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When does an unrealized foreign exchange gain or loss become a realized gain with respect to the foreign currency bank accounts?
When the cash in the bank account is sold at a currency other than its denomination.
What are the four main types of transactions from which transaction exposure arises?
1) Purchasing or selling on credit goods or services when prices are stated in foreign currencies, 2) Borrowing or lending funds when repayment is to be made in a foreign currency, 3) Being a party to an unperformed foreign exchange forward contract, and 4) Otherwise acquiring assets or incurring liabilities denominated in foreign currencies.
What is spot transactions?
A spot transaction is the sale of a product at a fixed price. Or, in the wholesale Foreign Exchange market, settlement occurs two business days after the transaction has been concluded. This is the technical meaning of the word 'spot'
What is foreign currency conversion?
its very simple .. the method of converting the foreign currency in local curreny is called foreign currency conversion. for example your local currency is USD and u have a foreign currency GBP n u want to convert the GBP in USD.then u will convert the FCY in ur LCY . it took some bank charges in this conversion.. called conversion charges
What is foreign exchange gain loss?
It's a foreign exchange gain or loss, so when you exchange currencies, you can either make a gain or a loss from it (profit or loss).
What is a prohibited currency?
Some countries restrict their currency from freely trading. They require a Foreign Exchange transaction to be supported by documenttion justifying the transaction, such as a trade document.
What is Partial convertibility of currency?
it means that any domestic or foreign agent can convert its domestic currency to a foreign currency at an official exchange rate in order to complete the current account transaction. current account transaction involves the purchase and sell of visibles and invisibles like goods & services.
Can you still exchange foreign currency that is uncirculated?
we can exchange foreign currency of leats of banks
What is the currency and foreign exchange code of Bolivia?
The currency in Bolivia is Boliviano and the foreign exchange code of the currency is BOB.
What would be some benefits of a global currency?
There are many benefits of Global Currency, including eliminating the chance of currency failure, there would be no need for foreign exchange, and elimination of transaction costs.
What do you mean by foreign exchange?
Foreign Exchange is Exchange between two currency.
What factors should I consider when conducting a foreign exchange comparison?
When conducting a foreign exchange comparison, consider factors such as exchange rates, fees, transaction speed, security, and customer service. These elements can impact the overall cost and convenience of exchanging currencies.
What is the process for obtaining a cashier's check for a currency exchange transaction?
To obtain a cashier's check for a currency exchange transaction, you would need to visit a bank or financial institution that offers this service. You will need to provide the amount in the foreign currency you want to exchange, as well as the recipient's details. The bank will then convert the amount into the desired currency and issue a cashier's check, which is a secure form of payment guaranteed by the bank.
What is exact mean by forex?
Forex (or FX) is short for Foreign Exchange. It represents a transaction where a currency is exchanged for another at a mutually agreed rate.
What is the difference between a foreign transaction fee and a currency conversion fee?
A foreign transaction fee is charged by your credit card company for purchases made in a foreign currency, while a currency conversion fee is charged for converting one currency to another.
What is the foreign exchange?
Foreign exchange refer to the act of exchanging one country's currency by a different country's currency.
What is a foreign exchange?
Foreign exchange or Forex refer to exchanging one country's currency by another country's currency.
