A business that allows customers to exchange one currency to a
different currency. A currency exchange may be a stand-alone business or
may be part of the services offered by a bank or other financial
institution. The exchange profits from its services either through
adjusting the exchange rate or taking a commission.
The exchange rate that a currency changes quotes is typically close to
the spot rate, although the exchange will adjust this rate somewhat to
ensure that it makes a profit on the transaction. Because the
transaction is not conducted at the spot rate, and depending on the
profit that the exchange wants to make, consumers may find that it is
less expensive to incur ATM or credit card fees at the foreign
destination, rather than use exchange services ahead of time.
Foreign exchange is the exchange of one currency for another or the
conversion of one currency into another currency. 33972
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