Spot contract

Spot contract

Exchange currency immediately with the present exchange rate

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What is a spot contract?

A spot contract is an agreement between you and your FX provider to buy foreign currency at the present exchange rate. This is the most common and traditional form of currency exchange and is suited to addressing any imminent currency transfer needs you may have.

 

What are the benefits of a spot trade?

Agreeing a spot contract allows you to secure the current exchange rate and make the payment without setting any exchange rate targets that may not be met.

This immediacy ensures your business is aware of its costs and currency exposure as soon as the payment is made. Payments in major currencies such as USD and EUR can often be processed for a same day international bank transfer, while other currencies are typically delivered within 1-3 working days.

 

How can my business agree a spot contract for a payment?

Unless otherwise specified, every transfer made from your moneycorp business account will be a spot trade. You will be offered a current exchange rate to accept before you process your payment. This allows for you to take advantage of the current rate and exchange currency at all hours.

Your multi currency account provides you with 24/7 access to your funds, while spot contracts can also be negotiated over the phone via our specialist team.    

 

Why would I need a spot contract?

Exchange rates are constantly fluctuating, making sudden movements that are either in your favour or against your interests. When the rate does move in a favourable direction, a spot trade allows you to take advantage of it and ensure your exchange is made at your agreed rate.

For example, on the 13th December 2019, the GBP/EUR rate moved to 1.2046 after the result of the UK General Election was announced. Businesses that capitalised on this enjoyed an exchange rate buoyed by investor confidence, that would eventually retreat to 1.767 within a week.

Visit our Currency Zone to view the current exchange rate and monitor market movements.

What else we can offer

120+ currencies available

120+ currencies available

24/7 access

24/7 access

The ability to set up regular payments and target rates

The ability to set up regular payments and target rates

What are the alternatives to a spot contract?

Forward contracts

Forward contracts

Lock in the present exchange rate for up to two years with a forward contract.

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Our foreign exchange solutions for your business

Our foreign exchange solutions for your business

To find out more about our foreign exchange and global payment solutions for businesses, you can view our brochure.

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