What is a Foreign Exchange (Forex)? Definition or Meaning

To convert one country’s money into another’s, you do what’s known as a foreign exchange. Also abbreviated as Forex, this service is provided by most banks and agents dedicated to performing currency conversions.

For example…

Travelex is one of the world’s largest forex operators. Operating in about 28 countries, Travelex offers cash conversions or prepaid cards with the destination country’s money loaded on them. Nowadays, it is very easy to order money in a different currency. Kind of like ordering a pizza, you order and pay for the currency you want online and choose to pick it up or have it delivered. Sometimes, this can be at the airport or on your way to board a flight. Talk about convenience!