Currency exchange counter

Travellers heading abroad, visitors arriving in Canada, newcomers, and small businesses that deal with foreign cash.

You earn the spread between your buy and sell rates, and sometimes a small fee. Your income is that margin, not the total cash you handle.

• Careful with numbers and cash
• Customer service
• Following compliance and record-keeping rules

• Money services businesses generally need to register with FINTRAC and run an anti-money-laundering compliance program, so check the current requirements
• Quebec has its own licensing for money services businesses, so check with Revenu Québec if you operate there
• Large cash and suspicious transaction reporting and ID checks, check the current thresholds and record-keeping rules
• Some banks are cautious about opening accounts for money services businesses, so ask early
• Exchange rate swings can wipe out your margin on the cash you hold
• Robbery risk, so check security and cash insurance, and the commercial general liability cover you need
• Check municipal zoning and business licence rules for your premises

Estimates typically run around $25,000 to $100,000 to start, depending on premises, security and how much foreign cash you hold. Exchange rate swings can affect your margin on the cash you hold, so plan for that.

Estimates suggest monthly revenue of typically around $4,000 to $20,000, depending on your location, foot traffic and the currencies you handle. Revenue is not profit, and rate swings can eat into your margin.

Check whether you need to register with FINTRAC and run an anti-money-laundering compliance program, and Quebec licensing through Revenu Québec if relevant. Also check large cash and suspicious transaction reporting, ID checks, record-keeping, and whether banks will open an account for you.