Transactions are the one activity all human societies have engaged in regardless of location, religion, culture or era.
The basic principle of exchanging one good for another is how we’ve always worked, the very reason why money exists.
However, as nations and civilizations developed their own currencies, the worth assigned to each was not the same. This is true even more so now with inflation and foreign debt.
For this reason, in the city of Frankfurt, Germany, a mint master by the name of Friedrich Nachtrabe opened Europe’s first currency exchange house in 1488, which is today a Ria store.
The history of the Great Angel
The exchange house was established in the Great Angel building of the the Römerberg, Frankfurt’s major square.
The Römer, as locals call it, has seen it all: executions, coronations, Christmas markets and sports tournaments. The Römer’s east wing was even destroyed during a 1944 air raid and had to be reconstructed a couple of decades later.
The square used to be the seat of the government and housed many essential services for Frankfurt’s residents, the first bank opening shop within the walls of the Great Angel in the 17th century.
Nachtabre’s mythical property has been there through thick and thin, remaining a currency exchange establishment since its opening in the 15th century.
Immigration in Frankfurt
In recent years, Frankfurt has become a city of immigrants with 53% of the population being foreigners or the children of foreigners, totaling over 220 thousand registered immigrants.
As they travel back and forth between their native countries and their new home, Frankfurt residents are constantly looking to exchange money from one currency to another. At the same time, migrant workers tend to have family members back home who depend on their income to survive.
To give you an idea, Germany has been sending over US$20 billion in remittances every year since 2016, according to the World Bank.
Thus, a dependable money transfer service at an emblematic location, such as the Great Angel, is a must for the many migrant workers and families who rely on remittances to make ends meet.
“We’re happy to be keeping the Great Angel tradition alive, especially as it brings us closer to our customers. The Römer is accessible and centric for anyone, even if they’ve only been in the city for a short time and are still learning to navigate it,” shared Reinhard Grübl, Ria’s Managing Director for Austria and Germany.
Maybe next time you’re in Frankfurt, you can stop by the famous Great Angel and take part in the 600-year tradition of currency exchange.
Need to send money? You can do it quickly, simply, and safely, using the Ria Money Transfer app. Download it today for iOS or Android to get started.
Related posts
Ria and Save the Children: a renewed commitment to vulnerable children and communities
As we celebrate the second anniversary of our partnership with Save the Children, we are happy to renew our collaboration and commitment once again in 2024 with projects in Mexico and the Philippines. Through our sponsorship of Save the Children’s project we are able to drive positive change for vulnerable children, providing them with the […]
February 29, 2024
How Our CSR Initiatives Are Transforming Communities: Ria’s 2023 Impact Report
This past year, our employees and partners took our Corporate Social Responsibility efforts to a whole new level. With presence in nearly 200 countries and territories, we have our work cut out for us when it comes to giving back to our communities. But this is a challenge we take in stride. From opening schools […]
February 21, 2024
The Dreamers Village project: scoring a goal for children in Africa
In 2021, together with Fundación Atlético de Madrid, we launched the project “La Villa de los Soñadores” in Alcalá de Henares, Spain, with the goal to improve children’s learning opportunities and positively impact their physical, mental, emotional, and social growth through sports. After the success of the project in Spain, we decided to expand and […]
November 28, 2023
Hurricane in Guerrero, Mexico: What We’re Doing to Help
Last week, the Mexican state of Guerrero suffered severe damage as a result of Hurricane Otis. At least 48 people have lost their lives and dozens more remain missing. From all around the world, the Ria community sends our love and support to our colleagues, costumers, and friends affected by this tragedy. Here’s what we’re […]
November 2, 2023
COMPANY
AboutBlogBecome an agentCareersPromotionsSecuritySend money onlineInternational money transferCurrency ConversionSUPPORT
Privacy policyTerms and conditionsError resolutionFile a complaintFraud awarenessHelp centerSitemapAccessibility statementFOLLOW US
Ria Money Transfer. NMLS ID#920968 © 2024 Dandelion Payments, Inc. All rights reserved.