Changing money over the counter

Selling and buying foreign currency for local currency is usually carried out in our country at bureaux de change which are also referred to as exchange bureaux, exchange offices, or sometimes simply exchange.

In foreign countries the trade in money with customers is usually carried out at bureaux de change, at the bank counters or travel agents’ offices.

The exchange rates for various currencies are determined by market forces and they change every day. The exchange rates for currencies sold and bought in bureaux de change, over the bank counters or of travel agents’, are only valid regionally. For amounts in excess of a certain sum sometimes special rate is set.

Here is one of many dialogues that is taking place in a bureau de change in New York:

Customer: Could you change dollars into English pounds sterling?

Cashier: Certainly, ser. I’ll just check the exchange rates. How much would you like to change?

Customer: One thousand dollars. And what is the rate of exchange today?

Cashier: One dollar to seventy five pence.

Customer: And what rate can you offer for two thousand dollars?

Cashier: One dollar to ninety pence.

Customer: Oh, the difference is not very big. Change one thousand, please. Here is the money.

Cashier: Thank you. May I have your passport for a moment please? We are always to write down the number of the customer’s passport if we change one thousand dollars or more.

Customer: Here it is. No problem.

Cashier: Here is your passport. How would you like the money, sir?

Customer: Oh, give it to me in hundred pound notes, please.

Cashier: Good. One hundred, two hundred…seventy pounds, seventy five pounds.

Customer: Thank you.

 

Вопросы:

1. Where is selling and buying foreign currency carried out in our country?

2. Where is selling and buying foreign currency carried out in foreign countries?

3. How are the exchange rates for various currencies determined?

4. Are the exchange rates valid regionally?

5. What currency does the customer want to change?

6. How much would he like to change?

7. What is the rate of exchange today?

8. What rate can they offer for two thousand dollars?

9. Is the difference big?

10. How would the customer like the money, sir?

Билет № 13

Counterfeiting

Counterfeiting of money is one of the oldest crimes in history.

In the United States, for example, it was a serious problem in the past, when each bank issued its own currency.

Therefore they adopted a national currency in 1863 but it did not solve the counterfeiting problem. The national currency, or the dollar, was soon counterfeited so widely, that it became necessary for the US Government to take special measures. In 1865 the United States Secret Service was established to suppress counterfeiting. It curtailed counterfeiting to a certain extent but this crime still exists.

The US dollar is now the most counterfeited currency in the world.

Modern photographic and printing devices, color copiers, laser scanners have made the production of counterfeit money relatively easy.

A lot of special security features are usually used in making banknotes of every country.

In making American dollars, for example, the following security features are used:

• red and blue fibres, embedded in the paper
• the intaglio printing of some features and many others.

Besides, not long ago, a few more new security features were added to US dollars. These features were added to US dollars. These features are as follows:

• invisible thread embedded in the paper
• microprinting and others.

 

Вопросы:

1. Is counterfeiting of money an old crime?

2. Why was it serious problem in the United States in the past?

3. When did they adopt a national currency?

4. Did it solve the counterfeiting problem?

5. Why did the US Government take special measures?

6. What measures did they take?

7. What is the most counterfeited currency in the world?

8. Why is it easy to counterfeit money?

9. What security features are used In making American dollars?

10. What are the new security features?

Билет № 14

Business hours

The standard working day in the United Kingdom and the USA starts at 9: 00 a. m. and lasts till 5: 00 p. m. with lunch time from 1: 00 p. m. to 2: 00 p. m. Many banks are usually open for customers from 9: 30 a. m. to 3: 30 p. m. Some businesses and industries traditionally work different hours.

Most employees have a five-day working week, Monday through Friday. The working week is between 35 and 40 hours long. Overtime is quite common and is generally paid, often at a premium to the basic rate of pay. The weekend usually starts on Friday night and lasts till Monday.

Thus on Saturdays and Sundays most businesses are closed. But as to shops they are open on Saturdays and some of them are open on Sundays.

In Britain the law does not say what shops can be open on Sundays but it says what goods can be sold on Sundays. They are newspapers, magazines and fresh food. If the law is broken, criminal proceedings may be taken. Many officials and the public demand that the Sunday trading rules should be abolished in the UK.

Most businesses are closed on public or national holidays.

The main public holidays of the UK are as follows: New Year's Day, Good Friday, Easter, Easter Monday, May Day, Christmas Day, Boxing Day.

In the United States the following main holidays are celebrated:

New Year's Day, Washington's Birthday, Easter Memorial Day, Independence Day, Labour Day, Veterans' Day Thanksgiving Day Christmas Day.

All the main public or national holidays in the US and UK are bank holidays, which means banks are closed on those days. Besides there are some other bank holidays, when banks and many other businesses are closed.

The bank holidays besides public or national holidays are: Spring or Summer (Bank) Holiday in May or June Autumn (Bank) Holiday in August or September

It dates back to the nineteenth century when by the Bank Holiday Act and a Supplementary Act these days were constituted as bank holidays in the UK.

 

Вопросы:

1. When does the standard working day in the United Kingdom and the USA start?

2. When does the standard working day in the United Kingdom and the USA finish?

3. When is lunch time?

4. When are many banks are usually open?

5. How long is a working week?

6. Is overtime paid?

7. Are shops open on Saturdays and Sundays?

8. What goods can be sold on Sundays?

9. What are the main public holidays of the UK?

10. What are the main public holidays of the USA?

Билет № 15

Financial institutions

There are many important financial institutions which provide finance for companies. These institutions provide money in different ways.

• Banks

Although banks specialize in supplying short-term loans, they are prepared to make loans for longer periods – up to 20 years in certain circumstances.

• Insurance companies

The regular premiums paid by policyholders are invested in government securities, company shares, land, and property of all kinds. The income from these investments makes it possible for insurance companies to pay out interests.

• Pension funds

Although in many countries there is a state pension sсheme, a large number of employed and self-employed people also belong to private pension schemes. The money which accumulates in these pension funds is invested and works in a very similar manner to the funds of insurance companies.

• Investment trusts

These are limited companies buying shares in other companies which they believe will be the most successful ones. People who then buy shares in investment trusts are paid dividends and investment funds obtain a profit too.

• Unit trusts

These operate in a very similar manner to investment trusts. But they are not limited companies – they do not issue shares, they issue units. These units cannot be re-sold on the open market, but they can be sold back to the unit trust at any time.

 

Вопросы:

1. What do financial institutions do?

2. Do they provide money in the same way?

3. What do banks usually specialize in?

4. Do bank make loans long periods?

5. Where are the regular premiums paid by policyholders invested?

6. Do insurance companies pay out interests?

7. What pension sсheme do the most countries have?

8. What are investment trust?

9. Are people who buy shares in investment trusts paid dividends?

10. What do unit trusts do?

Условия выполнения задания

1. Место (время) выполнения задания: учебная аудитория

2. Максимальное время выполнения задания: 2 академических часа.

3. Вы можете воспользоваться ручкой (цвет синий), словарями.

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