What’s the difference between foreign exchange (FX) and the foreign exchange rate?

Asked Jan 6, 2020· 1 answer ·Philippine Peso
Faisal KhanAnswered Jan 6, 2020

To give you an analogy, the same difference between an Airline and its flight number.

Foreign Exchange refers to a currency type. For example US Dollars, or Philippines Peso, Kenyan Shillings, etc.

Foreign Exchange rate refers to the the exchange rate between two currencies.

If I hand over to you 1 unit of my currency, how many units of your currency will I get? That is what the foreign-exchange rate tells us.

Currency ExchangeForeign Exchange (FX)Exchange RatesFX Rates Philippine Peso
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