Gringotts Wizarding Bank is the only bank of the wizarding world, and is owned and operated by goblins. It was created by a goblin called Gringott, in 1474. Its main offices are located around the North Side of Diagon Alley in London, England. In addition to storing money and valuables for wizards and witches, one can go there to exchange Muggle money for wizarding money. The currency exchanged by Muggles is later returned to circulation in the Muggle world by goblins. According to Rubeus Hagrid, other than Hogwarts School of Witchcraft and Wizardry, Gringotts is the safest place in the wizarding world.