Foreign Exchange in Egypt
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Foreign Exchange in Egypt
Foreign exchange is, simply, the trading of one kind of currency for another. The foreign exchange market has no central exchange, and is run primarily 'over-the-counter' by banks, companies and ordinary people who are constantly trading currencies. Investors and entrepreneurs can respond instantly, 24 hours a day, to changes in the foreign exchange market, which are invariably affected by economic, social and political occurrences.
There isn't a single exchange rate, but rather a number of different rates or prices depending on what banks or market makers are trading, and where they are doing so.
Among others, the main participants in the foreign exchange market are:
- Commercial companies
- Hedge funds
- Foreign exchange brokers
- Investment management companies
Factors which influence the foreign exchange market are:
- Government deficits or surpluses
- Trade levels and trends
- Inflation levels and trends
- Economic growth and health
- Political Conditions
- Market Psychology
In order to obtain a good deal on the exchange using a currency broker is advisable. Not only can a currency broker provide a competitive exchange rate, they don't have the excess costs of high street bureaus or banks.
You can also use a 'watch' service, which allows you to set a target exchange rate, and, once that rate is reached, your broker will exchange the currency for you. Exchange rates fluctuate every minute and hour of the day, and a broker will always have their finger on the pulse, ensuring you get the best deal at the right time.
Organisations that can assist with Foreign Exchange
At XE, we live currencies. We provide a comprehensive range of currency services and products, including quick, easy, secure Money Transfers for individuals and businesses.
Money Transfer Comparison reviews and rates money transfer service providers. Up to date it has reviewed more than 30 different companies.
At Abounding Ltd we work closely with a number of companies across the UK and Ireland and assist them with their foreign payments when purchasing/selling abroad.
WorldRemit provides a quick, secure and cost-effective money-transfer service to more than 100 countries around the world.