Foreign Currency Exchange (Junior Cert Business Studies): Flashcards
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Foreign currency exchange (FX)
Foreign currency exchange (FX)
Service to convert money from one currency to another
Exchange rate
Exchange rate
Current value of one currency compared to another
Places to exchange currency
Places to exchange currency
Commercial banks, An Post, Bureau de change
'We sell' rate
'We sell' rate
Rate used when converting euros to foreign currency
'We buy' rate
'We buy' rate
Rate used when converting foreign currency to euros
Converting euros to foreign currency
Converting euros to foreign currency
Multiply euros by the 'we sell' rate
Converting foreign currency to euros
Converting foreign currency to euros
Divide foreign currency by the 'we buy' rate
Commission in currency exchange
Commission in currency exchange
Fee charged by institutions for exchange service
Reason for buy & sell rates
Reason for buy & sell rates
To make profit on currency transactions
Bureau de change
Bureau de change
Specialised currency exchange outlets at airports/tourist areas
€1 = $1.12 means
€1 = $1.12 means
1 euro exchanges for 1.12 US dollars
When foreign currency is needed
When foreign currency is needed
Travelling abroad or conducting international business