Perception vs. Reality of Currency Exchanges

Despite the countless ways that currency exchanges help residents in Illinois and elsewhere every day, they still get a bad rap based purely on misconceptions. Some view them as unscrupulous businesses not to be trusted. Others perceive them as entities that prey on the poor. Those perceptions couldn’t be further from the truth.

The fact is, currency exchanges not only provide a much-needed service in certain communities throughout the country, but they are often established parts of the towns and cities they are in. They provide convenient, time-saving services for all kinds of folks, while also filling a gap for those who don’t have other options when it comes to financial services.

Business like CCEA also offer tips and advice to help people manage their money, on topics such as:

1. What to know about shopping apps before using them
2. Advice on saving for retirement, and when
3. Vacation-friendly budgeting advice for parents

Consider common stereotypes below – and why the opposite is closer to the truth.

Myth: They are unreliable entities with shady business practices.

The average currency exchange doesn’t have a vaulted marble entrance that some banks use to announce their importance and wealth to the world. The fact that they appear small and even humble from the outside gives some folks the impression that they are not legit and exist to take advantage of regular people like them.

Reality: Currency Exchanges Are Highly Regulated and Trustworthy

The irony of this stereotype is that they have been part of the fabric of American communities for many generations. If anything, they are genuinely part of neighborhoods because they don’t require the footprint of a large financial institution.

Currency exchanges like CCEAs, which exist throughout Illinois and parts of Wisconsin, are regulated by state laws. This means their services can be trusted because there are controls in place to protect your identity online, as well as your funds. There will be a digital footprint if you decide to wire money to a far off relative, which is much safer than sending cash some other way.

Myth: They prey on poor people.

The tale of currency exchanges preying on the disadvantaged likely stems from a general fear among people who are unbanked, new to the area, struggling financially, or living paycheck to paycheck. Naturally, they have more at stake when it comes to where their dollars go, and there are certainly players in our society who will take advantage of more vulnerable populations. But these are typically scam artists who don’t represent a business but try to sell you on some scheme face to face or online.

Reality: Currency Exchanges Offer Many Benefits to People Without Wealth

The irony of this one is that currency exchanges can be extremely helpful and convenient precisely for this type of population. For instance, if you want a way to use a credit card without the scary interest rates and other downsides, or simply can’t get one, prepaid debit cards offered at places like CCEA are the perfect alternative, since they function much like a credit card, only without the loan aspect and high interest rates.

There are generally fees for services, and you can always call in advance to find out what those are in addition to any other criteria there may be. But the convenience alone can make paying a few dollars for a service when you need it, including during off hours, well worth your time.

Myth: They don’t do much other than cash checks and exchange foreign currency.

Perhaps one of the hardest obstacles to overcome for currency exchanges is their undeserved reputation for being a one- or two-trick pony – a place that doesn’t do much more than cash checks and provide Mexican pesos or other currencies when you’re headed out of town.

Reality: Currency Exchanges Offer Auto Stickers & Dozens of Other Services

Don’t let the name fool you. Currency exchanges pack in countless services in small spaces, making them a one-stop shop for a whole range of common needs.

• Car-related tasks: Sticker renewals, auto title registration, etc.
• Similar services for boats
• Small business tasks
• Payment services like money transfers
• Much more

Some of these tasks, like boat and auto registration, have side benefits that get overlooked. By making it easier to take care of annual obligations, you’re less likely to get a pricey ticket and have to pay a penalty for a violation that could have been avoided.

Call Your Local CCEA Currency Exchange Today!

The best way to separate fact from fiction is to educate yourself firsthand on what currency exchanges do. Visit Currency Exchange (CCEA) online and you’ll see what we mean.

Call or visit the CCEA location closest to you, and start achieving your financial goals today!