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If you have a heart for helping people change their financial status and want to do something tangible and impactful in your field, then becoming a money changer may be your calling. With the growing number of people who have swapped their desk jobs for a more financially rewarding profession, becoming a money changer might just be the right move for you. However, this is not something you can pick up overnight. Before diving into the career of changing the financial status of people for a living, you should know what exactly a money changer does.
A full fledged money changer is a person who changes cash into another kind of currency and vice versa. In other words, a full fledged money changer (ffmc) is a person who changes Indian currency into foreign currency and vice versa. If you’re someone who believes that life is about taking risks and exploring opportunities, then becoming a money changer is an excellent option for you. From helping your friends and family members who are stuck in a financial crisis to making extra money on the side, this is a great option for anyone who wants to have a positive impact on others.
What does a full fledged money changer do?
A full fledged money changer is an individual who helps people change their financial status and gives them options to do so. They can help by exchanging the currency of one country into that of another country or getting cash in other ways. Money changers are also able to transfer funds from one account to another with ease, which means they have access to a wide range of international payment options. They also work closely with banks and other financial institutions, so they are well-versed in international financial terms.
When you’re looking for a career that is both financially rewarding and impactful on society, then becoming a money changer might be the perfect fit for you.
Full Fledged Money changers in India
Second, you should know what kind of full fledged money changer license (FFMC License) is required in India. In order to become a money changer in India, you’ll need to obtain a full-fledged money changer license from the central government. This license is not only limited to foreign currencies but also Indian currency. You will also have to pass an exam and be subject to certain qualifications before you can become an active money changer. Additionally, there are many restrictions when it comes to where a person can work as a money changer in India. You cannot work as a money changer in any of the following areas:
- The airport zone
- The Custom House zone
- Indian Reserve Bank Zone
- The Central Excise Zone
- An area that is within the radius of 500 meters from any airport or custom house
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Why become a full fledged money changer?
If you are someone who has a heart for helping people change their financial status and want to do something tangible and impactful in your field, then becoming a money changer may be your calling.
The potential career opportunities of being a money changer are endless. There is always an opportunity to make a difference. Money changers can provide help to those in need by changing foreign currency into Indian currency or Indian currency into foreign currency. This includes providing loans, giving people the option of investing, and acting as a hub for exchanging currencies. For example, if you have friends visiting from the United States and they need some extra cash when they’re out of their home country, then you can provide them with an opportunity to exchange their U.S. dollars for Indian rupees instead of having to go through the hassle of exchanging at the bank.
A money changer must have excellent communication skills and customer service abilities just like any other job that deals with finances. These skills ensure that customers can receive help quickly when they need it most. With these skills, this is one job where you can work hard on Saturdays and Sundays because you’ll get paid overtime for it! If you are someone who enjoys interacting with people on a daily basis and wants to help them financially, then this is the right profession for you!
The complete guide to becoming a full fledged money changer
It is not easy to become a money changer, especially if you are looking to do this as a career. You may have to take some extra time and effort to get your license; but once you have secured your license, it will be worth all the time and effort.
Before you start preparing for your exam, you’ll need to know what kind of skills you should develop in order to be successful in the field of money changing. To become a successful money changer, here are some skills that you should hone:
- Understanding currency values
- Negotiating with people
- Speaking multiple languages
- Logic and reasoning
- Communication skills
- Knowledge about international banking systems
If you want to be a money changer, then make sure that these skills are well developed beforehand. In fact, developing these skills will help you prepare for your exam better and boost your chances of success. After doing so, it is worth noting that there are certain job requirements that must be met before getting certified by the government. These requirements include:
-Age requirement: There is no age limit specified on becoming an official money changer but being over 18 years old is required by law. The age limit also varies depending on whether or not the person has any criminal history/record.
-Education requirement: This varies based on how far along in the process someone is in their career as a money changer. In general, education requirements
Get certified to become a full fledged money changer
If you want to become a money changer in India, you’ll have to go through the process of getting certified. The Full Fledged Money Changer License (FFMC License) in India is given by RBI (Reserve Bank of India). It regulates the business of changing foreign currency into Indian currency and vice versa. In order to get this license, your company has to be registered with RBI, which requires an annual fee of 15,000. To get certified, you will have to pass an exam and undergo a training course that’s provided by RBI. Once you are certified, you can start making changes for your friends or family members who are stuck in financial crisis.
Money changers vs. exchange clerks
Money changers are professionals who are trained in international currency exchange and business. These professionals use their knowledge of foreign exchange to help people with a variety of purposes, like money transfer, trading, and more. In contrast, exchange clerks are just regular people who help out their friends and family members when they need it. They’re not professional experts in international currency exchange so the job is less lucrative than that of a money changer.
If you want to become a professional money changer then you should be ready for an intense course of study. You will have to take classes on foreign exchange rates, budgeting, economics, and more to learn how to become a professional. On top of that, you will have to get certified by the Master Foreign Exchange Association (MFAA) or the British Foreign Exchange Association (BFXA). Furthermore, there is no certification process for becoming an exchange clerk; you just have to know how much foreign currency your friend or family member needs exchanged and then let them do the rest.
This is an excellent career option if you want to make extra money on the side but don’t want too many responsibilities as well as enjoy helping others at the same time.
Conclusion
If you are looking for a new career, becoming a money changer is a good option. It’s exciting, can be very lucrative and is also a good way to help others.
Becoming a money changer with this license will give you the best of both worlds, which is an advantage.
The license gives you the freedom to do anything. The license will allow you to make your own rules and regulations, set your own fees, and be your own boss.
Picking up this license is the first step in creating your own business.
