A spot contract is used to purchase currency at the current exchange rate and settle within two working days. This contract is ideal if you have all of your money available and wish to move money swiftly.
An agreement to buy a certain amount of currency at the current exchange rate for a date in the future without having to pay for it all up-front. You can lock into a rate of exchange for up to 12 months in advance, paying approximately 10% to secure your currency and then paying for your currency any time in the three months prior to the date you have booked your contract until. This product is great if you have placed a deposit down on a foreign property and you wish to protect yourself against adverse exchange rate movements whilst waiting for the sale to complete.
Market Order – Limit
When you have a particular exchange rate that you wish to achieve that is not available at the moment you can set a market order. This essentially means that once your target exchange rate (please note this will differ to the interbank rate) becomes available we will buy your currency for you automatically and would then require settlement within a previously agreed timeframe. This contract type is great if you are working to an exact budget or quite simply do not have the time to monitor markets closely but want to trade should a desired level become available.
Market Order – Stop Loss
Similar to a limit order, a stop loss order is where you can set a level that you would not wish your trading rate to be any lower than. This can be handy if you cannot afford for your exchange rate to fall any further than a specific level, but you have a little time to wait and want to see if the rate improves. It protects you so that you know your ‘worst case scenario’. Should your order fill then we would require settlement within a previously agreed timeframe.
Regular Payment Plan (RPP)
Once you’ve made the move, we can help keep your Euro bank account topped up by automating your currency transfers. The Regular Payment Plan is useful for mortgage payments, pensions and many other reasons. You simply set up a standing order with your UK bank to send your Pounds to us, then we automatically perform a currency conversion and send a payment to your overseas bank account. This is great for hassle free regular transfers and we don’t charge any transfer fees.