What steps are involved in settling a purchase made

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1. Do you think that because of the costs of moving banknotesback to their country of circulation, buying foreign currency banknotes could sometimes be cheaper than buying bank drafts? Could there be a seasonal pattern in exchange rates for banknotes?

2. What steps are involved in settling a purchase made inBritain with a credit card issued by a US bank? Why do you think the spread between buy and sell rates used in credit card payments is smaller than those applying to foreign banknotes?

Reference no: EM131234219

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