Currency Exchange Places in the Philippines - How do they make money

[DELTAFOXTROT 9]

Has anyone owned a currency exchange place in the Philippines?  I was curious how they actually made money?

 

When I used to spend time in Cebu, there was a local expat bar where you could text a guy and he would come to the bar and exchange US Dollars to Pesos at a fairly good rate compared to other black market money exchangers.

 

I see exchange places like at malls, at local Western Union places, and NAIA airport at the Terminal 1 in the secured area after landing they always have pretty darn good exchange rates and they can do large amounts anytime of the day

 

I was just wondering how these exchange places actually make money.

 

[top_secret 2,283]

Some have long speculated that profit is often not the direct motive but rather laundering large amounts of ill-gotten or untaxed Pesos into stacks of more desirable hard currency is the greater goal.  Otherwise, you can see the spread between their buy and sell rates and calculate their potential profit on the exchange.  To me the risk vs reward never seemed to add up either.