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A money changer is a person or organization whose business is the exchange of coins or currency of one country for that of another.[1] This trade was a predecessor of modern banking.[2]
The advent of paper money in the mid-17th century and the development of modern banking and floating exchange rates in the 20th century allowed a currency exchange market to develop. This provided a way for banks and other specialist financial companies such as bureaux de change and other similar financial entities to easily change one country's money for another, and with the added confidence of transparency.
- ^ "money changer". Merriam-Webster. Archived from the original on 2017-12-23. Retrieved 2016-03-19.
- ^ Raymond De Roover (2008). Money, Banking and Credit in Mediaeval Bruges - Italian Merchant Bankers, Lombards and Money Changers - A Study in the Origins of Banking. Read Books. p. 464. ISBN 978-1-4437-2609-2.