Banks, Currency, and Interest

Currency (also known as money) is a system of exchange for goods and services in a country

Not all currencies have the same value

Countries with a strong economy will have currency or money that is worth more and you can buy more goods or services compared to others.

1 US Dollar gets you .85 Euro cents

1 US Dollar gets you 309 Hungarian Forints

1 US Dollar gets you 750 Malawi Kwacha

Banks recieve, keep, and lend money

Banks are a safe way to keep your money

Banks use your money to make loans to other people and they charge interest for that

Money enters a bank through deposits from customers, interest from borrowers, and fees for services like ATMs and credit cards

Money leaves a bank because of interest and withdraws to customers, loans, and the bank's cost of doing business