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(2016). The Relationship between Currency Conversions and International Business Transactions: Small Businesses and Travelers. The Economics and Finance Letters, 3(4): 57-63. DOI: 10.18488/journal.29/2016.3.4/220.127.116.11
This research looks at currency conversions and how it affects
international business transactions especially small businesses and
travelers. The idea is to show the discrepancy of currency conversion
and the factors that do affect currency conversion in any given time for
a business person or a traveler. In order to increase small business
and traveler’s awareness when it comes to doing business abroad, it is
imperative to understand the currency conversions, its implications, and
the commitments needed to protect investments and value of the
conversion exchange. Research shows that small businesses have little or
no adequate knowledge of currency conversions. The paper research
questions are: (1) Do foreign exchange rates uncertainty reduce the
incentive of travelers and small business owners from transacting
business abroad? (2) Is it necessary for travelers and small business
owners to understand the relevance of foreign exchange rates and risks
This study documents a rule of thumb that the main objective of
businesses is to maximize profits and minimize costs. It illustrates
that the knowledge of currency conversions is very vital to all small