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Currency Case Study

In: Business and Management

Submitted By quickandeasy
Words 367
Pages 2
Central Issue
Is there an easier way to exchange foreign currency in the future?
The author has problem converting one currency to another when travelling to multiple countries. Sometimes, places won’t even accept certain type of currency. (ex traveler’s checks, personal checks, or currency from another country other than U.S.) Some countries does not have a stable rate of exchange, and that can lead to major disadvantage for a person that’s doing business or just travelling around the area. Every place seem to have it’s own exchange rate, and no one really knows which one is the best unless you ask around and check it out for yourself. This can be a bit time wasting for the person who is looking for maximizing their buying power.
Recommended Course of Action
I think the best way is to create a website, and having people updating it all around the world. That way you can log on using your cell phone and see the constant rate of exchange for any country. We shouldn’t rely on airport exchange station because that’s one of the worst place you can exchange money for any country. This idea will be similar to something that we have in the U.S. for gas station prices. People can update it and tells you what their local price is at.
Basis for recommendation
I think having a customer base website to where everyone can update the best currency trading locations will help travelers all over the world. It will save time and also give travelers a peace of mind. This solution beats other solution because it saves time, and also is the best route for exchange when the countries have an unstable rate of exchange. All other alternatives seem time consuming and uncertain.

Reasonable Alternative course of action
1) Exchange it at the bank – service too high.
2) Exchange at the black market – you never know if you are getting a good rate.
3) Exchange with...

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