Huge trading takes place in the Forex market on daily basis globally leading to high liquidity. It takes place globally and helps in exchanging currencies over the counter as as when required. It operates continuouly trading from 22:00 GMT on Sunday (Sydney) until 22:00 Friday (New York) except weekeds. Exchange rates are calculated based on a variety of factors like economic and political conditions for example.
Travellers check is a Forex instrument offered by Forex agencies that can be used in place of hard currency. They are available in different denominations in any of the major world currencies. It is considered to be safer than carrying cash. Travel cards are prepaid card offered by many Forex agencies. This card can be used when travelling abroad in place of hard foreign currency. It can be used for making payments at merchant outlets and online trasactions.
Forex market provides its services to governmets, central banks, commercial banks, other institutional investors etc., As it an over the counter market, brokers and dealers can negotiate and deal with one another as there is no central exchange Money transfer remittance companies provide transfer facility in high value and low value from one country to another. Western Union Money transfer and UAE Exchage are the largest money transfer remittance companies.