A company or person who exchanges or converts one currency to a different one is referred to as a foreign exchange dealer.
Even though this may seem simple, a lot of factors are involved in the currency exchange.
For one, the exchange rate tends to vary even in seconds. Timing is therefore important when handling any currency exchange. Secondly, several risks surround foreign exchange.
A foreign exchange dealer is therefore required to be familiar with the risks involved and to be an expert in FX risk management, so as to use them to his or her advantage.
Examples of foreign exchange dealers in Singapore include banks, investment management companies, commercial firms, authorized agents and brokers.