Managing Foreign Exchange

Abstract

The hospitality and leisure industries are both truly international. Tourists and business travellers come from all over the world on visits and holidays. Once they have arrived they have to be able to pay for the goods and services which they require. Their own currency is generally unacceptable, and so they need to be able to exchange their currency for that of the country they are visiting. This is done by creating a market in foreign currencies operated by the worlds’ banks who are prepared to buy and sell currencies on behalf of their customers.