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How do remittance agents make money?

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How do remittance agents make money?

Travel Tips
they don't

Others
Remittance agents make money on the exchange rate. For example if the official exchange rate of USD to PHP is 50.oo,
and you would like to send $100 to the PI, they will deliver this amount at a rate of 49.20, thus earning 80 centavos per Dollar. While this might not seem very much, it's the volume that counts.
Other clients, who are in the PI sometimes wish to buy Dollars, then the process is reversed.
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