Please enable JavaScript.
Coggle requires JavaScript to display documents.
Topic 10 - Coggle Diagram
Topic 10
What are the 4 main foreign exchange services that banks offer?
helping businesses to move large sums of money
basic currency exchange
wire transfers
foreign currency
Where are you most likely to come across a bureau de change?
across europe
The import and export businesses within an economy are more commonly known as what?
foreign exchange services
How do companies that buy and sell currencies make a profit?
Most banks will charge a foreign transaction fee for this service.
What is the impact of a strong currency on local business?
it is difficult for local businesses to compete as they have much higher costs than foreign suppliers and may not be able to make a profit at the price at which the foreign supplier is selling their goods
What is the impact of a weak currency on local business?
A weak currency on the other hand increases demands for local goods and services because imports become more expensive in comparison
What is the main aim of the 'Buy British' initiative?
to buy a strong currency so then you get more money in a weaker country
What is the definition of foreign exchange?
foreign exchange is the buying and selling of the currencies used in other countrys