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Foreign Exchange

  • 27-04-2011 2:46pm
    #1
    dub3075
    Registered Users, Registered Users 2 Posts: 42 ✭


    Hi Guys,

    I run an internet cafe in Dub city centre. I'm looking at adding extra services to bring in more revenue and was thinking of offering a foreign exchange service. Do you know do I need a license for this service or can I go ahead and trade ?

    Thanks


Comments

  • #2
    WDVladB
    Closed Accounts Posts: 29 ✭WDVladB


    Someone raised a similar question before on smallbusinesscan.com so it might be worth your while looking at their archives. As far as I can recall you do need a licence / to be registered but I am not 100% sure.


  • #3
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    To do this, you need some sort of partnership or affiliation with someone who can actually offload the currency you buy. The partner will be able to sort you out on the regulatory side.

    I think the main issue is in relation to money laundering and the protocol for reporting on suspicious transactions.


  • #4
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    dub3075 wrote: »
    Hi Guys,

    I run an internet cafe in Dub city centre. I'm looking at adding extra services to bring in more revenue and was thinking of offering a foreign exchange service. Do you know do I need a license for this service or can I go ahead and trade ?

    Thanks

    Dont forget to look at the cost of security for adding such a service. If your going to do it properly you'd need a few grand on site at least I would think. A place like that would be an easy target for small time thieves if its in an internet cafe


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