Know the differences between exchange houses and exchange centers

Whether for work, travel or simply personal reasons, there is the possibility that you need to change some type of currency, for this you have the opportunity to go to the so-called exchange houses.

Know the differences between exchange houses and exchange centers. Image: Pixabay
Know the differences between exchange houses and exchange centers. Image: Pixabay

These are companies authorized by the Ministry of Finance and Public Credit and regulated and supervised by the National Banking and Securities Commission (CNBV), these entities aim to make with the public purchase and sale of foreign exchange, including those carried out by transfer or transmission of funds, with the public within the national territory.

It is common that at the airport you will find several exchange houses that offer these services, however, there are other factors that must be taken into account when making any exchange with foreign currency. Such is the case of the difference between exchange houses and exchange centers.

Data from the CNBV and the National Commission for the Protection and Defense of Users of Financial Services (Condusef) show that they have information on eight exchange houses, of which there is a record of operation and behavior within the financial sector in Mexico.

In the case of bureaux de change, there are factors that serve as a basis for choosing between any of these entities.

First, obviously, look at the exchange rate, either for sale or purchase of the currency. In this case, the best recommendation are those found inside airports, both because of the exchange rate they offer and because some or most operate all night.

Another factor to take into account is that exchange houses, being an established entity, have the obligation to ask for identification when changing any currency.

They are obliged to ask for identification, especially for the prevention of money laundering and of course, are important factors, the bureau de change is established, ie there are no external agents changing currencies. The INE or passport is generally accepted.

Operations are currently limited to $5,000 a day, so this is also an aspect to consider when visiting one of these establishments. When the operation is in cash you must take into account the amount of dollars you can change daily, this is 5,000 dollars, a limit you have for money laundering purposes.

An important element when making any operation to buy or sell foreign exchange is the commission that the exchange bureau charges per transaction, because although some do not charge this service, the factor to consider is the rate of exchange that these entities offer.

Small big difference

It is important that when you think about exchanging currencies, you realize that both exchange houses and exchange centers provide the same services, and even create that both entities are the same; however, this is not the case, since in the case of exchange centers, although they do not operate outside the law, they are not supervised by the CNBV.

Another advantage of going to a bureau de change is that being entities that are supervised, they must comply with certain specifications, such as having at sight a distinctive that shows that it is within the census of the Condusef.

If they are bureaux de change, they must have an announcement indicating that they are within the Bureau of Financial Entities, the Condusef's site that collects information from each of the financial entities that are supervised and regulated.

If you plan to exchange currency, it is important that before doing so, you opt for this tool that Condusef makes available to you with the objective of making sure that the exchange house in which you decide to carry out your operation is the best alternative.

The register of exchange houses is public, you can check it in the Condusef in the Bureau of Financial Institutions that are registered.

No possibility of claim

If you choose to exchange currencies through a foreign exchange center there is a risk.

The exchange house is established and registered and the exchange centers are not a figure that is so supervised or registered with the CNBV. As they are not registered, a claim cannot be dealt with if that is the case.

Although there are very few claims to exchange houses, these exist and for this, it is important to keep all the receipts. Complaints can be made through the Condusef. Only the transaction vouchers are required and one way to prove this is at the time of requesting identification, as the transaction or movement is recorded.

Source: El Economista

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