI, me and my co-partners would like to start a money exchange business outlet in our hometown in Tacloban City (ZIP CODE:6500), Philippines. But we honestly have no idea on how to start it so we would like to ask for your help for our Feasibility Study. I hope you can provide me Documents or paperwork of its marketing Study, Technical Study, Financial and Socio-economical Study. Thanks and God bless. In any case, here's my email address for sending the outputs: remy_sutton@yahoo.com
  • Zafar said on August 10, 2014
    I want to start money exchange business where no major money exchanger available in the city, i would like to know the requirements, formalities and minimum investment to start new setup. Miprpurkhas, Sindh Pakistan.
  • Jay said on August 20, 2014
    Hi, I'm wanting to set up a money exchange business in queensland australia. Would you be able to send the necessary steps, regulations and licenses required? or point me in the right governing body? thank you
  • thupten gelek said on September 2, 2014
    hi , i would like to establish a small currency exchange office , could you please give me some good instructions .......if you help me to instruct some way , that would be really appreciated and help for me most ,, thanks a lot!
  • Ankit said on September 4, 2014
    I want to open it in Delhi. Please let me know the parameters to select the location.
  • Rajesh said on September 4, 2014
    I would like to start money exchange business in Singapore. I would like to know the formalities and minimum investment to start. Thank you.
  • Sameer Rajani said on September 18, 2014
    Hi I would like to start a Money Exchange business in Mumbai could you help me on what Government requirements to comply with and the tax structure on this Business. Thanks
  • yogen said on September 20, 2014
    Hi, I am able to help you in setting up and getting you license for money changing business. If you are interested you may drop me a mail at yogendren86@yahoo.com
  • vijay said on September 23, 2014
    hi i would like to start a money exchange business in gujarat in valsad could you help me on what government requirement
  • asrar ahmed said on September 30, 2014
    Hi I want to start money exchange business in ali pur chatha Punjab give me some suggestions
  • Yashpal Sehgal said on October 2, 2014
    Hi, I need advice on how to start the money exchange business in NCR, pl advice all the requirements and legal formalities. jai Hind 9873210119
  • Naresh Kumsr said on October 9, 2014
    I want to start money exchange business in goa give me the details of legal formalities required and the maximum investment is required and other formalities to start with. Early reply is requested.
  • Nitin Gote said on October 10, 2014
    I am Nitin Gote from India Maharashtra Pune I want start my money exchange business please guide me
  • S Patranabis said on October 21, 2014
    I am interested to work as sub agent of a reputed Money Exchange Business House and I like to operate from Kolkata, West Bengal, India. Please help if you can. Thanks and warm Regards. S Patranabis Cell # 9830267910
  • subodh` ramani said on October 27, 2014
    I have a started a money exchange business in surat. But i have a no any idea. so u can help me. how to i process start that business.
  • Makarand Vipat said on November 20, 2014
    I want to start Money exchange office in Wakad, Pune, Maharashtra, India. Kindly guide me how I can start this business? What is initial investment amount? I am ready to become sub agent of any reputed Money exchange Business house.
  • Shan said on November 29, 2014
    I would like to open a money changer in malaysia. But i have totally zero knowledge about this business. It will be a great help if u guys send the details regarding starting a money exchange shop. Your help will be much appreciated. Thank You
  • raju amrapali said on December 5, 2014
    sir i want to open money exchange shop in bodhgaya bihar(india). how to get license. and i have no idea about this business.
  • ABDUL KAREEM K.P said on December 11, 2014
    My name is Abdul Kareem working in Doha as a Manager in Travel agency and my Sponsor want open a Money exchange here in Qatar kindly let me know what are the procedures and formalities here in Qatar to open an exchange and what type of guarantee need here with Central Bank Qatar. Expecting you early reply asap
  • om.jinnah said on December 12, 2014
    I am interested this business money exchange & transfer how to open this business in a uae
  • SHAKIR HUSSAIN said on December 18, 2014
    i want to open a money exchange centre in hyderabad (india) please send me the details regarding this.
  • Faris said on December 24, 2014
    Dear Sirs, I would like to open money exchange business and money transfer but I don't have any idea about it. Please tell me how can I start and follow the steps to open this business in Ottawa, Canada. Thanks
  • larry said on December 26, 2014
    I want to open a money exchange business in Honolulu, Hawaii. What are the requirements?
  • Moin ullah khan said on January 19, 2015
    Shahjahanpur uttar pradesh india 00966599073544 now I am in Saudi arabia as foreign exchange dealer.

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