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Purchase Foreign Currency

To purchase foreign currency an individual must use one of the types of foreign money exchange transactions that are available today. Spot transactions are a kind of transaction that accounts for almost one third of all FX market transactions. For this kind of transaction, two parties will agree on a particular exchange rate and will then trade currencies at that agreed-upon rate. The way a spot transaction works is that the trader calls another trader to ask them for a price of the currency, Yen for instance. This inquiry only expresses a potential interest in making a deal for a specific currency. The caller does not say whether he wants to purchase or sell any currency. The trader who received the phone call provides the caller with prices for both buying and selling the currency, commonly referred to as the "two way price". Whichever kind of transaction is agreed on, buying or selling, when the traders agree to do business together, one will send yen and the other will send dollars. Usually the actual transaction takes place two days later, but it is possible to have settlements take place the next-day as well. How to Purchase Foreign CurrencyIt is possible to go to a local bank in order to purchase foreign currency to be used by an individual or company. Another way is to contact a company through the Internet that offers this service and can send the new currency to the purchaser. Keep in mind that usually better exchange rates are made before the person travels out of their country to another.

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