NAICS Code 523160-02 - Currency Exchanges

Marketing Level - NAICS 8-Digit

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NAICS Code 523160-02 Description (8-Digit)

Currency exchanges are businesses that facilitate the exchange of one currency for another. This industry involves the buying and selling of foreign currencies, as well as the exchange of currencies for international travel and commerce. Currency exchange businesses may operate as standalone entities or as part of a larger financial institution. They play a crucial role in the global economy by providing a means for individuals and businesses to conduct transactions in different currencies.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 523160 page

Tools

Tools commonly used in the Currency Exchanges industry for day-to-day tasks and operations.

  • Currency exchange rate calculators
  • Currency conversion charts
  • Automated teller machines (ATMs)
  • Point of sale (POS) systems
  • Currency counting machines
  • Anti-counterfeit detection devices
  • Customer relationship management (CRM) software
  • Accounting software
  • Risk management software
  • Compliance software

Industry Examples of Currency Exchanges

Common products and services typical of NAICS Code 523160-02, illustrating the main business activities and contributions to the market.

  • Foreign currency exchange
  • Travel money services
  • International wire transfers
  • Online currency exchange platforms
  • Bureau de change
  • Currency exchange booths at airports
  • Remittance services
  • Currency exchange for businesses
  • Currency exchange for investors
  • Currency exchange for expats

History

A concise historical narrative of NAICS Code 523160-02 covering global milestones and recent developments within the United States.

  • The "Currency Exchanges" industry has a long and rich history dating back to ancient times when traders exchanged currencies to facilitate international trade. The first currency exchange was established in Amsterdam in 1609, and the first foreign exchange market was established in London in 1856. In the 20th century, the industry experienced significant growth due to the increasing globalization of trade and the adoption of the gold standard. In the 1970s, the industry underwent a major transformation with the end of the Bretton Woods system, which led to the floating exchange rate system that we have today. In recent years, the industry has been impacted by technological advancements, such as the rise of online trading platforms and the use of artificial intelligence in trading algorithms. In the United States, the "Currency Exchanges" industry has a more recent history. The industry began to take shape in the 1970s with the deregulation of the financial industry and the adoption of the floating exchange rate system. The industry experienced significant growth in the 1980s and 1990s due to the increasing globalization of trade and the growth of the financial services industry. In recent years, the industry has been impacted by the rise of online trading platforms and the increasing use of technology in trading. The industry has also faced increased regulatory scrutiny in the wake of the 2008 financial crisis.