Find Best Currency Exchange Software for Your Business

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Currency Exchange Software

Currency Exchange Software:

Currency Exchange Software is a software that mainly exchange currencies and cash/sell cheques of traveler. The software serves the the foreign exchange market which is the largest financial market in the world.
As the software is fully customizable,  reliable and user friendly, it can best suit your business requirements. The software is mostly used by companies with a multinational presence and businesses that have international partners to  buy and manage foreign currencies to support their international operations.
The potential losses caused by fluctuations in exchange rates can be reduced by using Currency Exchange Software.

Benefits of Currency Exchange Software:

The benefits of Currency Exchange Software include:

  • Payables and receivables transactions can be tracked.
  • Exchange rates for currencies can be automatically updated.
  • The software is compliant with regulations such as FINTRAC or OFAC.
  • It support currency services such as check clearing.
  • Payment confirmation documents can be captured.
  • The currency exchange cashier can buy or sell foreign currency. He can choose from currency notes, currency coins and travelers cheques to make a transaction and the transactions detail with transaction history will be displayed which is also available to take actions such as delete transaction or view details or reprint.
  • The currency stock is affected by everyday transactions which is maintained under Available Stock functionality.
  • Currency wholesale transactions can be maintained by the software by providing add wholesalers in currency system, separate transaction accounting and reporting for wholesale transactions.
  • One click update rate facility is provided by the software so that the  bureau cashiers can update rates any number of times in a day when the exchange rates fluctuates. The cashiers can update spot rates manually if there is no internet connection.
  • Receipt is generated after every transaction and this can be configured to print directly on the receipt printer or generated in PDF or HTML to print on selected printer. A range of reports which can be generated from reporting section including daily transaction report, end of day report, profit and loss report etc.
  • You can tally total buying and selling of currencies for the day. Report is generated after closing the shift which displays opening balance, total buying, total selling and actual currency stock for the entire shift.
  • The profit can be calculated in various way. It can be configured so that the currency exchange owners can select the profit calculation method in which profit is calculated based on percent margin on buying and selling of currency. Methods like average rate calculation, weighted average calculation can also be included or it can be customized to match any other calculation method.
  • The anti money laundering limits of currency Bureau company can be set and the customer names against sanction list can be checked which is recorded and report can be generated.
  • The software is fully compliant with HMRC and FCA as GBP amount limits can be set for Primary identification document as well as Secondary identification document. It also stores the customer identification details against the transaction which can be reproduced whenever required. Report is available to generate between date range.
  • Regular customers can be registered in the software. It can store up to 3 identification documents and the notification is sent to the cashiers if any of the customer document is about to expire.
  • The software can be effectively integrated with online currency selling website so that any orders received online comes directly to the software with a new order notification.

Uses of Currency Exchange Software:

  • It can be used by accountants and treasury professionals who are usually involved in buying and selling foreign currencies.
  • The software can also be beneficial to FOREX traders and exchange offices.
  • As companies typically buy and sell currencies through banks, it is usually integrated with banking software.
  • The software can be integrated with accounting software and ERP systems to manage financial transactions in foreign currencies.

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