Types of Contract

There are various currency exchange contracts available to you, and we will advise you on the most suitable one (or ones) to use, depending on your needs and circumstances.

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 two working days). We will send your foreign currency to you once we receive your payment.

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 to be paid at the outset of the deal and the remaining balance two days before maturity. At this point your foreign currency is paid into your designated overseas bank account. Our deposit terms are 10% 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 foreign currency in the normal way. Your funds can then be forwarded to your chosen destination account.

This type of contract is particularly useful if there is no time constraint on your currency purchase. In this case your personal Premier FX account manager 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 losing 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 your foreign currency on your behalf before it goes any lower than the agreed bottom rate.

For more information on any of the above services,

please email us on info@premfx.com or call

UK 0845 021 2370 / Portugal +351 289 358 511 / Spain +34 971 576 724