Currency exchange

In most countries you can buy or sell foreign currencies through a bank. In London money can be changed either at banks, at bureaux de change or at customer’s services desks in big department stores.

Banks are usually open from 9.30 a.m. until 3.30 p.m. Some are open on Saturday, but never on Sunday. They accept plastic cards Visa, Access as well as Eurocheques, traveller’s cheques and, of course, cash. Many banks have cash dispensing machine services. Each day banks announce the latest exchange rates.

Bureaus de change are usually open for longer hours and every day. They often charge a bigger commission than banks. The exchange rates are often shown in the running lines placed in the windows or on the walls of the bureau de change for everybody to see.

At the Bureau de change in London

Customer: Excuse me.

Bank Clerk: Yes, Sir. Can I help you?

Customer: Yes, please. What is the exchange rate for pound sterling?

Bank Clerk: It is one dollar and sixty cents for one pound.

Customer: Could I change two hundred dollars into pounds, please?

Bank Clerk: Yes, certainly.

Customer: How much will it be?

Bank Clerk: About one hundred and twenty pounds.

Customer: Good. Here you are.

Bank Clerk: Thank you. And how would you like it, in twenties, tens or smaller notes?

Customer: In tens, please.

Bank Clerk: Fine. Here is the money and your receipt, please.

Customer: Thank you very much.

Bank Clerk: You are welcome.

Financial securities

«Financing security» is a financial instrument issued by companies, financial institutions and the government as a means of borrowing money and raising new capital. The most commonly used financial securities are shares and stocks, debentures, bills of exchange, treasury bills and bonds. Once issued these securities can be bought and sold either on the money market or on the stock market.

A share is a financial security issued by a joint-stock company as a means of raising long-term capital.

Debentures are a means of financing security which is used to extend a business credit for a limited time period.

A treasury bill is a redeemable financing security bearing a three-month redemption date. In the UK they are issued by the Bank of England.

Bonds are another kind of financial securities issued by a company or by the government to raise finance for the government to cover budget deficits and also as a means of controlling the money supply and level of interest rates.