Answers to Quora Questions by Yair Davidiy
How come there are so many private money exchange shops in Tel Aviv?
(27 February, 2018, 12 Adar, 5778)
It happens that a few exchange shops will be found close to each other and be owned by the one entity. They apparently have their own reasons for this. Exchange shops exist because there is a demand for them and they are evidently profitable. From the point of view of the customer exchange shops are much preferable to banks. Banks charge a service fee whereas the exchange shops do not. That is the main reason. In addition, banks may cause you to wait around whereas the exchange shops give immediate service. Banks make you fill out forms whereas exchange shops do not. Banks make you feel as if they are doing you a favor whereas exchange shops appreciate your custom. If a bank makes a mistake they are liable to cause the customer to pay for it whereas exchange shops will more likely correct the matter, apologize, and thank you for coming to them. There are other reasons. The banks in Israel are part of the bureaucratic system that stifles the economy. Banks are needed but one can have too much of them.