They have bank accounts everywhere. They just avoid transferring money between them in the first place. As long as an even amount of money is going in each dire

They have bank accounts everywhere. They just avoid transferring money between them in the first place. As long as an even amount of money is going in each direction, they won’t have to. Only if flow gets too out of whack but that means their rates are too one-sided. That’s the forex business in a nutshell. They don’t convert money, they just exchange it.