From: "Robert A. Rosenberg" <hal9001@panix.com>
Date: Tue, 9 Apr 1996 22:54:50 +0800
To: tcmay@got.net (Timothy C. May)
Subject: Re: Bulletin: Cypherpunks say no taxes owed by moneychangers!
Message-ID: <v02140b05ad8f4000a8a0@[166.84.254.3]>
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At 12:48 4/8/96, Timothy C. May wrote:

>There are people and companies who make a nice business in currency
>exchange, ranging from the large companies one finds in international
>airline terminals and banks to the smaller, "Mom and Pop" moneychangers one
>finds in barrios and other such places.
>
>These moneychangers attempt to make a "profit" on each exchange (else
>they'd hardly stay in business).

But they make their profit by charging a fee for the transaction not just
by the float in the exchange rates. For example, if the current official
rate is $1=¥125 and you are converting Dollars to Yen, they may only give
you 115 Yen keeping the other ¥10 as a processing fee.