Scope of Forex Management

Today, scope of Forex management is very wide. All need Forex for their own purpose. Companies, firms and individuals uses foreign currency for achieving their aims. So, everywhere is Forex management.

Understand the Scope or Area of Forex Management with Simple Examples 

1. An Employee Who is Working in Foreign Company

A person who is providing service to foreign company and earning salary in foreign currency. He need to manage whether he will convert it in his country's currency today or wait for good time.

2. A Student Who is Studying in Foreign Country

A student who went to foreign country for study, needs foreign currency. He has to deposit his own currency into bank and gets foreign currency on the basis of current Forex rate.

3 Banks 

Banks also need foreign currency because it earns money by providing foreign exchange currency. For example, if any Indian who has earned $ 3200 from USA will deposit in his bank. Bank will convert in Indian rupees and then bank will get fees for this.

4. Tax Departments 

Tax department also included in scope of Forex management because they are interested to get service tax when other country's currency is converted into their own currency.

5. Importers 

Forex is also needed for importers. Because they have to pay to foreign country's company for getting their products. So, scope of Forex management. Means when importer will pay. It depends when his country's currency will strong. Otherwise, imports will be costly.

6. Exporters 

Exporters will some time gets his sales earning in foreign currency. So, they need to convert into their own currency. 

7. Transfer of Profit to Holding Company

If any subsidiary company is working in any foreign currency, it needs to transfer his profit to his holding company in foreign currency. Holding company can also earn profit on Forex if it convert it on the right time. 

8. Travelling 

If any tourist will will visit any foreign country, he or she need the currency of same country. So, it will convert its own currency from bank.

9. For Doing Forex Business

If you are the Forex dealer, you need to buy or sell forex. So, there is big scope of forex in forex business

10. Foreign Investment

Our P.M. goes to foreign country. Foreign P.M. comes in our country. They contract for their country's people welfare. So, there will transfer big foreign currency from one country to another country in the form of investment. 

So, scope can be seen everywhere. 

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Accounting Education: Scope of Forex Management
Scope of Forex Management
Accounting Education
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