Is private currency exchange illegal?

In the US and Hong Kong, it’s legal for private people to exchange foreign currency with each other, but if you start exchanging money as a “business” then you may have to register as a money services business.

Is it legal to sell currency?

Rare coin shops have been selling US currency and coinage forever. Yes it is legal, highly lucrative, and the hobby is enjoyed by thousands of money traders and collectors.

Can I exchange currency with a friend?

In the US and Hong Kong, it’s legal for private people to exchange foreign currency with each other, but if you start exchanging money as a “business” then you may have to register as a money services business. In Mainland China, exchanging money outside a bank is very illegal.

Is it legal to sell US currency for a profit?

It is absolutely legal to sell US currency for a profit. There are massive markets in place to do so. For instance, my father collects coins. But when he wanted to buy a new TV, he got a fantastic idea.

Is it legal to exchange currency in other countries?

In most countries, that is perfectly legal. Some countries do have laws prohibiting unofficial currency exchanges. That usually happens in countries where the government is trying to peg the exchange rate somewhere a long way from where the market would set it.

Is it legal to print your own currency?

Sure, you can print all the pseudo-currency you wish. No one will recognize it as legal tender, but that’s another story. Only the official government mints print recognized and accepted US currency. If you try to pass your currency as official dollars and coins, the Secret Service will have a nice, long visit with you.

Is it illegal to convert currency without an official agent?

This is common in countries which are undergoing significant economic problems, as the “real” value of domestic currency is often significantly less than the “official” exchange rate. In such countries, it can indeed be illegal to convert currency through any avenue except an official agent. , Specialist in South Asian history.