TLDR; They collect money and distribute the money. They earn a living from net interest.
While “banking dates back to 15th century medieval Italy”, the actual act of money-lending and money-changing is as old as money. Infact, money-changing, which is the act of converting money from one country or currency to another, is regarded as the origin of modern banking in Europe.
Good-to-know: Modern central banking started with Bank of England (1694)
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Last updated: February 2, 2025
