In today’s hi tech world, everyone must know the basic process of foreign exchange.

Numerous thousands of separate import and export dealings take place every year, each one creating a separate debtor-creditor affiliation. The marketable world develops the foreign exchange markets, in which foreign exchange mechanisms are purchased and trade at a price or rate. This is the tool by which worldwide traders carry on the money side of their commerce.

As an officer of foreign exchange department, he must brief to laymen about key elements of foreign exchange process. Foreign money is dollar, pounds or francs.

Key element is trading between different countries and demanding payment in its own money. In other words, it is a business of buying and selling products in foreign country and gets paid in its own currency. It is to be noted that while employed in a foreign company and is not concerned in exchanging money in its own country will not engage in foreign exchange process.