SPOT Contract
This is for the purchase of currency if you need it for delivery as soon as possible and is the most common form of transaction. A rate is agreed based on the spot rate (this is the exchange rate used by banks when dealing with each other for delivery in 2 working days) your payment is transferred to us and once this is received we will remit your funds to you.
FORWARD Contract
This is for the purchase of currency if you need it later on but want to fix a rate now. An exchange rate is agreed with us for a fixed date in the future. This is useful for guaranteeing an exchange rate if you are making staged payments, for example on a property purchase. By doing so you can be certain of exactly how much it's going to cost you and make the most of a possibly good exchange rate. Forward contracts require a deposit paid at the outset of the deal and the remaining balance 2 days before maturity. At this point your currency is paid into your designated overseas bank account. Our deposit terms are 10 percent of the total transfer amount.
LIMIT Order
A Limit Order is useful if you are looking to achieve a particular rate for your transaction. As soon as your desired exchange rate is reached we will contact you and request payment for the currency in the normal way. The funds can then be forwarded to their destination. This type of contract is particularly useful if there is no time constraint on your currency purchase. In this case your personal dealer will also be in contact with you to let you know what is happening in the market, all free of charge.
STOP Loss
This works similarly to a Limit Order but assists you in not loosing out too much should the exchange rate go against you. You can advise us of what your "bottom" rate is and we will ensure that should the rate go down to this level we purchase you currency on your behalf before it goes any lower than your "bottom" rate.