Money exchange market
The currency market is a booming one, and has one of the largest turnovers of any global marketplaces. It is utilized by huge numbers of market traders, financial institutions and private individuals across the globe, day and night. The only day that the market closes is on a Sunday, and the approximated daily trading volume is about million. Most people employ the money exchange market to trade currencies, so whether they are a bank or private trader they require a fast connection to the market 24 hours a day.
Private individuals use the market as well, though they don’t always notice it. For instance, a UK household is arranging a trip to the US in Spring. For the trip, they will need , 000 in US dollars. Therefore, the family visits a bureau de change and ask to change their pounds into dollars. The currency exchange bureau de change must use the foreign exchange market to access the latest exchange rates. The family may not know that they could get more dollars for their money if they were to order their holiday currency on the internet – but more of that story later.
Big banks and high street banks employ the currency market too. They are able to access some of the best exchange rates on the market, but will not be able to pass these on to their customers. So, if you wish to move money to Africa for example, the bank can do this on your behalf. However, they could demand commission fees and extra fees in addition to the transaction. In addition, the rate you receive will be quite far removed from the rate that you can view on a live rates table.
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