- Foreign Exchange dealer
Who is a Foreign Exchange dealer?
At all events, dealing is more rational, just, and humane than the resort to the sword ~ Richard Cobden
Foreign exchange dealer is primarily a trader who sells and buys currencies. It is similar to normal trading style. For example, a foreign exchange trader buys dollars from one party and sells them to another at a different exchange rate. So, they make profit from the exchange difference between the currencies. Another big thing is that the central bank and the treasury of a country are also prime dealers of foreign exchange.
Foreign Exchange dealer in a Nutshell
Foreign exchange dealer is one of the most significant jobs in the Forex market. It is a fast-paced job that usually requires understanding of the process of buying and selling of currencies.
Quick Facts for Foreign Exchange dealer
Average Salary in India
Foreign exchange dealing is suitable for everyone irrespective of their gender. Finance and currency exchange is a field that supports every gender. Both men and women interested in finance can choose a career in Foreign exchange dealing.
Table of Contents for Foreign Exchange dealer
What is the role of Foreign Exchange dealer?
Major responsibilities of a foreign exchange dealer is to buy and sell currencies. Another job responsibility is to market and sell exchange strategies to clients. Sometimes they require a lot of travel to make the deal, conduct business meetings and all. They also need to be analytical strong to do analysis and research of the Forex market. They also need to look for the economic and political issues that affect currency values.
As a Foreign Exchange Dealer, one is required to use letters and phone calls to contact delinquent customers. They are also responsible for overseeing the business financial collection department. a Foreign Exchange Dealer supervises staff to confirm all finance owed to the company is billed and received correctly and in a timely manner.
Types of a Foreign Exchange dealer
Financial Planner: Financial planner is a person qualified in currency exchange and finance who helps individuals and corporations meet their long-term financial goals. After consulting with clients, a financial planner starts analyzing factors like client’s goals, risk tolerance, life or corporate stages, and identifies a suitable class of foreign exchange dealing for them. Financial planner works closely with both individuals and corporations to help them attain their financial objectives. Financial planner works over several factors like budgeting, foreign exchange dealing, saving for retirement, tax planning, insurance coverage, and more.
Credit manager: A credit manager/specialist is defined as a professional working for an organisation to manage and supervise credit management and make decisions concerning credit limits. However, the role of a credit manager is variable in its scope. The position of a credit manager is accountable for the entire credit granting process, including the continuous application of credit policies. As a credit manager, one is required to periodically review the credits of existing customers, and also assess the creditworthiness of potential customers, with the aim of optimising company sales along with bad debt losses.
Certified management accountant: Certified Management Accountant is a person who possesses knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics. They work inside organisations of all sizes, industries, and types, including manufacturing and services, public and private enterprises, not-for-profit organisations, academic institutions, government entities, and multinational corporations worldwide.
What is the workplace/work environment of Foreign Exchange dealer like?
Foreign Exchange Dealers spend most of their working time in offices. Commercial Foreign Exchange Dealers may be required to visit offices or plants to interview current and potential clients. They must possess good judgment and consideration. Since they work under work pressure, financial responsibilities are significant. They are generally required to work forty hours per week. Commercial Foreign Exchange Dealers are required to work longer than customer Foreign Exchange Dealers.
Does Foreign Exchange dealer require travelling?
Customer Foreign Exchange Dealers spend most of their working time in the office itself unless they are required to visit a client or firm for some new currency exchange lending project. Commercial Foreign Exchange Dealers are required to travel business plants and industries in order to interview existing and potential clients.
Foreign Exchange Dealers are expected to work full time. They usually work for forty hours per week. Sometimes, when the work pressure is more and they are required to accomplish a project in less time, their working hours may extend to 45-50 hours per week.
Foreign Exchange Dealers are employed on a permanent basis as well as on a contract basis. The nature of work for Foreign Exchange Dealers depends on the task allotted to them, some are recruited by big management and finance firms and industries while some are recruited by private organisations to meet a particular assignment or conduct research.
Foreign Exchange Dealers spend most of their working time in the office itself unless they are required to visit a client or firm for some new currency exchange lending project.
Presence in Geographical Area
When it comes to the finance and marketing sector, certain cities like New Delhi, Mumbai, Noida/Gurugram, Bengaluru, Chennai, Hyderabad seem to offer more than the rest in terms of opportunities, salary, and career growth. Mumbai is home to a maximum number of financial institutions including the Reserve Bank of India, and State Bank of India.
Weekly Hours of Work
Min 40 Hours
Foreign Exchange Dealers are expected to work full time. They usually work for forty hours per week
How to become a Foreign Exchange dealer?
What are the skills and qualities required to become a/an Foreign Exchange dealer?
Decision-making skills: Foreign Exchange Dealers are required to review currency exchange processes of their potential corporations along with managing the financial losses and gain for the firm. Hence it is important to possess accurate decision-making skills and be able to conduct a proper judgment.
Patience: Foreign exchange dealing is a task that requires a lot of awareness and precautions before taking a decision. There are times when Foreign Exchange Dealers are required to manage their staff along with supervising the financial reports which require them to remain calm under pressure. Only proper confidence and calmness can ensure an appropriate result.
Numerical ability: Foreign Exchange Dealers are responsible for determining the currency exchange worthiness of their potential corporations, they are also required to calculate financial reports of individual customers and firms. Foreign exchange dealing is a task that involves a lot of accounting and mathematics. Hence, possessing a high level of numeracy skills is a must for excelling in the field.
Leadership: Foreign Exchange Dealers lead a huge team filled with aggressive and intelligent salespeople. They supervise and oversee the staff working with them. They are required to manage the work of each and every employee who works under their supervision. In a scenario like this, exhibiting excellent leadership skills and teamwork skills are mandatory for Foreign Exchange Dealers.
