What is a foreign currency exchange?

The foreign currency exchange is one of the most popular ways of trading, having developed from the oldest forms of trading where buying and selling of one currency for another is done directly, with no interference from a third person. In 1971, the foreign exchange market began to develop.

What is a foreign exchange transaction?

Foreign exchange transaction. A foreign exchange transaction is an agreement between a buyer and seller that a fixed amount of one currency will be delivered for some other currency at a specified rate. Foreign exchange. Foreign exchange means the money of a foreign country; that is, foreign currency bank balances, bank notes, checks, and drafts.

How do I order foreign currency at Bank of America?

Customers with Bank of America checking and savings accounts can order foreign currency through Online Banking or the Mobile Banking App. Customers with credit cards only can order currency at a financial center. Start your currency order Find out how much foreign currency you need for your trip and look up cash exchange rates.

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