definition
strict definition
currency exchange
A site for conversion between different currencies and other simple financial services.
A currency exchange is a non-banking facility which performs simple financial services, especially conversion of one currency into another currency (with a percentage of value usually deducted as a service fee). Other services may include check cashing and money transfers.
The facility provides currency conversion outside a bank. Check cashing and money transfers can accompany that service.
A percentage fee is common but is not a required charging method. A bank branch offering exchange alongside banking remains a different type of service location.
