Unlike banks or savings and loans, credit unions are owned and operated by their members. Credit unions' primary function is to serve its members. The primary difference between a currency exchange and the other financial organizations is currency exchanges do not accept deposits or make loans. Many people use currency exchanges to cash government checks or obtain money orders. A company or individual might request a debt be paid by money order if they are uncertain of a person' s creditworthiness or the bill needs to be paid by mail.
Currency exchanges earn a profit by charging a fee for most of their services.
Currency exchanges are often located in areas where there are no other financial institutions. For people living in those neighborhoods, currency exchanges may provide their only access to financial services. Notice how many institutions there are in your city. Fill out the financial institution comparison chart located in the printed manual. Ask your parents which institutions they are familiar with and use.