A money changer is a person or organisation whose business is the exchange of coins or currency of one country, for that of another. This trade is generally thought to be the origin of modern banking in Europe.
The advent of paper money in the mid-17th century and the development of modern banking and floating exchange rates in the 20th century allowed a foreign exchange market to develop. This provided a way for banks and other specialist financial companies such as bureaux de change and forex brokers to easily change one country’s money for another, and with the added confidence of transparency.
The 20th century also saw the development of machines that would change money, such as coin dispensers and change machines.
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