How Did the First Currency Exchange Start?

The first currency exchange shops looked quite different than they do today. Long before storefronts throughout Illinois had CCEA Currency Exchange signs in front signaling their readiness to handle your personal finances, Americans relied on more basic ways to trade goods and services. Originally, they bartered with one another by swapping goods and even used foreign coins like Spanish silver to complete everyday transactions.

Exchanging currency goes back even further, when professional money changers visited markets, exchanging coins for a fee. Fortunately, the businesses we have today are much more complex, covering a wide range of services.

An Easier Personal Finance Solution

At some point, folks realized there was an easier way to get paid, cash checks, pay for monthly utilities, and cover other financial needs. Currency exchanges took root throughout the country both to address and simplify the needs of everyday Americans. Once there was a standardized currency people could trust, they could replace the informal trade of the country’s early days with something much safer and faster.

Related reading: Not a fan of lines? Read our blog on other benefits of using CCEA over the DMV.

First CCEA Exchanges Helped Illinois Families with Their Finances

In Illinois in 1937, entrepreneurs laid the roots for what would become today’s Community Currency Exchange Association (CCEA). By the early 20th century, people in Illinois were moving money around in an increasingly mobile society. But many everyday Americans still didn’t have easy access to banks for simple financial needs. That’s where neighborhood currency exchanges began to step in, for tasks like:

• Cashing paychecks
• Sending money, whether far away or close to home
• Or exchanging U.S. dollars for travel

Small, locally owned businesses like CCEA began offering residents in those neighborhoods a way to take care of basic financial tasks without a long wait or complicated requirements.

Currency Exchanges Offering Auto Services & More

These early exchanges quickly became fixtures in their neighborhoods. They’ve expanded far beyond check cashing and serve residents with other friendly, reliable services. They also added new, much-needed services to the mix baked on what would benefit their clientele the most:

1. Illinois auto (and other vehicle) license services, including plates, vehicle stickers, and title transfers
2. Domestic and international wire transfer through Western Union
3. Then, as they modernized: prepaid debit cards, ATM services, gift cards, and electronic bill payment.

You Still Don’t Need a Bank Account

For CCEA specifically, that evolution has meant growing into a network of more than 350 locations that blend traditional money services with modern conveniences, to help anyone who comes in.

One thing remains the same. You don’t need a bank account when you can just head to your local currency exchange. They are secure, regulated hubs offering numerous convenient financial services. This enables people without bank accounts to do everything from load money onto their debit cards to manage vehicle-related services – without the DMV and under one roof.

Some Currency Exchanges Offer More to Local Communities

CCEA itself has a long history of giving back to the communities where we operate. That includes assisting families with young children who struggle to afford educational costs such as school supplies. In fact, we have contributed to a number of important causes we know our customers care about.

Related reading: Find out what else CCEA does to help local communities in Illinois.

Visit Your Trustworthy Local CCEA Currency Exchange

Our services grew out of the needs we saw around us, before money could be sent easily online. CCEA has kept what works – hiring people you can trust – while updating our practices to keep up with the times.

Visit your nearby Community Currency Exchange (CCEA) for check cashing and other money assistance today!