Forex
another word for money
currency
A bank account used for everyday spending
current/checking account
When you are in a foreign country and paying with credit card, is it better to pay with your currency )lets say US$) or with the local currency?
Always choose the local currency.
Credit card companies (Visa, Mastercard, Amex) usually give you the real interbank exchange rate, which is much better than what merchants or ATMs offer.
Is it important to know about the currency and payment methods in the country you are visiting?
Yes because certain places will not be accepting credit cards easily while other countries are moving toward a cashless society where everything depends on cards and EFT's
Name the 3 kinds of currencies we use in SXM
US Dollar (USD) → $
Euro (EUR) → €
Caribbean Guilder (XCG)
most widely used currency in the world?
US $
Exchange rates can ____________ because of inflation rates, interest rates, country's economic stability.
change/ flactuate
when you are _______________ it means being unable to pay your debts, and asking the court for legal protection and relief from creditors
bankrupt
Give me one example of a place where you can exchange money
answers may include local bank
airport exchange kiosk
Withdraw money from ATM's abroad
Use Credit/debit card internationally
Local _____________ is the money of the country you’re visiting. (Best to pay in this!)
currency
When in the French side always ask for the _______________ before paying...this will help you decide in which currency to pay in.
exchange rate
Not all countries have their own currency..true or false
True
_____________ tells you how much one country's money is worth in another country's money.
Exchange rate
Putting money into something (like stocks or property) to earn more money is called
investment
system of money, jobs, and trade in a country is called its ____________.
Economy
A charge for taking out money from a foreign ATM
ATM withdrawal fee
What is the symbol of the Caribbean guilder
XCG or f
Is it important to inform your bank of your travel plans? Yes or No..be able to defend your answer
Yes
Currency examples
United States = US$
Sint Maarten = US$ and Caribbean Guilder XCG
Japan = Japanese Yen
United Kingdom = ___________
Sterling Pound
To take money from someone with the intention of paying it back.
borrow
the chance of losing money on an investment
risk
When traveling it is important to know your daily ________________ and track spending (apps, notes, or receipts).
budget
Why do you think many shops in Sint Maarten also accept US Dollars?
Because many tourists use US Dollars and the local economy is tourism-driven;
If you bought a beef patty for 9 XCG, about how much would that be in US Dollars
9 ÷ 1.79 ≈ 5.03 USD
the process of trading one's currency for another
foreign exchange
A rise in prices and a decrease in the purchasing power of money is called
inflation
to spread investments, products, or markets across different areas to reduce risk
diversify
Some US credit cards charge an extra 1–3% for international purchases. If your card has this fee, it applies whether you pick USD or local currency. This fee is called __________________
Foreign Transaction Fees
If 1 USD = 1.79 XCG, how many guilders would you need to pay for something that costs $10
10 × 1.79 = 17.90 XCG
if 1 US Dollar = 0.92 Euros then $100 would exchange to approximately _______ Euros.
Bonus for extra 200 points; Which currency is stronger?
92 Euros
Euro is stronger