Every industry has its own terminology and the currency exchange business is no different. We work closely with our clients to provide guidance and support as well as specialist tools to deliver value on international payments. If you’ve been researching ways to save money on your currency transfers, here are some of the most common terms, including specialist tools.
Exchange rate: This is the rate at which currency is exchanged; this rate fluctuates all the time and can be unpredictable.
Spot contract: A spot contract is a currency exchange set up using the exchange rate at that given moment.
Market order: If you have a certain exchange rate in mind, a market order allows you to specify that ideal rate and the transfer is carried out if that rate is reached. You can specify upper and lower limits within a band acceptable for your budget.
Rate tracker: Many providers offer an automated service to provide an alert via email or text when a specified rate is reached. This is less commitment than a market order but holds the risk that the rate may have changed before you can make the transfer.
Forward contract: You can fix a prevailing exchange rate with a provider for up to two years, regardless of any upturns or downturns of the market. A forward contract may require a deposit and can be a good way to be certain if you have a set schedule of payment commitments.
While this is a simple explanation of some of the key products and services available via a currency specialist, we know there’s no replacement for the personal touch. This can help you get an idea of what might work for you, we know that it’s never quite that simple and that every client is different. While we do offer a secure online platform for making international payments and currency transfers, we also work with clients over the phone to explain the latest market movements, transfer currency and provide support for all your international payments.
We’ve helped clients exchange currency to buy property, pay for a wedding or medical treatment overseas, support a loved one at university abroad and many companies pay international suppliers. Every story is different, but what always remains the same is that it’s important to make the most of your money. That’s why we work with our clients to demystify the process and help you get value from your international payments.