Spot contract

Spot contract

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What is a spot contract?

A spot contract is an agreement between you and your FX provider to exchange money and 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 for your overseas transfer enables you and your business to secure the current exchange rate and make the payment without setting any exchange rate targets that may not be met.

We will deliver the funds within 1-3 working days, while making a payment in a major currency such as USD and EUR can typically be processed for a same day international bank transfer. This immediacy ensures your business is aware of its costs and foreign currency exposure as soon as the payment is made.

 

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 and offer you 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 online platform provides you with 24/7 access to your funds, while payments with a spot contract can also be negotiated over the phone via our team of currency specialists.    

 

What are the alternatives to an FX spot contract?

If a spot contract is not the most appropriate fit for your company, the wide range of corporate FX solutions on offer at moneycorp can cater for your needs. Whether you wish to secure the current exchange rate for a future payment with a forward contract, or use a market order to target a rate to automatically make your payment at should it be reached, your moneycorp account can help you achieve your FX goals.

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

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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Risk Management

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Payment Solutions

Payment Solutions

We provide payment solutions for businesses with local or international requirements, who are looking to simplify the process and cut on-going costs.

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Watch live FX rates change in our Currency Zone

Watch live FX rates change in our Currency Zone