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Good morning, thank you for contacting Just Answer my name is***** am a solicitor and I will be assisting you today. Can you clarify your question so that I can best advise you?
To clarify you wish to open up a business excahnging currencies?
Yes this is not an instant response service you will need to allow me some time to consider matter. Am I correct you wish to set up a service excahngeing currencies in the U.K.?
The first step would be to register with HMRC under the money laundering regulations. This costs around £100 and there is a "fit and proper" person test but, as this is designed to prevent money laundering, it is easy to pass, although bankrupts, those banned from holding company directorships, and those convicted of certain offences, including money laundering, will fail.
Then you will need to register as a "small payments institution" with the FSA. This costs around £500 and is a rather straight froward process.
Hopefully I have answered your question but if anything remains unclear I will be happy to assist you further.