Here is a little more information relating to foreign exchange, both to assist with your own currency transfers, and because, well, sometimes it’s just nice to learn something new!
The foreign exchange market is the largest and most liquid financial market on the planet. It is estimated that, on an average day, more than $3 trillion dollars (that’s $3,000 billion!) is transacted on the currency markets. To put this into context, that’s about the same as the entire annual GDP of Germany, the EU’s largest economy.
The most commonly traded currency is the US dollar, since the US dollar is the world’s reserve currency and the majority of commodities (copper, oil, gold etc) are priced in USD. Thus the dollar forms the bedrock of the global financial system. In addition other popular currencies include:
When exchanging currencies, each of the currencies included form part of what is called the currency pair. Depending on the order they appear determines which currency is bought and sold. For instance, in the currency pair GBPUSD, because sterling appears first it is the currency being sold, and because the US dollar appears second it is the currency being bought.
Of course, for a more detailed discussion about foreign currency, you can always get in touch with a Pure FX currency dealer on +44 (0) 1494 671800.