Bureau de Change in London

Discussion in 'Cashflow forum' started by AlexLondon1, Jul 22, 2019.

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Bureau de Change in London

This poll will close on Feb 22, 2020 at 4:08 AM.
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  1. AlexLondon1

    AlexLondon1 UKBF Newcomer Free Member

    6 0
    Hi , I’m a total novice and would appreciate any kind of help in setting up the Bureau de Change in LONDON, also interested in providing that kind of service online ! Anyone with experience please contact me ASAP! What are the main issues I could face and what are the first things do…?Thanks in advance .
     
    Posted: Jul 22, 2019 By: AlexLondon1 Member since: Jul 22, 2019
    #1
  2. MY OFFICE IN CHINA

    MY OFFICE IN CHINA UKBF Big Shot Full Member

    4,379 886
    1. You admit you are a 'total novice'.

    2. You want to set up a business involving money.

    What research have you done so far, or is your question on a 'cashflow forum' your first attempt at 'research'?

    Rule number one in any business is to understand the fundamentals of that business.

    Anything to do with money is both heavily regulated and subject to anti-money laundering regulations.
     
    Posted: Jul 22, 2019 By: MY OFFICE IN CHINA Member since: Nov 16, 2011
    #2
  3. MBE2017

    MBE2017 UKBF Ace Free Member

    1,111 300
    I am only guessing, but not knowing anything about what you hope to do could be a major problem.
     
    Posted: Jul 22, 2019 By: MBE2017 Member since: Feb 16, 2017
    #3
  4. Maxwell83

    Maxwell83 UKBF Regular Free Member

    580 140
    Step 1 - have LOTS of money. I mean LOTS.

    Step 2 - if you have enough money to start a BDC, you have enough to do lots of other things - find another business because you know nothing about this one.
     
    Posted: Jul 22, 2019 By: Maxwell83 Member since: Aug 4, 2012
    #4
  5. AlexLondon1

    AlexLondon1 UKBF Newcomer Free Member

    6 0
    Hi, thanks for your comment, why would I need lots of money and what is lots in your understanding?
     
    Posted: Jul 22, 2019 By: AlexLondon1 Member since: Jul 22, 2019
    #5
  6. Maxwell83

    Maxwell83 UKBF Regular Free Member

    580 140
    For every £/Eur/$/other currency unit you take, you need to have enough of the desired currency to give to the customer in exchange.

    The more money you have in other currencies, the more business you can do. If you don't have a few hundred thousand spread across various currencies, what is the point?
     
    Posted: Jul 22, 2019 By: Maxwell83 Member since: Aug 4, 2012
    #6
  7. AlexLondon1

    AlexLondon1 UKBF Newcomer Free Member

    6 0
    Hi, thanks for your comment, the concept is not an complicated task, buying money cheaper selling at higher price
     
    Posted: Jul 22, 2019 By: AlexLondon1 Member since: Jul 22, 2019
    #7
  8. AlexLondon1

    AlexLondon1 UKBF Newcomer Free Member

    6 0
    Hi
    hi
    , thanks for your comment , well I do know about licensing and also getting a office wouldn’t be a issue as well ,what I don’t know is how it works from the inside
     
    Posted: Jul 22, 2019 By: AlexLondon1 Member since: Jul 22, 2019
    #8
  9. Maxwell83

    Maxwell83 UKBF Regular Free Member

    580 140
    Just to be clear - are you talking about a 'walk in off the street, change money now' type place that tourists go to on the high street? Or just a 'order today, collect in a few days' type?
     
    Posted: Jul 22, 2019 By: Maxwell83 Member since: Aug 4, 2012
    #9
  10. AlexLondon1

    AlexLondon1 UKBF Newcomer Free Member

    6 0
    Few hundred thousand is not a lot, a do have enough to cover that,I need someone with experience, someone who knows he structure from the inside
     
    Posted: Jul 22, 2019 By: AlexLondon1 Member since: Jul 22, 2019
    #10
  11. AlexLondon1

    AlexLondon1 UKBF Newcomer Free Member

    6 0
    Of the street plus online orders with deliveries and collections ,also thinking to install a BTC ATM
     
    Posted: Jul 22, 2019 By: AlexLondon1 Member since: Jul 22, 2019
    #11
  12. Maxwell83

    Maxwell83 UKBF Regular Free Member

    580 140
    In which case, see my step 2...
     
    Posted: Jul 22, 2019 By: Maxwell83 Member since: Aug 4, 2012
    #12
  13. Victoria_V

    Victoria_V UKBF Regular Full Member

    143 19
    Hello! As you are posting this question the cashflow forum, you may also need some help organising and understanding the finances of the business that you are about to set up.


    Aside from all the operational aspects of the business, you may also have to think about the forex risk from an accounting perspective. Foreign currencies that you hold to sell to customers may form a part of your inventory on your balance sheet and the value of which could change regularly. Any changes in the GBP value of your inventory(in this case, your foreign currencies) may also form a part of your total profits and losses of your business(assuming your company will be UK based and you will produce financial statements in GBP).


    Initially, you may want to consider looking into hedging the purchase of your foreign currencies to avoid any risks associated with adverse movements in exchange rates.
     
    Posted: Jul 25, 2019 By: Victoria_V Member since: May 29, 2019
    #13
  14. Financial-Modeller

    Financial-Modeller UKBF Regular Full Member

    470 137
    Posted: Sep 25, 2019 By: Financial-Modeller Member since: Jul 3, 2012
    #14