Simple English definitions for legal terms
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Foreign exchange refers to the process of exchanging one country's currency for another country's currency. This is often done when people travel to other countries or when businesses conduct international transactions. It can also refer to foreign currency or traveler's checks that can be used in other countries.
Definition: Foreign exchange refers to the process of converting one currency to another for international monetary transactions. It can also refer to foreign currency or negotiable instruments payable in foreign currency, such as traveler's checks.
Examples:
The examples illustrate how foreign exchange is used in different contexts, such as personal travel, international trade, and financial transactions. In each case, foreign exchange involves converting one currency to another to facilitate the transaction.