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Need to send money now? You need a spot contract.

A spot contract is a simple agreement to buy or sell something, like currency, at its current price, and the exchange happens right away or within a couple of days. It’s like going to a shop, seeing the price on the shelf, and buying the item at that price on the spot. There’s no waiting or planning for the future, the deal happens quickly, based on the market price at that moment.

Spot contracts are ideal when you need to send foreign currency to your beneficiary's bank account within a few days.

Just so you know

Once the rate is agreed, the contract cannot be cancelled or amended without charge. This is due to the necessity of selling the currency back to the market in the event of a decision not to proceed with the transaction.

When to use a spot contract

Batch payments

Batch payments enable you to pay numerous beneficiaries in multiple global territories, all from a single payment instruction. This can be done with just one, or varying currencies. An ideal solution for global payroll runs.

Sending a foreign currency

Pay like a local. With a spot contract, you can exchange one currency for another and instruct us to send the purchased currency to a bank account of your choice anywhere in the world.

Receiving a foreign currency

Whether you're receiving payments from overseas deals or selling a holiday property and bringing the money back home, our multi-currency account lets you collect over 30 currencies and exchange them on your terms

Need to send money in the future? You need a forward contract.

An FX forward contract is an agreement to exchange one currency for another at an agreed exchange rate on a specific date in the future. It’s useful if you know you’ll need to make or receive a payment in another currency later and want to lock in the exchange rate now. This way, no matter how the currency rates change, you’ll know exactly what rate you’ll get, making it easier to plan ahead.

By using a forward contract we can lock in today's exchange rate for up to two years, allowing you to budget with confidence.

Just so you know

If you're unable to complete the contract, we would need to sell the currency we secured for you back to the market. Any losses from changes in the market will be taken from your deposit, and the rest will be refunded to you. If the losses are greater than your deposit, you will be responsible for the extra charges.

Once you book a forward contract, it becomes a legally-binding agreement, and the exchange rate you agreed on cannot be changed if the rate improves later. It's important to understand that the rate you locked in is fixed. However, if the exchange rate drops, your locked-in rate protects you from any negative changes in the future.

Open forward

A open forward contracts allow you to lock in an exchange rate, for a sum of your choosing, over an agreed period of time. You can then drawdown as often as you like before the contract maturity date.

Fixed forward

A fixed forward contract is as straightforward as they come. It allows you to exchange currency on a date in the future, at a pre-agreed exchange rate. We can secure a contract up to 24 months in the future.

Aiming for a certain rate? You need a market order.

A market order is an easy and flexible way to trade currencies, allowing you to set both an ideal "ceiling" exchange rate and a "floor" rate for the worst-case scenario. If either of these rates is reached, our system will automatically buy the currency for you, even outside of office hours. Unlike forward contracts, you can cancel a market order as long as the target rates haven’t been hit yet.

Just so you know

Once the target rate is hit and the order is filled, you are legally required to pay for the currency in the agreed timeframe, it cannot be cancelled or amended without charge. Should the rate continue to climb or fall after the order has been filled you still receive the rate you requested. Our system purchases the currency the moment that targeted exchange rate is met.

Three types of market orders

Limit Order

FX limit orders are instructions to purchase currency at a higher targeted rate than the current price. They are the best option when your base currency is strengthening against the currency you wish to acquire, and you believe that the price will continue to improve.

Stop Loss Order

Stop loss orders are the opposite of limit orders and are useful when your currency is falling in value against the one you want to buy, and you expect this trend to continue. When used wisely, stop loss orders help protect you from losses by automatically triggering a trade if the exchange rate moves against you.

One-Cancels-the-Other

A One-Cancels-the-Other (OCO) order combines a limit order and a stop loss order at the same time. It sets a target "ceiling" rate above the current exchange rate and a "floor" rate below it. If the exchange rate reaches your ceiling, your currency will be bought, and the stop loss order will be canceled. If the rate drops to your floor, the stop loss order will execute, and the limit order will be canceled. OCO orders help you take advantage of good exchange rate changes while protecting you from unfavorable market movements.

PAIR YOUR REQUIREMENTS WITH OUR SOLUTIONS

Need to send money now? You need a spot contract.

Just so you know

When to use a spot contract

Batch payments

Sending a foreign currency

Receiving a foreign currency

Need to send money in the future? You need a forward contract.

Just so you know

Open forward

Fixed forward

Aiming for a certain rate? You need a market order.

Just so you know

Three types of market orders

Limit Order

Stop Loss Order

One-Cancels-the-Other

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