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Should Currency Exchange Bureaus Be Regulated?

July 21, 2018 July 21, 2018 Craig Anthony

It is the time of year when many people are turning their attention to flying off on their summer holidays, and part and parcel of taking a holiday abroad is deciding how much spending money you are going to be taking with you, and whether you are going to be taking cash or using your credit and debit cards instead of a wallet full of banknotes.

What many people will choose to do of course is to take at least some foreign currency with them, and that will then see them having to visit a bureau de change, however if you do not pick the one you choose to exchange your home currency into any other currency then you could be ripped off and ripped off quite badly.

One place that you should never exchange your currency at is at an airport, for the currency exchange booths as all airports are famed for their outrageously non-customer friendly change rates!

In fact, the difference regarding the amount of foreign currency you can buy at an airport compared to what you could get from a bureau de change on your local high street can be enormous, and that has led many holiday makers asking isn’t it about time such venues were regulated.

Rip Off Exchange Rates Need Challenging

When challenged most companies that do offer currency exchange facilities at an airport will say it is the high rents they are forced to pay at such places, and they have to lower the exchange rate to enable them to pay those supposed sky high rents.

However, one much wonder whether a high street currency exchange shop is faced with the same sky high rents and they do of course have to pay business rates and all manner of additional bills to enable them to run their business on the high street.

What Good Will Regulation Do?

I highly doubt, to be perfectly honeys, that there is ever going to be any regulation regarding any company offering a currency exchange service, for at the end of the day it is a consumer led business and it is up to the customer whether they accept the rates they are being offered or not.

But if regulation did arrive one day in the future then ay the regulators would insist that there could only be a certain percentage profit any currency exchange company could earn per transaction or even force them to peg the rates they charge, but that will be very hard to do of course!

About The Author

Craig Anthony

Contributor

Craig Anthony has been trading Forex for many years now online and therefore is in one of the best positions possible to alert our readers of any potential problems they could experience and also enlighten readers on any additional innovations that will make their trading experience much easier.

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