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Foreign transaction fees: If you’re withdrawing currency from a foreign ATM or making purchases with a credit card abroad, be aware of foreign transaction fees, typically around 1–3 percent.
Foreign transaction fees: Foreign transaction fees come from a credit card while traveling abroad. The issuing bank levies a surcharge for purchases you make outside the U.S.
The foreign exchange market (forex, FX (pronounced "fix"), or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices.
Currency conversion fees, also called foreign currency exchange fees, come in two forms. Both involve charges for converting one currency to another during an international transaction.
A foreign exchange spot transaction, also known as FX spot, is an agreement between two parties to buy one currency against selling another currency at an agreed price for settlement on the spot date. The exchange rate at which the transaction is done is called the spot exchange rate.
Counterfeit money is currency produced outside of the legal sanction of a state or government, usually in a deliberate attempt to imitate that currency and so as to deceive its recipient. Producing or using counterfeit money is a form of fraud or forgery , and is illegal in all jurisdictions of the world.
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