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Whats Spot Money Transfer Contract - Spot Currency Contract

Money Transfers Spot Contract

What is a spot contract?
Money Transfers with Spot Contracts is where you just want to make a single payment or payments, Pre-books your rate of exchange No matter how much money you need to transfer internationally from a large one-off transfer to smaller payments but on a regular basis the process is the same if you are using a currency exchange company or a bank.

Spot Contract using your bank or currency company

If using your bank then you instruct your bank on how much to send and the date you want the funds to hit the beneficiary’s bank overseas. When calculating the amount due in the overseas local currency, the bank will instruct the buyer of the cost and they will be debited accordingly. Within 5 days of instructing the bank, the funds in the designated currency will arrive and clear at the overseas destination.

What is a Spot Currency Contract?

With a spot contract the commission, currency exchange rate and fee structure imposed on clients by the banks can be extremely confusing and through this confusion, the banks are able to relieve clients of substantial sums of money without them even realizing it.

"Britons buying property abroad could have lost out on up to £1.8 billion because of high-street banks offering such a poor deal on foreign exchange, according to new research."

What is a Spot Currency Exchange Contract

Even though you can never buy currency at the rate quoted on the news, the interbank rate gives you an indication of where the rate is and what direction it’s moving in. It also gives you a rough idea as to how much currency will cost you.

What is a Currency Spot contract?

What is a Spot contract Example?
When you do decide to buy currency or make an international payment the institution that you do it through will put a ‘mark-up’ over and above the interbank rate. So if the interbank rate for a pound is equal to €1.23, you should expect to buy euros at a discounted price of €1.21 the difference representing the mark-up.

Money Transfer Spot Contract.

Money Transfers with Spot Contracts?

  • Providing better-than-bank exchange rates.
  • Reducing the risk of your international payments from increasing.
  • Offering a service with no fees, no commission, no hidden charges (Fees on amounts under £3,000).
  • Giving you direct access to your dedicated Trader.
  • will be working for you - not their pay-packet.
  • Making the whole process fast and effortless.