whcouncill Posted March 19, 2013 Report Share Posted March 19, 2013 I was just curious.....let's say someone from let's say Honduras goes to Thailand to do business. Assuming Honduran currency isn't convertable in Thailand how do folks like that (people going to countries where their currency isn't convertable) do business overseas? Do they first convert thier currency to say Euros or dollars first before going to Thailand? Do people from countries like that take the cost of converting thier money into account when doing business like that? Do they have an account in a popular currency just for occasions like that? I was just wondering about that. Thanks for your answers. Link to comment Share on other sites More sharing options...
TheCorinthian Posted March 20, 2013 Report Share Posted March 20, 2013 yes Link to comment Share on other sites More sharing options...
Plainsdrifter Posted March 20, 2013 Report Share Posted March 20, 2013 They use US dollars of course. Link to comment Share on other sites More sharing options...
cavanami Posted March 20, 2013 Report Share Posted March 20, 2013 They setup a bank account in US dollars or Euros. Payments made by wire transfer. Link to comment Share on other sites More sharing options...
huumlaar Posted March 20, 2013 Report Share Posted March 20, 2013 US's are pretty universal, also exchange rates between the same two currencies are often different depending on which country does the exchange, so that's also important to remember. The difference between buy and sell is pretty high in many Western countries, Australia etc, in developing countries oddly you can get better exchange rates, they WANT your yankie/aussie/euro Link to comment Share on other sites More sharing options...
buffalo_bill Posted March 21, 2013 Report Share Posted March 21, 2013 I am not sure what the Honduras currency is , maybe the Honduras Dollar , generally called Hodo . Let us say a Honduras drug dealer wishes to set up a jetski-scam business in Phuket . He could now illegally put a lot of Hodos into his luggage but would only find out that nobody wants them in Phuket . Neither he could transfer them by bank out of Honduras because the Honduras government does not allow that . Like the Thai government for that matter . Probably the Honduras government allows currency export if you have a genuine reason ; they would then release some of their USD or € for exchange purposes . In other words , if your income is based on local sources and you only receive Hodos , life is not easy going abroad . Typically , you may find a Honduras based finance industry which deals with this problem and accepts your Hodos against USD at market rate like it works for example in Burma . Full service establishments would be prepared to pay aforementioned USD into an overseas account . All this costs . Words full of wisdom from BuBi the banker . Link to comment Share on other sites More sharing options...
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