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Dear All, Kindly let me know the difference between Banks and Money Exchange Agencies

Asked by smdkhaleel

Posted in Interviews and Operations

20 Sep 2008

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Answers (1)

  • Dear Sir, The diffrence between banks & money exchange agencies, Bank are institutions accepting deposits from customers & lending these funds to other customers, making a profit in the diffrence between the deposit rates & the landing rates. Money exchanges agencies aren't allowed to accept deposits, they only buy & sell currencies making profits in the diffrence in the buying & salling exchange rates. I hope this simple explanation helped you.

    amr a aziz ezzat 22 Sep 2008

    RECOMMEND Recommended 0 times | Alert Moderator

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