Below outlines the various contracts that we offer to help you get the best exchange rates, and protect you against adverse movements in currency prices. We can source you rates up to 5% better than banks and other brokers may offer, so if you have a currency transaction and would like a quote to compare, click here to get in touch.
Spot Contract(Buy your currency today) – This is the most popular way to buy currency. You fix a rate over the telephone, settle within 2 days, and your currency is transferred by priority transfer to the account of your choice. The rate varies throughout the day as we buy live from the market, and can be up to 5% better than your bank or existing broker may offer.
Forward Contract(Fix into the Future) –You can fix today’s rate of exchange for up to 2 years, protecting you against volatility and helping you to budget. You lodge 10% of the total to be converted within 2 days, with the remaining balance due when you want your currency transferred. This type of contract really helps budgeting for business’s and those buying or selling property abroad.
Limit order(Hold out for a better rate) – Secure your currency when your desired rate becomes available; particularly useful if time is on your side and you think the rate may get better. This allows you to aim for a higher rate in the hope that things will get better.
Stop loss order(Protect against rates dropping) – Your currency is exchanged if the rate goes below a pre-determined level. Combined with a limit order, you can hold out for a better rate while protecting yourself from a sudden fall in the market. This gives you a worst case scenario so you don’t end up paying more than necessary for your currency.
We offer free a consultation for clients who need the best exchange rates, in order to help you decide when to fix a rate and what contract type to use. Using these types of contract give you control over your currency purchase.
To discuss our contract types in more detail and take the first step to taking control of your currency needs, contact me today by clicking here, or completing the form below.