Organising skills: Foreign Exchange Dealers oversee a big staff and supervise almost every customer's details personally, they are required to work under the proper organisation. With so much responsibility and work, comes the responsibility of managing the staff. Foreign Exchange Dealers are required to work in a team with proper organisational conduct and so are required to possess proper organisational skills in addition to teamwork skills.
Attention to detail: Foreign exchange dealing involves accounting, money losses, analyses of information, and data of customers and the investing department. There is a big pile of numerical data that is to be handled by the Foreign Exchange Dealers. They must possess accuracy in calculations since a single mistake can result in a big hazard.
Communication skills: Foreign Exchange Dealers work with a big staff, they supervise and oversee professionals working under them. They also manage the customers and directly interact with them in order to conduct proper research for currency exchange worthiness. Foreign Exchange Dealers are also required to conduct meetings and present their projects in front of clients and customers. It is important for Foreign Exchange Dealers to possess good spoken and written communication skills.
Active learning: Active learning involves understanding the implications of new information for both current and future problem solving and decision making which is an important asset for employees working in Foreign exchange dealing.
Critical thinking: Management of the currency exchange department requires sharp critical thinking skills that involve using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Which certifications and internships can be helpful in becoming Foreign Exchange dealer?
Internships are a great way to learn applications and practical skills for any programme. There are various companies that offer various internships across the country to commerce students. In order to get these internships, students are required to e-mail the related authority with their resume and statement of purpose. These are the factors responsible for the selection or rejection of a candidate. Also, there are organisations that take the help of assessment exams in order to judge the caliber of candidates. Most companies offer a feasible stipend to their interns.
Career Path Progression for Foreign Exchange dealer
Junior Foreign Exchange Dealer: The junior Foreign Exchange Dealer is a position offered to the entry-level candidate in currency exchange management. Junior Foreign Exchange Dealers work under the supervision of senior Foreign Exchange Dealers or general managers. Roles and responsibilities of a junior Foreign Exchange Dealer include meeting applicants and potential customers to understand their loan requirements, gathering loan information based on specific criteria, analyzing and verifying applicants financial information, explaining and presenting different financial currency exchange options to the potential customers, presenting approval and rejection decisions to management, ensuring currency exchange terms and conditions comply with government regulations.
Senior Foreign Exchange Dealer: Senior Foreign Exchange Dealers are responsible for overseeing the interns and junior staff in addition to the responsibility for researching and evaluating the client’s currency exchange worthiness, creating currency exchange scoring models to predict risks, approving or rejecting the loa requests, based on credibility and potential revenues and losses, calculation and setting of interest rates, negotiating loa terms with clients, monitoring payments, maintaining records of loa applications, following up with the clients to manage debt settlements and loa renewals, ensuring all lending procedures comply with regulations, developing, reviewing, and updating organisation’s currency exchange policies.
Foreign Exchange dealer Jobs and Salaries
Junior Foreign Exchange Dealer
- Average Salary 65000
- Junior Level Salary 50000
- Senior Level Salary 120000
Roles and responsibilities of a junior Foreign Exchange Dealer include meeting applicants and potential customers to understand their loa requirements, gathering loa information based on specific criteria, analyzing and verifying applicants financial information, explaining and presenting different financial currency exchange options to the potential customers, presenting approval and rejection decisions to management, ensuring currency exchange terms and conditions comply with government regulations.
For an entry-level position, with less than 1 years of experience, a Foreign Exchange Dealer earns an initial pay of Rs. 50,000 per month. After gaining some experience, a junior Foreign exchange dealing can earn upto Rs. 70,000 per month. The top-level salary for the position of junior Foreign Exchange Dealer is somewhere around 1.2 lakh per month which includes bonuses, tips, and overtime pay.
Senior Foreign Exchange Dealer
- Average Salary 250000
- Junior Level Salary 120000
- Senior Level Salary 550000
Senior Foreign Exchange Dealer performs various job duties for his/her potential customers. There are few organisations where each Foreign Exchange Dealer performs different duties, while at others, employees are specialised, with different bankers performing different jobs. Foreign Exchange Dealer is the head of a team dedicated to raise capitals by issuing bonds.
On an average a senior Foreign Exchange Dealer earns around Rs, 2,50,000 per month and it goes up to Rs 5,50,00 per month.
What is the job outlook for Foreign Exchange dealer?
The job market for Foreign exchange dealing is huge. Foreign Exchange Dealers are in demand in a wide range of industries and businesses along with banks and currency exchange rating agencies. There are several industries like auto manufacturers, retail store chains, and even utilities and energy companies that extend currency exchange to their customers and require Foreign Exchange Dealers to do it for them. Foreign Exchange Dealers can excel in positions of increased supervisory responsibility in the department or organisation that they are working in. There are various professional certifications available for currency exchange management employees that can be of big help in the process of advancement.
Frequently Asked Questions for Foreign Exchange dealer
Que. What does a Foreign Exchange Dealer do?Ans.
Foreign Exchange Dealer performs various job duties for his/her potential customers. There are few organisations where each Foreign Exchange Dealer performs different duties, while at others, an employee is specialised, with different bankers performing different jobs. Foreign Exchange Dealer is the head of a team dedicated to raise capitals by issuing bonds.
Que. What are the duties of a Foreign Exchange Dealer?Ans.
The job duties of a Foreign Exchange Dealer can include a variety of duties. However, the major job duties of a Foreign Exchange Dealer includes management, supervision, sales work, tax planning, management and customers currency exchange records, and currency exchange planning.
Que. What makes a good Foreign Exchange Dealer?Ans.
The best Foreign Exchange Dealers are able to motivate the people around them and make them feel valued. They should have a good working relationship with the sales department and be involved in the sales process from the moment a customer is given currency exchange terms.
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