Indirect exchange. Exchange between three or more places. For instance, a person in New York
who desires to make a remittance to Chicago may find it advantageous to buy a draft (bill of
exchange) on St. Louis and with this draft purchase in St. Louis a draft on Chicago. Again, a
person in New York who desires to make a remittance to London may find it advantageous to buy
a bill of exchange (draft) on Paris and with this bill purchase in Paris a bill on London. For
additional information see Arbitration of exchange. Direct exchange is when only two places are
involved; see Direct exchange.
who desires to make a remittance to Chicago may find it advantageous to buy a draft (bill of
exchange) on St. Louis and with this draft purchase in St. Louis a draft on Chicago. Again, a
person in New York who desires to make a remittance to London may find it advantageous to buy
a bill of exchange (draft) on Paris and with this bill purchase in Paris a bill on London. For
additional information see Arbitration of exchange. Direct exchange is when only two places are
involved; see Direct exchange.
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